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Natural gas led losses, sliding to a two-year low, after a government report showed a widening surplus in the United States.
This, according to the IMF's analysis, is not due to shifts in domestic spending, but to changes in the manufacturing trade of these countries: America has had a widening trade deficit over much of that period, Japan a widening surplus.Have increased imports from developing countries played a big role?
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We were looking at widening surpluses, and the possibility of running out of government debt.
Thanks to its widening trade surplus and strong inward investment, the country has experienced heavy inflows of foreign exchange, which swell domestic liquidity.
Although its trade in goods runs a hefty deficit with the rest of the world, America boasts a widening trade surplus in services, which make up 30% of all exports.
They will not be able to do so if countries already running big trade surpluses push to widen their surpluses at the same time.
Inflation is only 1.4% and China has a widening current-account surplus, which implies excess supply rather than excess demand.
China's widening current-account surplus and its strong investment imply excess supply.
Yet by predicting a widening current-account surplus in China, the IMF provides respected fodder for protectionists who want to slap tariffs on Chinese goods.
Imports rose by 0.4%, widening Germany's trade surplus to €15.6bn (£13.2bn) from €15bn in July – higher than analysts had predicted but below a surplus of €18.1bn in the same month last year.
In June, China's exports rose by 30.6%, year-on-year, while imports grew by just 15.1%, widening the monthly trade surplus to $9.7 billion.
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