U.S. to Post Largest Trade Deficit in History in 2024 – National Bank

U.S. to Post Largest Trade Deficit in History in 2024 – National Bank

The U.S. is on track to post the largest trade deficit in history in 2024, but it would be even larger if not for the country’s status as a net energy exporter, National Bank of Canada said in a Tuesday note.

The U.S. trade deficit is nearing US$1.08 trillion as of November 2024, the bank noted, citing newly released data. Meanwhile, the country achieved a US$3 billion energy trade surplus through November 2024.

In a recent study, National Bank said that to re-industrialise Canada, the country must capitalise on its competitive advantage in affordable energy as other economies grapple with energy insecurity.

Canada must take “bold and decisive action,” otherwise it will become irrelevant in North American and global manufacturing supply chains, the bank said.

This erosion would undermine Canada’s capacity to foster innovation, drive sustained economic growth, and produce goods that are in demand globally, according to National Bank. #U.S. to Post Largest Trade Deficit in History in 2024—National Bank CBN Opens FX Window for BDC to Stock up at NFEM Rate