Showing posts with label Trade. Show all posts
Showing posts with label Trade. Show all posts

Sunday, January 25, 2015

Canadian trade mission visits Caribbean countries

Saturday, January 24, 2015 | 9:21 AM    

BRIDGETOWN, Barbados (CMC) – A trade delegation from Prince Edward Island (PEI) in Canada is visiting the Caribbean in a bid to further develop partnerships with regional entrepreneurs, and clients.

The delegation will be here from January 25-31.

The trade mission, organized with the support of the Atlantic Canada Opportunities Agency (PEI and Tourism), Innovation PEI and the High Commission of Canada to Barbados, consists of 13 companies with expertise in the areas of Agriculture, Professional Services, Information and Communication Technology, Education and Training and Renewable Energy.

The visit is also made possible through the active cooperation of the Greater Charlottetown Area Chamber of Commerce and its local partner, the Barbados Chamber of Commerce and Industry.

In 2011, a Memorandum of Understanding (MoU) between the two Chambers was formalized with a view to fostering increased trade development and investment opportunities between Barbados and Prince Edward Island, through promotional activities, business exchanges and the sharing of best practices.

This MoU was renewed in 2013, and a second renewal is scheduled for Thursday, to serve as a further testimony to the commitment that Barbados and PEI have to strengthen this economic partnership.

The initiative has led to the forging of several partnerships across the public and private sectors, the exchange of the Chambers’ best practices and increased commerce and trade between the two jurisdictions.

Senior Trade Commissioner at the High Commission of Canada to Barbados, Marc Parisien said PEI and Barbados not only share a longstanding history of commercial ties, but also a belief in education and innovation as essential catalysts for economic growth. Commenting on this upcoming visit, stated:

“Over the past several years, Prince Edward Island has been very active in building a successful and globally competitive environment for its businesses, focussing on the well-being of its citizens.

“Working together with Barbados, one of its most important international business partners, and other Caribbean jurisdictions, the province offers to the region products, services and know how relevant to island environments, while giving access to global markets”.

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Canadian trade mission visits Caribbean countries

Thursday, October 9, 2014

Jamaica's trade deficit with the USA rises

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Jamaica"s trade deficit with the USA rises

Wednesday, October 8, 2014

Jamaica's trade deficit with the USA rises

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Jamaica"s trade deficit with the USA rises

Thursday, September 18, 2014

A. D. McKenzie: ‘Breaking Silence’ on the slave trade

Jazz-musician-Marcus-Miller-left-spokesman-for-the-Slave-Route-Project-608x472 Jazz musician Marcus Miller (left), spokesman for the Slave Route Project, is using music to help educate people about slavery. (Credit: A.D. McKenzie/IPS)

A. D. McKenzie

PARIS, France, Tuesday September 16, 2014, IPS – The Oscar-winning film 12 Years a Slave opened many people’s eyes to the barbarity of slavery and fuelled some discussion about that period in world history. But the film is just one of the many initiatives to “break the silence” around the 400 years of the transatlantic slave trade and to “shed light” on its lasting historical consequences.

One of these – the Slave Route Project – which observed its 20th anniversary this month in Paris is pushing for greater education about slavery and the slave trade in schools around the world.

According to Ali Moussa Iye, chief of the History and Memory for Dialogue Section of UNESCO, the United Nations cultural agency, who directs the organisation’s Slave Route Project, “the least the international community can do is to put this history into the textbooks. You can’t deny this history to those who suffered and continue to experience the consequences of slavery.”

The Project is one of the forces behind a permanent memorial to slavery that is being constructed at UN headquarters in New York, scheduled to be completed in March 2015 and meant to honour the millions of victims of the traffic in humans.

UNESCO is also involved in the UN’s International Decade for People of African Descent (2015-2024), which is aimed at recognising people of African descent as a distinct group and at “addressing the historical and continuing violations of their rights”. The Decade will officially be launched in January next year.

“The approach is not to build guilt but to achieve reconciliation,” Moussa Iye said in an interview. “We need to know history in a different, more pluralistic way so that we can draw lessons and better understand our societies.”

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He is aware that some people will question the point of the various initiatives, preferring to believe that slavery’s legacy has ended, but he said that international organisations can take the lead in urging countries to examine their past acts and the results.

“People of all kinds suffered from slavery and people of all kinds profited from slavery just like so many people are now profiting from modern-day slavery,” he said. “Racism is a direct result of this monstrous heritage and we need to increase the dialogue about this.”

According to UNESCO, the Slave Route Project has put these issues on the international agenda by contributing to the recognition of slavery and the slave trade as crimes against humanity, a declaration made at the World Conference Against Racism held in Durban, South Africa, in 2001.

It has also been collecting and preserving archives and oral traditions, supporting the publication of books, and identifying “places of remembrances so that itineraries for memory” can be developed.

For many people of African descent, however, much more needs to be done to raise awareness. Ricki Stevenson, a Paris-based African-American businesswoman who heads a company called Black Paris Tours, focusing on the African Diaspora’s contributions in the French capital, told IPS that there ought to be “national and international conversation about the continued effects of enslavement.”

“We need to break the silence on how racism continues to hurt, not just Black people, but all people in any country that would kill, imprison, deny education and rights to individuals,” she said. “The United States, France, and all of Europe made unimaginable money from the cruel, inhumane kidnapping and enslavement of millions of Africans.

“These nations grew rich, built their cities and economies on the enslavement of Africans, on the forced labour of Black people who were stripped of every basic human right, treated less than animals,” she added. “Today we are learning that the wealth of Wall Street and so many major corporations, insurance companies, shipping companies, banks, private families, even churches, is still tied to slavery.”

Stevenson said she knows that some find it hard to comprehend the legacy of slavery. “I doubt if anyone who has never lived in the United States can understand the overwhelming challenge of ‘breathing while Black’,” she told IPS. “It is a horrible, daily fact of life every Black man, woman, child has faced or will face at some point in their lives.”

In France, meanwhile, the rise of nationalism is leading to a culture of exclusion as well as racism, according to political observers. Justice Minister Christiane Taubira, for example, author of a 2001 law bearing her name that also recognises slavery as a crime against humanity, has been the target of racist depictions on social media and in certain publications.

Speaking at the 20th anniversary ceremony of the Slave Route Project, Taubira described her battle against “hatred” and said that the world’s challenge today is to understand the global forces that divide people for exploitation.

“We cannot accept this kind of inhumanity,” she said, adding that the “anonymous victims” were not just victims but “survivors, creators, artists, cultural, guides … and resistors”, despite the immense violence they suffered.

Some individuals and municipalities in France have worked to highlight the country’s active role in the transatlantic slave trade, through cultural and memorial projects. The northwestern city of Nantes, which achieved vast wealth through slavery in the 18th century, built a memorial to victims in 2012.

Historians say that more than 40 percent of France’s slave trade was conducted through the city’s port, which acted as a transhipment point for some 450,000 Africans forcibly taken to the Americas. But this part of Nantes’ history was kept hidden for years until the move to “break the silence” cumulated in the Memorial to the Abolition of Slavery.

In England, the city of Liverpool has an International Museum of Slavery, and Qatar and Cuba have also set up museums devoted to this history, carrying out partnership projects with UNESCO.

Acclaimed American jazz musician Marcus Miller, spokesman for the Slave Route Project, is also using music to educate people about slavery. Prior to an uplifting performance in Paris with African musicians, Miller said he wanted to focus on the resistance and resilience of the people forced into slavery and those who fought alongside to end the centuries-long atrocity.


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A. D. McKenzie: ‘Breaking Silence’ on the slave trade

Monday, July 21, 2014

Russia hoping Cuba can help spur trade with Latin America

cuban_worker_139482290Peter J. Marzalik

MOSCOW, Russia, Thursday July 16, 2014, EurasiaNet – Amid deteriorating relations with the West, Russian President Vladimir Putin is looking to diversify a Russian economy that is tightly linked to European markets. Fittingly, an old Soviet-era satellite state seems eager to lend a helping hand.Emilio Lozada, Cuba’s ambassador to Russia, led a trade delegation in June to Kazan, the capital of Tatarstan, a resource-rich republic located 500 miles east of Moscow on the Volga River. Garcia met with Tatarstan’s chief executive, Rustam Minnikhanov, to discuss Cuba’s efforts to emulate the “Tatarstan model,” which has seen the autonomous republic emerge as one of Russia’s most prosperous regions during the post-Soviet era.

Lozada explained that Cuban officials, in studying Tatarstan’s economic experiences over the past few decades, seek to “find many useful things for ourselves,” the Tatar-Inform news agency reported.

Cuba by no means represents an alternative to Europe, but the Kremlin is still very interested in encouraging Cuban trade. In late May, prior to the Cuban delegation’s trip to Tatarstan, two major Russian energy companies, Rosneft and Zarubezhnetf, signed joint exploration agreements with the Cuban energy concern, Cupet.

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Underscored by its recent gas deal with China, Russia is intent on reorienting trade away from Europe. Toward this end, the Kremlin hopes an expansion of commerce with Cuba could act like a wedge, opening broader ties with Latin American states.

The diversification push stands to make Russia less vulnerable to economic pressure, especially sanctions exerted by the United States and European Union in response to the ongoing crisis in Ukraine. Annual trade turnover between Russia and Latin America stood at 16.2 billion dollars in 2012, according to International Monetary Fund data.

The Kremlin’s revived interest in Latin America was also evident in Foreign Minister Sergei Lavrov’s recent tour of the region. Lavrov sought to bolster relations with old allies, such as Cuba and Nicaragua, as well as woo traditionally anti-Communist states, especially Chile and Peru.

During their Kazan meeting, Lozada and Minnikhanov discussed ways Tatar businesses in the oil, pharmaceutical, and tourism sectors could help bolster economic development in Cuba.

“I think that this is a very useful undertaking. These contacts were started [back in the Soviet era], and now they need to be restored, to work actively with Cuba; through it they can access all of Latin America,” Shamil Ageev, the chairman of Tatarstan’s Chamber of Commerce, asserted.

While many Russian regions are struggling, Tatarstan has comparatively thrived over the past two decades. The republic produces 32 million tons of oil per year and possesses reserves estimated at more than one billion tonnes. In addition, Tatarstan hosts the Kamaz truck factory, the Kazan helicopter plant, and Tupolev aviation production facilities.

Cuba’s ties to Tatarstan date back to the early 1990s, a time known among Cubans as the special period, when the island’s economy imploded due to the Soviet Union’s collapse and cut-off of aid from Moscow.

“We will never forget that late in the 90s, when our country experienced serious difficulties, Tatarstan opened an economic representation in Cuba,” Ambassador Lozada said in Kazan.

“Cooperation between Russia and Cuba are getting stronger and diverse ties between Tatarstan and Cuba develop within its framework. We are your friends and Tatarstan is open for you,” Mintimer Shaimiev, the former long-time Tatar president who now serves as a senior advisor to the autonomous republic’s government, was quoted as telling the visiting Cuban delegation.

Editor’s note: Peter J. Marzalik is an independent analyst of Islamic affairs in the Russian Federation. This story originally appeared on EurasiaNet.org.


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Russia hoping Cuba can help spur trade with Latin America

Saturday, July 5, 2014

St Kitts-Nevis opens Cuban embassy, calls for US to end trade embargo

Havana-Cuba-740 Havana Cuba

BASSETERRE, St. Kitts, Friday July 4, 2014, CMC – St. kitts-Nevis has opened an embassy in Cuba and has called on the United States to end its decade old trade and economic embargo against the only Communist country in the Caribbean.

A government statement said that Foreign Affairs Minister Patrice Nisbett told delegates to the opening of the embassy that Basseterre would continue to support the annual United Nations General Assembly vote calling on Washington to remove the embargo placed on the island when Fidel Casyro assumed power 50 years ago.

“We continue to avail ourselves of every opportunity and in every forum to appeal to the United States of America to bring to an immediate end its unfair treatment of the Cuban people who continue to suffer unreasonably as a result of the decades old embargo. Cuba is our neighbour.

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“Cuba is our friend and we shall continue to exploit all possible means of speaking on their behalf in the international community on this issue,” said Nisbett.

The St. Kitts-Nevis government has noted that the majority of countries within this hemisphere has supported Cuba in its quest for “normal and constructive relations” with all nations around the world.

The United States and a handful of countries have consistently voted against ending the embargo.


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St Kitts-Nevis opens Cuban embassy, calls for US to end trade embargo

Tuesday, July 1, 2014

Policy makers urged to close gender gap in regional trade, business

Regional trade policymakers called for further sensitisation and education on “gender mainstreaming” in their respective territories, as they came to the end of Day 2 of the Caribbean Development Bank’s seminar on Gender Mainstreaming in Caribbean Trade Policies and Programmes, in Barbados.

Delegates from across the region, looked at recent statistics, challenges and best practices relating to gender equality and mainstreaming in trade and commerce. The day’s presentations allowed the trade experts to assess the situation in their respective territories, in respect of gender mainstreaming, and to identify possible needs and next steps in the way forward.

ITC challenge

Meg Jones, Senior Officer, Millenium Development Goals at the International Trade Centre (ITC), who was lead facilitator for the discussions, charged the participants to use the information they receive during the CDB seminar, to guide their work and decisions going forward in the area of trade in their respective countries.

Jones emphasised the importance of implementing Gender-Sensitive Value Chain Analyses as one way of ensuring gender mainstreaming in trade policy development. This method includes an examination of gender roles at each step required to bring a product/service from conception to consumption. This approach is expected to effectively identify where there are gender inequalities and where investment in training is really needed in the given process.

On the cusp

Denise Noel-De Bique, Gender Equality Advisor at the CDB, said the region is on the cusp of change linked to global debates to inform a new sustainable development agenda. She told the delegates, “This workshop is a signal moment in advancing CDB’s work in building awareness and positioning policy makers for integrating gender in the context of trade.  We look forward to continuing to build on this at the national level to further this transformative process.”

The workshop examined research data provided by Professor Miguel Carillo of the Arthur Lok Jack Graduate School of Business in Trinidad and Tobago.

Trade/business gender gap

Using the Global Enterpeneurship Monitor (GEM), Professor Carillo disclosed that the most recent international data confirms that there is still a gender gap worldwide in the area of trade and business. He explained that women entrepeneurs struggle at the point of transforming their businesses from the early stages into established companies.

Professor Carillo told the participants that, while women are more inclined to start a business as a means of providing for their families, they showed less confidence than men in their capacity to succeed in business.

The Caribbean Policy Development Centre (CPDC) also called for greater input from a wide range of stakeholders in coming up with effective trade policy.

Shantal Munro-Knight, CPDC’s representative at the seminar,  said certain groups in society are still not given the space for effective participation in stakeholder engagement and as a result, the importance of the gender perspective is not always fully understood. According to her, there is lack of coherence between trade and economic policy and social development policy in the region.

“Trade policy cannot be simply (decided and) announced by governments. Policy must be a clear and thought-out process,” Munro Knight said.

Ugandan Model

Using the Ugandan model, the ITC’s Jeanette Sutherland then discussed critical factors needed to ensure a gender-sensitive export strategy.

The four-day seminar, co-hosted by the CDB and ITC, was designed to increase awareness of the value of mainstreaming gender into the Caribbean’s trade and economic development agenda, and to improve participants’ gender mainstreaming skills. The event targeted senior policy makers from the Ministry of Trade and operational staff from other trade support institutions and agencies within CARIFORUM Member States.

The seminar, which started on June 16, was scheduled to end on Thursday.

SOURCE: Caribbean Development Bank


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Policy makers urged to close gender gap in regional trade, business

Monday, February 17, 2014

Bartlett discusses trade with Dookeran in Port-of-Spain

BY BALFORD HENRY Snr Staff Reporter


Friday, February 14, 2014    


NEWLY appointed Opposition spokesman on Foreign Affairs and Foreign Trade, Edmund Bartlett, says that meeting Trinidad and Tobago’s Foreign Affairs Minister, Winston Dookeran, last week, has convinced him that the bilateral trade issues can be resolved through dialogue.


“He is a very learned man, articulate in foreign diplomacy, and we have a common appreciation of the need for a new architecture in the regional integration movement,’” Bartlett told Caribbean Business Report on Wednesday, after the weekly meeting of Parliament’s Public Administration and Appropriations Committee (PAAC), which he chairs.


Barlett said that, like Dookeran, he believes that Caribbean economic integration is a critical plank for deeper relationship between the two countries he sees as most critical to the survival of CARICOM.


He said that he discussed with Dookeran at his office in Port-of-Spain, issues relating to the trade imbalance between both countries; broadening the Caribbean economic space to include non-anglophone countries in the region; as well as the Community of Latin American and Caribbean States (CELAC) and the implications for relationships between the region and the United States and Canada.


Bartlett and Opposition spokesman on Finance and Planning, Audley Shaw, both returned home from Port-of-Spain last week-end, after attending the two-day ParlAmericas Workshop 07, which took place February 5-6, at the Hilton Trinidad & Conference Centre.


ParlAmericas, a forum for parliamentarians in the hemisphere, hosted the capacity-building workshop with the theme, ‘Strengthening Parliamentary Budget Oversight in the Caribbean – Phase 2′, to provide a space for oversight parliamentarians and auditors general to increase their regional knowledge and share best practices.


Prior to leaving for Trinidad and Tobago last week, Bartlett paid a courtesy call on Trinidad and Tobago’s High Commissioner in Kingston, Dr. Iva Camille Gloudon.


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Bartlett discusses trade with Dookeran in Port-of-Spain

Friday, September 6, 2013

Jamaica urged to deepen trade relations with Brazil

BRAZIL and Jamaica must move beyond exchanges in just music and culture, and deepen their trade relations, says the Brazilian ambassador to Jamaica.

“We need to know each other better. Brazil needs to know Jamaica beyond reggae and Usain Bolt. These are certainly great brands, but we need to make these brands connect,” Antonio Francisco da Costa e Silva Neto stated in his keynote address at a luncheon hosted by JN Small Business Loans Limited (JNSBL) at the Jamaica Pegasus hotel in Kingston.“Jamaica needs to talk not only about looking ‘south’ but they have to ‘do the walk south’,” the ambassador added at the luncheon aimed at strengthening the dialogue to increase business between the two countries.He commended the Donovan McFarlane-led Jamaica-Brazil Chamber of Commerce delegation to Jamaica, adding that the time had come for Jamaica to establish a sister organisation in Kingston to deepen the discussions about doing business with Brazil.“We should have a sister organisation to develop closer ties, which does not only involve trade; but investment and joint venture investments; partnerships, to not only tap into the Brazilian and Jamaican markets, but to also to tap into markets that Brazil may have access to, such as other South American markets,” he declared.He also maintained that the Brazilian Embassy was willing and ready to help.“The Brazilian Embassy is not only here to promote sports, as good as that would be; but we are also here to help Jamaica to export more to Brazil,” he stated.His comments were welcomed by Earl Jarrett, general manager of Jamaica National,who said the local private sector could look at establishing a “business club” to facilitate greater knowledge-sharing about the opportunities for business in Brazil and Jamaica, and facilitate talks on issues impacting trade between the two countries.According to Jarrett, there is still a lack of knowledge about opportunities for the private sector in both countries, which has been an impediment to trade during the past 50 years, despite the diplomatic relationship between the nations.“Such a facility would help to support the work the Jamaica-Brazil Chamber of Commerce, which is already providing another space for dialogue on the possibilities and the issues that prevent us from capitalising on our bilateral relations over the past century,” Jarrett said.The JN general manager noted that there was still a need for a regularised visa agreement between the countries, to facilitate Jamaicans seeking to trade with Brazil. Under the current visa agreement, Jamaicans who hold diplomatic passports and official passports may stay in Brazil for up to 90 days, while ordinary Jamaicans are required to obtain a visa, although Brazilians may stay in Jamaica for up to 30 days without a visa.He added that there was also need for better air linkages between the countries if Jamaica is to improve business with Brazil, pointing to “the lack of direct flights between the two countries, which is a barrier to the need for expanded cooperation with the South American nation”.Echoing a similar point, Arnaldo Brown, minister of state in the Ministry of Foreign Affairs and Foreign Trade, added that the ease of travel is critical to trade with Brazil. And, in relation to tourism, he said, “At present we are aware that out of South Africa there are direct flights into Brazil and Jamaica is going to see how we can make that full circle from Brazil into Kingston.”Brown said, in that regard, the issue of intra-regional travel also needed to be tackled. He suggested that the proposed logistics hub will become important to travel, “because, we are not only speaking about the movement of people, but cargo, as well.”Industry Minister Anthony Hylton noted that the transhipment project was vital to vastly improving the island’s competitiveness, and should deepen Jamaica-Brazil trade relations.“With the logistics hub you are talking about a greater integration of Jamaica into the global economy and the movement of passengers and goods globally,” he stated. “We will have the links between Jamaica and Brazil enhanced.”With constant high economic growth rates and a population of nearly 200 million people, Brazil is the world’s seventh largest economy and is also considered the seventh largest in terms of purchasing power parity, with GDP per capita of some US$10,200.In his remarks, Donovan McFarlane, president of the Jamaica-Brazil Chamber of Commerce, noted that more than 45 million Brazilians had moved into the middle class in recent years.“And with their assent into the world of the middle class has come a world of new consumer opportunities. This rising consumer class is expected to be a driving force in facilitating the strength in the consumer market due to its exceptional spending power,” he stated.However, despite these opportunities, Jamaica has maintained a trade deficit with Brazil. In 2012 imports from Brazil of mostly ethanol and corned beef, amounted to US$240 million, according to the Statistical Institute of Jamaica, while exports from Jamaica to Brazil amounted to US$9.4 million leaving a deficit of US$230.4 million.McFarlane said the 2014 World Cup and 2016 Olympic Games will provide further opportunities for entrepreneurs in Jamaica and other countries to expand their businesses, noting that the Jamaica-Brazil Chamber was willing to support businesses ready to make a move.“The Jamaica-Brazil Chamber of Commerce seeks the cooperation and support of businesses and organisations to afford us the opportunity of moving forward together,” McFarlane affirmed. “We are ready and equipped with the tools necessary to help you to achieve success.” The Christ the Redeemer statue stands back-dropped by Sugar Loaf mountain (right) as the sun sets in Rio de Janeiro, Brazil.Brazilian ambassador to Jamaica, Antonio Francisco da Costa e Silva Neto.

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Jamaica urged to deepen trade relations with Brazil

Saturday, August 10, 2013

Smaller US trade gap could lift growth

WASHINGTON DC, USA — A sharp decline in the trade deficit with other nations suggests the US economy grew this spring at a faster pace than previously estimated, helped by a record level of exports.

The Commerce Department said that the US trade gap fell more than 22 per cent in June from May to US$34.2 billion, yesterday. That’s the lowest level since October 2009.American companies shipped more aircraft engines, telecommunications equipment, heavy machinery and farm goods. As a result, exports rose 2.2 per cent to an all-time high of US$191.2 billion.Imports declined 2.2 per cent to US$225.4 billion, in part because oil imports fell to the lowest level in more than two years.Economists said the steep drop in the trade deficit will likely lead the government to revise its economic growth estimate for the April-June quarter.“We could see a sizeable upward revision,” said Jennifer Lee, senior economist at BMO Capital Markets.Last week the government said the economy grew at a lacklustre 1.7 per cent annual rate in the second quarter, in part because trade cut nearly a full percentage point from growth.But after seeing the June trade figures — which were not factored into last month’s growth estimate — some economists said growth could be closer to a 2.5 per cent annual rate. The government reports its second estimate of growth for the April-June quarter on August 29.A smaller trade deficit lifts economic growth because it means consumers and businesses are spending less on foreign goods than companies are taking in from overseas sales.Many economists think overall growth has started to rebound in the July-September quarter. Some say growth could near a three per cent annual rate. A key reason is that several export markets, including Europe, are seeing improvement.For June, US exports to the 27-nation European Union rose 1.5 per cent. That helped shrink the deficit with the region to US$7.1 billion.The deficit with China fell 4.3 per cent to US$26.6 billion, while America’s deficit with Japan rose 2.2 per cent to US$5.5 billion in June.Gregory Daco, senior economist at IHS Global Insight, said he still thinks trade will drag on the economy in the second half of the year. That’s because he expects imports will increase at a faster pace than exports, reflecting the health of the US consumer and weaker growth overseas.“We still have relatively modest global growth which will constrain US exports,” Daco said.Still, Joel Naroff, chief economist at Naroff Economic Advisors, said the rise in exports underscored the importance that manufacturing plays in the US economy.“A number of companies are doing whatever they can to bring back as much production as they can to the United States,” Naroff said. “They are facing rising wages in countries such as China and other problems of doing business there.”US factories are already starting to show more strength after slumping earlier this year, helped by increases in business spending and less drag from government cuts.Activity at US factories increased in July at the fastest pace in two years in July, according to the Institute for Supply Management’s closely watched manufacturing index.And US factories added 6,000 jobs in July, the Labour Department said Friday. That was the first month of manufacturing job growth since February.The container ship Baghira (foreground) and the oil tanker Seabulk Arctic (rear) are anchored off shore as they wait to enter Port Everglades in Fort Lauderdale, Florida. (Photo: AP)

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Smaller US trade gap could lift growth