An interesting article by J.R. Reed, published on the FreeEnterprise.com website.
Thanks to increased U.S. exports and a significantly lower demand for oil imports, America’s trade deficit shrunk drastically in June – a trend that could signal great news for second quarter GDP numbers.
The Department of Commerce recently announced that the trade gap fell more than 22%. Exports rose 2.2%, the highest monthly rate since October 2012, to an all-time high of $191.2 billion, while imports declined 2.2% to $225.4 billion. Part of that drop off, according to Commerce is because foreign oil consumption fell to its lowest level in more than two years.