Export Excellence

In 22Q3, net export growth contributed 2.8 percentage points to GDP. Since overall GDP grew 2.6%, absent strong net export growth GDP would have been slightly negative. Real exports increased 14.4% during 22Q3 while real imports declined 6.9%. However, with the U.S. dollar surging in value, the U.S. trade deficit widened from -$65.7 billion in September to -$73.3 billion in October, breaking the streak of five straight months of narrowing.

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