The deficit has widened for two consecutive months after narrowing in the previous three. But the monthly gap remains well below the $67.6 billion deficit recorded in August 2006. The falling dollar has been a boon for exporters, making their products more affordable in global markets.
Export growth in the late summer helped offset the housing sector's drag on gross domestic product in the third quarter. Exports contributed 1.4 percentage points to GDP's annualized growth rate of 4.9%.
Some economists say exports will keep the economy from contracting in the current quarter. Morgan Stanley economists said in a note to clients that their "meager" forecast for growth in gross domestic product, now at 0.2%, would be negative if not for export growth. "The domestic economy already appears to be in mild recession in the fourth quarter," they wrote.
According to data from the Census Bureau, exports have increased 11.07% since January.
Wow -- it's nice to write something positive. I haven't had the opportunity to do much of that lately.