Trade data paints a mixed picture for the U.S. economy and the growing impact of domestic energy production on the economy.
Despite slower economic growth in Asia and Europe, U.S. exports continue to rise at a steady pace and have firmed from last year. Not only has export growth been strong outside of petroleum, but U.S. exports of petroleum have surged and rose 31% y/y in June.
In contrast, the import of real petroleum product fell 7% y/y in June. Total import growth has been less strong than export growth and the slowdown is consistent with the weak tone of U.S. retail sales in May and June.