Imports were probably higher due to more expensive oil imports, while exports have slumped (Chart 2).
Incidentally, the U.S. dollar cash index is again pointing down just recently (Chart 3), despite problems in Europe. The dollar index spot (DXY) is currently at 79.5. If this index continues to fall, I predict that imports will go up even more in the future as the U.S. dollar loses purchasing power. Accompanied by the devaluation of the U.S. dollar, will be an ever more rising trade deficit.
|Chart 1: U.S. Balance of Trade|
|Chart 2: U.S. exports|
|Chart 3: Dollar Cash Index|