WASHINGTON (7/9/13)--A recent dip in the U.S. foreign trade balance may impact the second-quarter gross domestic product (GDP) growth, a Credit Union National Association economist told The Washington Post Wednesday.
"The slight worsening of the balance of trade suggests our economy is growing faster than those of our trading partners," Bill Hampel, CUNA chief economist, told the Post in the article, "Drop in inventory sends U.S. crude oil prices over $100 a barrel," by Steven Mufson and Katerina Sokou.
The decline in exports may have a minor negative impact on second-quarter GDP growth this year or "at best have a neutral effect," he added.
U.S. imports rose to $232.1 billion in May--second only to record-level $234.3 billion in March 2012, the Post said.
Also, U.S. exports dropped 0.3%, to $187.1 billion in May from $187.6 billion in April, a decline prompted by economic weakness abroad, analysts said.