Long Term Perspective
Import growth accelerated between 2002 and 2004 even though the sharp drop in the foreign exchange value of the dollar increased the cost of imports. As the trade weighted dollar picked up steam, import demand moderated in 2005.

Short Term Perspective
Imports continue to grow at a rapid clip. This is partly due to the fact that the U.S. economy is expanding at a healthy pace. Also, there are some goods that we simply do not manufacture domestically anymore. The dollar has depreciated against some major currencies and this could limit some growth in imports, although FX changes have had more limited impact on import decisions in recent years than in the past. Most recently in September and especially in October, declining oil prices have pulled down nominal import growth.