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 during most of 2005 through 2007.

Short Term Perspective

Import growth has moderated significantly over the last year – reflecting more moderate growth in the U.S. economy. Also, the dollar has depreciated against some major currencies and this has limited some growth in imports.