The revised 2nd quarter GDP numbers are in for the US economy and they are quite positive. The Commerce Department reported that Q2 GDP growth was revised to 3.3% versus the initial estimate of 1.9%. The major driver of this group was exports, which grew a revised 13.2% in Q2 versus an original estimate of 9.2%. This, coupled with a decline in imports, resulted in almost all the quarter's GDP growth.
While weakness in the dollar has helped, longer term trends are driving the growth of exports. These include:
- falling global trade barriers - both hard and soft
- the global growth of connective technologies and the Internet
- the strong growth of emerging market economies
- growing US company focus on exports
These long term trends will continue to drive US export opportunities over the next decade for both large and small businesses.