In the second half of 2023, international factors supported economic growth, with exports boosting GDP despite a strong dollar.
US petroleum exports hit record highs, making the U.S. a net exporter, but trade with China dropped, with imports falling 20% and exports down by nearly 5%. As of July 1, 2023, U.S. petroleum exports exceeded their imports by 1.5 million barrels per day, according to data from The Organisation for Economic Co-operation and Development (OECD).