The Gross Domestic Product for the 2nd Quarter has been revised down from a previously published 2.4% to 1.6%, according to a report released today [.pdf] by the Bureau of Economic Analysis. The key reason for the drop is an increase of imports as well as a decrease of exports. The previous publication of the percent change in imports from the 1st to 2nd Quarter was 28.8%, but imports have increased even more in today’s revised report to 32.4%. Exports were similarly revised down from a growth of 10.3% to 9.1%. These shifts in international trade would affect the Gross Domestic Product even if only one were occurring, but since they are occurring together, the affect is even greater. Furthermore, the most recent trade data marked the highest monthly increase in the trade deficit since record keeping began in 1992. The graph below shows the 4 year trend of the Gross Domestic Product.