WSJ reported yesterday (bold mine):
The U.S. trade deficit widened in June, forced up by higher oil prices, as growth in both imports and exports signaled renewed life in global trade.
Total June exports rose 1.9% to $125.78 billion, with imports increasing 2.3% to $152.79 billion. That resulted in a trade deficit of $27.01 billion, up 4% from a slightly revised $25.97 billion in May, the Commerce Department reported Wednesday.
The deficit was largely due to energy prices, which have been on the rise again this summer. Adjusted for inflation, the trade deficit narrowed to its lowest level in 10 years.
It is true that both imports and exports were up, but stripping out petroleum, we see the continued slide in imports from a continued lack of consumer demand.
Back to the WSJ:
"What we're having is a leveling out right now," said Joshua Shapiro, an economist with Maria Fiorini Ramirez Inc., an economic consulting firm. "The evidence is that we're in the stabilization phase."