Note how imports have turned at the same time as, or even slightly ahead of, the overall economy.
And note how weak they are now. Now of course, a weaker US$ has helped .... But. Combine this with the soggy PMI and I'm started to get a little concerned that the sharp fiscal tightening this year is starting to have unfortunate effects. Wouldn't be the first time.
|[Double-click to see bigger chart]|