Summary :
U.S. exports are included in U.S. GDP because the goods and services are U.S. produced. To show how silly their adjustments can become, the dramatic drop in exports in 2nd quarter 2020 as everything shut down was made worse by BEA’s seasonal adjustment because 2nd quarters are normally good export periods. But what about non-U.S. buyers of U.S. exports.
That thought process brings us to a larger question…
When prices move abnormally, how should price adjustments be calculated?
Think about vehicle sales and chip shortages.
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