"I think one obvious reason is falling oil prices," explains Dr. Walden, a specialist with the North Carolina Cooperative Extension Service.

"A big part of our trade deficit is related to importing oil. Oil has become cheaper, as most people know, so that should help us on the trade deficit front," he says.

"Another reason is the falling value of the dollar compared to foreign currencies. That makes our imports more expensive but makes our exports less expensive to foreign buyers. So that should help our exports grow faster than imports," he adds.

"Then thirdly is the fact that many of the countries we trade with have seen a rebound in their economic growth; therefore, they should be buying more of our exports.

"As a result, many economists think that later this year, for the first time in many years, we may see the trade deficit actually fall and become less of a drag on the U.S. economy."