This is the silver lining of the mortgage slump, the economic slowdown and declining interest rates: All those factors put downward pressure on the dollar, which makes U.S.-made goods and services cheaper for overseas buyers. July exports grew 2.7 percent to $138 billion, the Commerce Department said this morning. July imports grew, too, largely driven by rising oil prices. But they didn't grow as much as exports, and the trade deficit fell slightly.

The export increase was caused partly by shipments of cars, car parts and industrial supplies. There was still a big trade deficit in July -- $59 billion. But continued overall U.S. economic weakness should serve to reduce it further -- through lower imports, as stressed consumers buy fewer overseas products; and through higher exports, as the weak dollar continues to help manufacturers. Maybe -- maybe! -- that will staunch some of the anti-trade, anti-globalization sentiment in Washington and in the presidential race.