U.S. exports inch up 1% in February

The Commerce Department reported that U.S. exports of goods and services in February increased 1 percent from January to $178.1 billion.    The Commerce Department reported that U.S. exports of goods and services in February increased 1 percent from January to $178.1 billion.
   “The increase in February exports show that despite facing global headwinds, U.S. exporters remain committed to delivering their world-class products and services to consumers around the world,” said Commerce Secretary Penny Pritzker in a statement.
   Meanwhile, imports also rose 1.3 percent to $225.1 billion over the same period.
   In February, the monthly U.S. goods and services trade deficit worsened by 2.6 percent to $47.1 billion when compared to the previous month, the department noted. Year–to-date through February, exports of goods and services were down 5.5 percent from 2015, while imports fell 2.1 percent and the balance worsened by 13.1 percent.
   Commerce also said for February the average import price of crude oil was $27.48 per barrel, down 14.3 percent from the $32.06 recorded in January and the lowest price per barrel since December 2003. Year-to-date, imports of crude oil totaled $13.2 billion, 41.9 percent below the 2015 level.
   “This decrease is entirely due to a 45.4 percent drop in price,” the department said.
   “The year-to-date U.S. trade deficit in petroleum improved 55.6 percent from the prior year, while the comparable non-petroleum goods and services deficit worsened by 33 percent,” it added.
   The Obama administration is banking on a continued rise of U.S. exports after the implementation of the recently negotiated Trans-Pacific Partnership agreement that the United States has with 11 other Pacific Rim countries.
   “The TPP will foster the type of economic integration that currently enhances trade with our free trade agreement (FTA) partners. Since 2009, U.S. goods exports to FTA partners have grown faster (53 percent) than our exports to the rest of the world (34 percent),” Commerce said.