U.S. exports down 1.4% in February
The U.S. Commerce Department reported Tuesday that the nation's February exports were down 1.4 percent to $165.1 billion, compared to the previous month.
Similarly, U.S. imports of goods and services decreased 1.7 percent over the period to $210.9 billion, causing the U.S. trade deficit to decrease 2.6 percent since January to reach $45.8 billion in February.
'Although exports dipped in February, exports grew strongly late last year and in January,' said Commerce Secretary Gary Locke, in a statement. 'President Obama is committed to pursuing an ambitious trade agenda that will keep our economy growing and support good jobs for U.S. workers by opening new markets.
'One way to achieve this is through trade agreements like the U.S.-Colombia Trade Agreement and Action Plan that was announced last Wednesday,' he added. 'Trade agreements are an important part of President Obama's National Export Initiative and help open markets, level the playing field and expand opportunities for American workers and businesses to better compete in the global marketplace.'