U.S. January exports up 2.7%
The U.S. Commerce Department reported Thursday that the country's exports of goods and services in January 2011 increased 2.7 percent from December 2010 to $167.7 billion.
This was the highest level of monthly exports on record with individual records for both exports of goods ($120.5 billion) and services ($47.2 billion), the department said.
U.S. goods and services imports increased 5.2 percent over this period to $214.1 billion, causing the U.S. trade deficit to increase 15.1 percent since December 2010 to reach $46.3 billion in January 2011.
The increase in the goods and services trade deficit was due to increased imports of petroleum products, autos and parts, consumer items, and capital goods, which reached a record monthly level, the department said.
'The administration is focused on jumpstarting exports and helping U.S. businesses grow and create jobs through efforts like the National Export Initiative and tax credits for business investment,' said Commerce Secretary Gary Locke, in a statement. 'We are committed to putting the necessary tools in the hands of America's businesses to help them out-innovate and out-compete the rest of the world and get the U.S. economy firing on all cylinders again.'