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Deficit for goods, services grows in February

Wednesday, April 14, 2010

Agricultural goods faced some declines in exports.
Agricultural goods faced some declines in exports.

A recent report shows that a number of agriculture exports saw a drop during February.

According to the U.S. Census Bureau and the Bureau of Economic Analysis, exports of unmanufactured agricultural products declined from $245 million to $215 million from January to February. Although, on a year-to-date basis, exports for these products are up $45 million when compared to the same time last year.

However, manufactured agricultural supplies and materials saw exports rise $31 million to $199 million. Exports of these goods continued to outpace last year's levels and were up $17 million.

Nonfarm tractors saw exports drop $4 million between the first two months of the year. Unlike unmanufactured farm products, exports for tractors and parts have declined $174 million on a year-to-date basis.

Overall, the U.S. trade deficit in goods and services increased from $37 billion in January to $39.7 billion in February. American exports totaled $143.2 billion during the second month of the year.

Exports are the subject of a recent initiative from the Obama administration. The president announced that he wants to double U.S. exports over the next five years. Members of the farm equipment industry have said that the federal government should make it easier for foreign business representatives to visit America so they can shop for machinery made in the country.

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