U.S. exports up $1.6b in March

The Commerce Department on Tuesday reported U.S. exports of goods and services increased by $1.6 billion, or 0.9 percent, in March.

   The Commerce Department on Tuesday reported that U.S. exports of goods and services increased by $1.6 billion, or 0.9 percent, in March.
   Among the fastest growing exports were automotive (6.9 percent); capital goods (3.3 percent); and foods, feeds and beverages (3.1 percent). Among services exports, the fastest growth was seen in maintenance and repairs (2.4 percent), the department said.
   Commerce Secretary Penny Pritzker said the March export data “shows that despite challenges facing economies around the globe, the world wants what America is selling.”
   The Obama administration is pressing Congress to pass trade promotion legislation. TPA will help the United States conclude two significant trade agreements: the Trans Pacific Partnership and Trans-Atlantic Trade and Investment Partnership, which would give the United States free trade arrangements with 65 percent of global GDP, the Commerce Department said.
   For the fifth straight year, the United States has set records in annual exports. In 2014, the country exported $2.34 trillion in goods and services. Those exports accounted for 13.4 percent of total GDP, compared to 7.5 percent 30 years ago, according to the department.