The Commerce Department reported on Friday that U.S. exports of goods and services for December slipped 4.8 percent from the previous month to $2.23 trillion.
The Commerce Department reported on Friday that U.S. exports of goods and services for December slipped 4.8 percent from the previous month to $2.23 trillion.
The department highlighted that U.S. services exports, however, set records in 2015, increasing by $5.9 billion from 2014. Increased exports were seen among business services; telecommunications, computer and information services; financial services; and travel.
“Each of these services sectors reached export increases of more than $1 billion,” Commerce said in a statement.
U.S. goods exports set records to 20 countries, including the United Kingdom, Saudi Arabia, Ireland, and Vietnam. These exports represented mostly higher value products, such as aircraft and pharmaceuticals. Myriad factors are causing a slow down in commodities exports worldwide, including China’s cooling economy.
“We recognize that U.S. exporters faced challenges from slowing global growth,” said Commerce Secretary Penny Pritzker in a statement. “Despite these headwinds, the volume of Made-in-America exports remained relatively unchanged, showing there is a continued demand for U.S. products.”
The Obama administration foresees a boost in U.S. exports with the implementation of large regional trade agreements, such the Trans-Pacific Partnership and Transatlantic Trade and Investment Partnership.
U.S. exports slip 4.8% in December
