Biz Bits

Obama outlines plan to spur exports, jobs

WASHINGTON --- President Obama on Thursday laid out plans to help U.S. businesses double their export sales and add what he said would be 2 million more jobs at home during the next 5 years.

"In a time when millions of Americans are out of work, boosting our exports is a short-term imperative," Obama said in unveiling his National Export Initiative.

"When other markets are growing and other nations are competing, we've got to get even better," he told the annual conference of the Export-Import Bank. "We need to secure our companies a level playing field. We need to guarantee American workers a fair shake. "

Obama's plan would help U.S. businesses, create new partnerships with shipping firms such as FedEx, and ease controls over the export of technology such as cell phones, which currently have to go through reviews to ensure that they don't compromise national security secrets.

Trade deficit shrinks as auto imports drop

WASHINGTON --- The U.S. trade deficit unexpectedly shrank in January, reflecting a big drop in imports of oil and foreign cars. American exports also fell, a potential blow to hopes that the economic recovery will be aided this year by U.S. sales abroad.

The Commerce Department said the trade deficit declined to $37.3 billion in January, a drop of 6.6 percent from a revised December deficit of $39.9 billion. Economists had been expected the deficit to widen to $41 billion.

U.S. exports dipped 0.3 percent, reflecting weaker sales of a wide variety of products, including civilian aircraft and machinery. But imports dropped by a larger 1.7 percent as both oil and foreign cars saw big declines.