The U.S. Services Surplus Increases in January
Mar 12, 2003
The services surplus increased $0.1 billion to $3.7 billion in January according to data released yesterday by the U.S. Census Bureau and the Bureau of Economic Analysis of the Department of Commerce. Exports of services decreased to $25.1 billion from $25.2 billion, and imports of services decreased to $21.4 billion from $21.6 billion. The behavior of the services balance was influenced by the continued drop in travel and passenger fares.
The $0.1 billion decrease in Services exports from December to January was a result of decreases in travel and passenger fares. Increases in exports of royalties and license fees and other private services that include items such as business, professional, and technical services, insurance services, and financial services were not enough to offset the decrease in travel and passenger fares. Changes in the other categories of services exports were small.
Services imports decreased $0.2 billion from December to January due to a large fall in travel and passenger fares imports that were not offset by small increases in all other categories of services imports.
The combined Goods and Services deficit in January was of $41.1 billion, $3.8 billion less than the $44.9 billion registered in December. Total exports reached $81.9 billion and imports were $123.0 billion in January. January exports were $1.3 billion more than December exports of $80.6 billion due to the weaker dollar. January imports were $2.5 billion less than December imports of $125.5 billion.
In January, the goods deficit decreased $3.7 billion from December to $44.8 billion. Exports of goods increased $1.4 billion to $56.8 billion, and imports of goods decreased $2.3 billion to $101.6 billion.
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