US Trade in Services Continues to Decrease in March
May 14, 2003
In March, Exports of services decreased to $24.8 billion from $25.0 billion, while imports of services were virtually unchanged at $21.1 billion according to the U.S. Census Bureau and the Bureau of Economic Analysis release on the monthly trade data.
Total March exports of $82.8 billion and imports of $126.3 billion resulted in a goods and services deficit of $43.5 billion, $3.1 billion more than the $40.4 billion in February, revised. March exports were $0.5 billion more than February exports of $82.3 billion. March imports were $3.6 billion more than February imports of $122.7 billion.
Services exports decreased $0.2 billion from February to March. Decreases in travel and passenger fares were partly offset by an increase in other private services (which includes items such as business, professional, and technical services, insurance services, and financial services). Changes in the other categories of services exports were small.
Services imports were virtually unchanged from February to March. Increases in other transportation (which includes freight and port services) and direct defense expenditures were nearly offset by decreases in travel and passenger fares. Changes in the other categories of services imports were small.
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