U.S Monthly Services Imports Drop 72% in September, While Exports Decrease by 12.5%
Nov 24, 2001
U.S. Services exports were down by $3.2 billion or 12.5% from August to September according to the BEA US Monthly trade data released November 21, 2001. The decrease was mostly accounted for by large decreases in travel and passenger fares following the terrorist attacks of September 11, 2001. Changes to the other categories of services exports were small.
In turn, services imports decreased by $13.5 billion or 72% from August to September 2001 following a sharp drop in payments for insurance services, which are measured as premiums paid less claims received. This drop explains the decrease in other private services, which also includes business, professional, and technical services as well as financial services. Large decreases in travel and passenger fares also contributed to the decrease in services imports, while changes to the other categories of services imports were small.
The total U.S. trade deficit in September was $18.7 billion or$8.4 billion less than the $27.1 billion in August. The total September exports were $77.3 billion and imports were $96.0 billions. September exports were $7.2 billion less than August exports of
$84.5 billion while imports were $15.6 billion less than August imports
of $111.6 billion. The September goods deficit continued to increase and reached $35.9 billion after the drop in exports was larger than the drop in goods imports.
For more information see the Bureau of Census Press Release for “U.S. International Trade in Goods and Services in September 2001” at:
The U.S. monthly trade data is available from the statistics section of SITrends.org or from the BEA website.
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