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U.S. Services Trade Continues to Recover in March
Jun 4, 2002

Services exports increased to $24.1 billion in March from $23.8 billion in February, continuing a recovery trend to pre-September 11 levels according to the Bureau of Census report on United States International Trade released May 17, 2002. The increase resulted from an important increase in travel, passenger fares that were the services most affected by the terrorist attacks. Other transportation exports also recovered indicating that the economy is regaining the pace after the 2001 slump. However, during March exports of other private services (which includes items such as business, professional, and technical services, insurance services, and financial services) decreased, in part because other private services exports in February had an important increase due the United States Winter Olympics.

Imports of services remained in $18.6 billion in March after increases in travel, other private services, passenger fares, and other transportation were offset by a large decrease in royalties and license fees. Royalties and license fees had been boosted in February by payments for the rights to broadcast the 2002 Winter Olympic Games. The result also brings travel imports and passenger imports to levels close to those registered before the September 11 terrorist attacks (See graph).

The United States trade deficit decreased from $31.8 billion in February to $31.6 billion in March. Exports increased to $79.2 billion and imports decreased to $110.8 billion in March. The goods deficit increased $0.2 billion from February to $37.1 billion in March, and the services surplus increased $0.3 billion to $5.5 billion in the same period. Exports of goods increased to $55.1 billion from $54.9 billion, and imports of goods increased to $92.2 billion from $91.8 billion.

The full report is available at the United States Bureau of Economic Analysis website at www.bea.doc.gov

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