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U.S. Trade Deficit Narrows In July
Sep 18, 2002

The U.S. trade deficit in July, which decreased by billion, $2.2 from the figure registered in June, was $34.6 Billion according to the Bureau of Economic Analysis. July exports reached $83.2 billion while imports were of $117.8 billion. July exports were $1.1 billion more than June exports of $82.2 billion and imports were $1.1 billion less than June imports of $118.9 billion. This performance was attributed to the weaker dollar.

Services exports increased $0.2 billion from June to July. The increase was mostly accounted for by increases in other private services (which includes items such as business, professional, and technical services and financial services) and travel. Changes in the other categories of services exports were small.

Services imports decreased $0.2 billion from June to July. The decrease was accounted for by a decrease in royalties and license fees. Changes in the other categories of services imports were small and offsetting.

In July, the goods deficit decreased $1.8 billion from June to $38.8 billion, and the services surplus increased $0.4 billion to $4.3 billion. Exports of goods increased to $59.1 billion from $58.2 billion, and imports of goods decreased to $98.0 billion from $98.9 billion. Exports of services increased to $24.1 billion from $23.9 billion, and imports of services decreased to $19.8 billion from $20.0 billion.

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