US Trade in Travel and Passenger Services Shows Slow Recovery at the End of 2001
Feb 21, 2002

The U.S. services trade surplus in 2001 increased $3.9 billion and totaled $80.3 billion, while the overall U.S. trade deficit decreased to $346 billion last year. The U.S. Bureau of Economic Analysis of the Department of Commerce released the data Thursday, 21 February.

Services exports decreased by $10.5 billion in 2001, yet the services trade surplus increased due to a drop in services imports of $14.5 billion during the same period. The drop was due to the effects of the September 11 terrorist attacks in U.S. insurance claims, and a substantial drop in travel and passenger transportation services that is only starting to recover.

On a monthly bases U.S. services exports increased by $1.2 billion from November to December 2001. The increase was accounted in large by a surge in travel, passenger fares, and transfers under U.S. military sales contracts. Changes in the other categories of services exports were small.

Services imports increased $0.9 billion from November to December. The increase was more than accounted for by large increases in travel and passenger fares; direct defense expenditures also increased. The increase was partly offset by a decrease in other transportation. Changes in the other categories of services imports were small.

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