Services Trade Balance Experiences Important Decrease In 20021 2 3 >>
Feb 22, 2003
The United States services trade balance surplus continued to decrease in 2002 according to the latest data issued by the Department of Commerce. The surplus went from $68.8 billions in 2001 to $49.1 billions surplus in 2002. The almost $20 billion drop in the services surplus represents a 28.6% decrease with respect to the surplus observed in 2001.
The significant drop in the services surplus is due to a phenomenal increase in services imports of 15% while services exports increased by 4% in 2002. While services exports in 2002 barely reached the $290 billion exported in 2000, imports reached a record $241 billion.
On a monthly basis, services exports increased by $0.1 billion from November to December, whilst imports increased by $0.3 billion. Therefore, the Services trade balance surplus for December was $0.2 billion less than in November 2002.
December exports increases were due to higher exports in travel and passenger fares but were partly offset by a decrease in other private services that include business, professional, and technical services, insurance services, and financial services. Changes in the other categories of services exports were rather small.
December Imports were higher mostly due to increases in travel and other transportation services that include freight and port services.
Changes in the other categories of services imports were small.
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