U.S. Trade In Services Surplus Declines in August 2002
Oct 20, 2002
The U.S: services trade in services surplus decreased $0.2 billion to $3.8 billion in August according to the U.S. Census Bureau and the Bureau of Economic Analysis, of the Department of Commerce. Exports of services increased to $23.9 billion from $23.8 billion, while imports of services increased to $20.1 billion from $19.8 billion.
The Services $0.1 billion increase in exports from July to August was the result of small increases in travel, passenger fares, and other transportation. These increases were only partly offset by decreases in other private services (which includes items such as business,
professional, and technical services; insurance services; and financial services) and royalties and license fees.
In turn, the $0.2 billion increase in services imports from July to August was due to small increases in nearly all categories. However, the largest increases took place in direct defense expenditures, other private services, and passenger fares.
The total August exports of $81.9 billion and imports of $120.3 billion resulted in a goods and services deficit of $38.5 billion, $3.4 billion more than the $35.1 billion July revised figure. The goods deficit increased $3.2 billion from July to $42.3 billion.
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