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US Recession and a Weaker Dollar Affect US Services Trade in February
Apr 19, 2001

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  • While US imports of goods presented a significant $5.5 billion decrease in February 2001, services imports increased by $0.1 billion as a result of the slower growth in the U.S. economy according to data released by the Bureau of Economic Analysis and the Bureau of Census on 18 April 2001. Services imports reached $18.48 billion, while services exports increased $0.2 billion and totaled $25.2 billion, resulting in a services surplus in February 2001 of $6.36 billion.

    The reduction in the U.S. trade deficit follows from a slower growth in U.S. imports, particularly in the goods sector, which is not only sensitive to the slower growth of the U.S. economy, but also to the weaker dollar. Goods imports annual growth rate, which in February 2000 was 20% with respect to February the year before, decreased in 2001 to 3%. Imports of services growth rate also decreased on an annual basis from 13% in February 2000 to 9% in February 2001. Although services imports react to a weaker global economy, they continue to grow at faster pace than goods imports due to the insensitivity of business services imports, royalties, and other transportation services to a weaker dollar.

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