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U.S. MARKET: May Press Release
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| May 17, 2002
Goods and Services Deficit Decreases in March 2002
The Nation's international deficit in
goods and services decreased to $31.6 billion in March, from
$31.8 billion (revised) in February, as exports increased
more than imports.
Goods and Services
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Exports increased
to $79.2 billion from $78.7 billion in February. Goods
were $55.1 billion in March, up from $54.9 billion in
February, and services were $24.1 billion in March, up
from $23.8 billion in February.
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Imports increased
to $110.8 billion from $110.5 billion in February.
Goods were $92.2 billion in March, up from $91.8
billion in February, and services were $18.7 billion
in March, virtually unchanged from February.
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For goods, the
deficit was $37.1 billion in March, up from $36.9
billion in February. For services, the surplus was
$5.5 billion in March, up from $5.2 billion in
February.
Goods by Category
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The February to
March change in exports of goods reflected increases
in capital goods ($0.6 billion); automotive vehicles,
parts, and engines ($0.1 billion); and other goods
($0.1 billion). Decreases occurred in foods, feeds,
and beverages ($0.4 billion) and industrial supplies
and materials ($0.1 billion). Consumer goods were
virtually unchanged.
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The February to
March change in imports of goods reflected increases
in industrial supplies and materials ($0.8 billion);
other goods ($0.3 billion); and capital goods ($0.1
billion). Decreases occurred in automotive vehicles,
parts, and engines ($0.6 billion); consumer goods
($0.2 billion); and foods, feeds, and beverages ($0.1
billion).
Goods by Geographic Area (Not Seasonally
Adjusted)
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The goods
deficit with Mexico increased from $2.7 billion in
February to $3.5 billion in March. Exports increased
$0.3 billion (primarily automobile parts) to $7.6
billion, while imports increased $1.1 billion
(primarily automobile and automobile parts; electrical
machinery; and petroleum and petroleum products) to
$11.1 billion.
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The goods
deficit with China decreased from $6.5 billion in
February to $5.6 billion in March. Exports increased
$0.1 billion (primarily transport equipment) to $1.6
billion, while imports decreased $0.8 billion
(primarily toys, games, and sporting goods and
footwear and apparel) to $7.2 billion.
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The goods
deficit with Western Europe increased from $4.8
billion in February to $5.5 billion in March. Exports
increased $1.5 billion (primarily transport equipment
and computers and computer products) to $14.7 billion,
while imports increased $2.2 billion (primarily
petroleum and petroleum products; transport equipment;
and organic chemicals) to $20.2 billion.
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