U.S. Trade Deficit Surpasses $31 Billion

By John S. McClenahen Some $79.2 billion worth of U.S. goods and services exports in February were more than offset by $110.7 billion worth of imports. The result was a U.S. international trade deficit of $31.5 billion, $2.5 billion more than the $29 billion many economists anticipated and $3.3 billion more than the revised $28.2 billion goods and services deficit for January 2002. Data from the U.S. Commerce Department's Economics & Statistics Administration show that U.S. exports of autos, industrial materials and other goods increased to $55.1 billion in February from $55 billion in January while imports of goods advanced to $92.1 billion from $88.8 billion. Paralleling the pattern in goods, exports of business and other services rose to $24.1 billion in February from $23.2 billion in January as imports of services increased to $18.6 billion from $17.7 billion.

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