The Trade Balance
The December trade deficit of $25.3 billion was $3.3 billion less than in November, primarily because of a $3.1 billion decline in imports. Of the two components of the trade balance, the goods balance declined $2.9 billion and the services surplus increased $0.3 billion. Notably, consumer goods declined $1.3 billion and industrial supplies and materials fell $1.2 billion.
Suggested citation: "The Trade Balance," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-03, pp. 09, 03.01.2002.