In February, the U.S. deficit on goods and services rose $3.3 billion to reach $31.5 billion, mostly because imports increased $4.2 billion. The goods deficit alone rose $3.2 billion, and the services surplus fell $0.2 billion. Goods imports increased $3.3 billion. Although imports do not represent spending on domestic production, their increase is thought to indicate strengthening domestic demand.
Suggested citation: "International Trade," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-05, pp. 08, 05.01.2002.