Recent Updates
- US: Consumer Sentiment (May-final), Personal Income, Adv Trade & Inventories (Apr)
- China: Public Funds Asset Mgmt, SOE Economy Operation (Apr), Star Rated Hotels (Q1)
- Croatia: Retail Trade (Apr)
- more updates...
Economy in Brief
U.S. Advance Trade Deficit Narrowed Markedly in April
The advance estimate of the U.S. international trade deficit in goods narrowed to $105.9 billion in April...
As Inflation Overshoots, Are Central Banks Overdoing It?
This report is a reminder of how complicated inflation and monetary policy making can be...
U.S. GDP Decline is Little-Revised in Q1'22; Corporate Profits Fall
U.S. real GDP fell 1.5%, SAAR (+3.5% y/y) last quarter...
Kansas City Fed Manufacturing Index Dips in May But Remains Strong
The Kansas City Fed reported that its manufacturing sector business activity index declined to 23 in May...
U.S. Pending Home Sales Decline Sharply in April
Home buying remains under pressure...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller May 10, 2012
U.S. import prices fell 0.5% during April after a 1.5% March rise, initially pegged as 1.3%. A 0.2% dip had been expected. The year-to-year increase in import prices decelerated to 0.5%, as oil prices declined. Petroleum prices fell 1.8% last month after a 4.8% March gain. Brent crude oil fell to an average $120.37 per barrel from March's $125.13, and yesterday fell further to $112.43. Non-oil import prices were unchanged (0.7% y/y) following a 0.3% rise during March. The y/y change in non-oil import prices during the last twenty years has a 59% inverse correlation with the nominal trade-weighted exchange value of the US dollar vs. major currencies.
Imported food & beverage prices inched up 0.1% last month (-2.7% y/y) while prices for non-oil industrial supplies fell 0.4% (-2.2% y/y). Prices for non-auto consumer goods ticked up 0.1% (2.4% y/y). Furniture prices rose 0.1% (4.1% y/y) but home entertainment equipment prices fell 1.5% (-5.9% y/y). Imported auto prices rose 0.4% (2.1% y/y) and imported capital goods prices were unchanged (1.1% y/y). Computer & peripherals prices fell 0.5% (-2.1% y/y) while excluding computers, capital goods prices again rose 0.3% (2.4% y/y).
U.S. export prices increased 0.4% (0.7% y/y) as nonagricultural prices rose 0.2% (1.2% y/y) but agricultural goods prices jumped another 2.0% (-3.1% y/y). Prices of industrial supplies rose 0.4% (-1.4% y/y). Capital goods prices were unchanged (1.6% y/y) and nonauto consumer goods prices slipped 0.2% (+2.0% y/y). Prices for exported autos & parts rose 0.5% (2.9% y/y).
The import and export price series can be found in Haver's USECON database. Detailed figures are available in the USINT database. The daily figure are in DAILY. The expectations figure is in the AS1REPNA database.
Import/Export Prices (NSA, %) | Apr | Mar | Feb | Apr Y/Y | 2011 | 2010 | 2009 |
---|---|---|---|---|---|---|---|
Imports - All Commodities | -0.5 | 1.5 | 0.0 | 0.5 | 10.9 | 6.9 | -11.5 |
Petroleum | -1.8 | 4.9 | 0.3 | 0.1 | 36.5 | 28.4 | -35.9 |
Nonpetroleum | 0.0 | 0.3 | -0.1 | 0.7 | 4.5 | 2.8 | -4.1 |
Exports - All Commodities | 0.4 | 0.8 | 0.5 | 0.7 | 8.1 | 4.9 | -4.6 |
Agricultural | 2.0 | 2.5 | -0.4 | -3.1 | 22.3 | 7.9 | -12.8 |
Nonagricultural | 0.2 | 0.5 | 0.6 | 1.2 | 6.6 | 4.6 | -3.7 |