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Economy in Brief

U.S. Import and Export Prices Move Lower
by Tom Moeller  November 15, 2013

Import prices fell 0.7% last month (-2.0% y/y) following a 0.1% September uptick. Consensus expectations were for a 0.3% decline. A 3.6% drop (-4.1% y/y) in petroleum import prices was accompanied by a 0.1% uptick (-1.3% y/y) in nonpetroleum costs that reflected a 0.7% rise (2.6% y/y) in foods, feeds and beverage costs. Nonauto consumer goods prices rose 0.1% but were off 0.5% y/y. Capital goods export prices were unchanged (-0.9% y/y) while automotive vehicle prices slipped 0.1% (-1.4% y/y).

U.S. export prices declined 0.5% (-2.1% y/y) led by a 1.5% drop (-6.1% y/y) in agricultural commodities. Nonagricultural export prices also moved 0.4% lower (-1.6% y/y). That reflected a 0.8% drop (-4.2% y/y) in industrial supplies & materials as well as a 0.2% slip (0.7% y/y) in the cost of capital goods. Automotive vehicle prices gained 0.4% (0.7% y/y) but nonauto consumer goods prices were unchanged (-2.1% 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 expectations figure from the Action Economics Forecast Survey is in the AS1REPNA database.

Import/Export Prices (NSA, %) Oct Sep Aug Oct Y/Y 2012 2011 2010
Imports - All Commodities -0.7 0.1 0.2 -2.0 0.3 10.9 6.9
  Petroleum -3.6 0.6 1.8 -4.1 -0.3 36.5 28.4
  Nonpetroleum 0.1 0.0 -0.2 -1.3 0.3 4.5 2.8
Exports - All Commodities -0.5 0.4 -0.5 -2.1 0.4 8.1 4.9
  Agricultural -1.5 0.6 -4.2 -6.1 2.4 22.3 7.9
  Nonagricultural -0.4 0.3 0.0 -1.6 0.1 6.6 4.6
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