Recent Updates

  • US: Consumer Sentiment (Jan-prelim), GDP by Industry (Q3)
  • Consumer Sentiment Detail (Jan-prelim)
  • Canada: MSIO, Intl Transactions in Securities (Nov)
  • Ivory Coast: IP (Nov); South Africa: Financial Soundness Indicators (Nov); Turkey: House Sales (Dec), IIP (Nov)
  • Spain: International Trade (Nov)
  • Italy: BOP (Nov)
  • UK: Retail Sales (Dec)
  • Euro area: Balance of Payments (Nov)
  • more updates...

Economy in Brief

U.S. Import and Export Prices Move Lower
by Tom Moeller  September 12, 2014

Import prices fell 0.9% during August (-0.4% y/y) following a revised 0.3% decline during July, earlier reported as -0.2%. A 1.0% shortfall was expected in the Action Economics Forecast Survey. A 4.4% decline (-5.3% y/y) in petroleum prices provided the most downward pressure on overall import costs. That was accompanied by a 0.1% slip in nonoil prices (0.8% y/y).

Last month's slip in nonoil import prices reflected a 0.6% decline (+2.7% y/y) in nonoil industrial supplies prices, the fourth decline in the last five months. Capital goods prices were unchanged (0.0% y/y) as they were during the prior three months. Nonauto consumer goods prices were similarly stable (+0.8% y/y) for the fourth consecutive month. Prices for foods, feeds & beverages gained 0.6% (3.4% y/y) following a 1.1% jump and motor vehicle prices ticked 0.1% higher (-0.7% y/y) after a 0.7% decline.

Export prices declined 0.5% (+0.4% y/y) after a 0.1% uptick. Prices have been unchanged since December. A 2.7% drop (0.0% y/y) in foods, feeds & beverage prices was the third consecutive month of notable decline. Industrial materials prices declined 0.8% (-0.3% y/y) as petroleum & product prices were off 3.0% (-3.9% y/y). That followed a 1.4% rise. Motor vehicle & parts prices fell 0.2% (+0.4% y/y) following no change in July and nonauto consumer goods prices were unchanged (+1.0% y/y) after a 0.4% rise. Capital goods prices ticked 0.1% higher (0.8% y/y) after a 0.2% decline.

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, %) Aug Jul Jun Aug Y/Y 2013 2012 2011
Imports - All Commodities -0.9 -0.3 0.2 -0.4 -1.1 0.3 10.9
  Petroleum -4.4 -1.7 1.7 -5.3 -2.6 -0.3 36.5
  Nonpetroleum -0.1 0.0 -0.2 0.8 -0.6 0.3 4.5
Exports - All Commodities -0.5 0.1 -0.5 0.4 -0.4 0.4 8.1
  Agricultural -2.8 -2.0 -1.7 -1.3 1.7 2.4 22.3
  Nonagricultural -0.3 0.3 -0.3 0.5 -0.7 0.1 6.6
close
large image