Recent Updates

  • Pakistan: BOP (Sep)
  • China Sector: China: Energy Sector Statistics (Sep)
  • China Sector: China: Real Estate Statistics (Sep)
  • China Sector: China: Transportation Statistics (Sep)
  • France: Central Government Debt (Sep), Financing Access Survey (Q3)
  • more updates...

Economy in Brief

U.S. Import Prices Weaken As Petroleum Prices Fall; Export Prices Also Decline
by Tom Moeller  December 13, 2018

Import prices fell 1.6% (+0.7% y/y) during November following an unrevised 0.5% October rise. A 0.1% uptick had been expected in the Action Economics Forecast Survey. These figures are not seasonally adjusted.

The decline in import prices last month was led by a 12.1% drop (+4.4% y/y) in petroleum import costs which followed a 2.7% rise. Nonpetroleum import prices eased 0.3% during November (+0.4% y/y) and reversed October's 0.2% increase. Industrial supplies & materials costs declined 5.3%% (+3.2% y/y), with lower oil prices, as it followed a 1.4% rise. Industrial materials prices excluding petroleum ticked 0.1% higher (2.5% y/y) after a 0.5% increase. Capital goods prices eased 0.1% (-0.2% y/y) following stability during the prior month. Motor vehicle & parts prices held steady (+0.3% y/y) for the fourth month in the last five. Nonauto consumer goods prices also were unchanged (0.4% y/y) following a 0.3% decline.

Export prices declined 0.9% during November (+1.8% y/y) after a 0.5% gain, revised from 0.4%. A 0.4% decline in prices had been expected.

Agricultural commodities prices increased 1.8% last month (-1.7% y/y) after easing 0.2% in October. Nonagricultural costs declined 1.0% (+2.2% y/y) after a 0.5% rise. Foods, feeds & beverage prices improved 1.9% (-1.4% y/y) following a 0.2% gain. The cost of industrial supplies & materials weakened 3.0% (+4.0% y/y) after rising 1.4%. Excluding fuels & building materials, these prices slipped 0.2% (+2.5% y/y). Capital goods prices held steady (1.5% y/y) for the third straight month. Motor vehicle & parts prices eased 0.1% (+0.7% y/y) and have been little-changed for four consecutive months. Nonauto consumer goods prices also slipped 0.1% (+0.4% y/y) after holding steady for four straight months.

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, %) Nov Oct Sep Nov Y/Y 2017 2016 2015
Imports - All Commodities -1.6 0.5 0.0 0.7 2.9 -3.3 -10.2
  Petroleum & Petroleum Products -12.1 2.7 0.0 4.4 26.6 -19.7 -46.0
  Nonpetroleum -0.3 0.2 0.1 0.4 1.1 -1.5 -2.8
Exports - All Commodities -0.9 0.5 0.0 1.8 2.4 -3.2 -6.3
  Agricultural 1.8 -0.2 -1.2 -1.7 1.5 -5.4 -13.3
  Nonagricultural -1.0 0.5 0.2 2.2 2.5 -3.0 -5.5
close
large image