Global| Jun 13 2013U.S. Import and Export Prices Decline
by:Tom Moeller
|in:Economy in Brief
Summary
Prices in the U.S. foreign trade sector are under pressure. Import prices fell 0.6% last month (-1.9% y/y) following a revised 0.7% April drop, initially reported as -0.5%. No change in prices had been expected in the Action Economics [...]
Nonpetroleum import prices declined 0.3% (-0.5% y/y) after 0.1% declines in the prior two months. Nonoil industrial supplies & material costs fell 1.3% (-1.7% y/y) while motor vehicle & parts prices were off 0.2% (-0.2% y/y). Capital goods prices outside of the high-tech area slipped 0.2% (-0.5% y/y) but computers, peripheral & semiconductor costs increased 0.4% (-0.7% y/y). That followed three months of 0.2% decline. Prices for nonauto consumer goods fell 0.3% (0.0% y/y) and reversed the prior month's increase. Foods, feeds & beverages prices rose 0.4% (0.2% y/y).
U.S. export prices continued weak and fell 0.5% (-0.9% y/y) after a 0.7% decline in April. That drop contrasted with expectations for a 0.2% shortfall. Agricultural export prices rebounded 1.0% (4.7% y/y) after two months of decline. Nonagricultural prices fell 0.7% (-1.6% y/y) as nonauto consumer goods prices were unchanged (-1.3% y/y). That followed seven consecutive months of decline. Capital goods prices slipped 0.1% (+0.4% y/y) for the third straight month while motor vehicle & parts prices also were down 0.1% (+0.4% 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 is in the AS1REPNA database.
| Import/Export Prices (NSA, %) | May | Apr | Mar | May Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.6 | -0.7 | -0.1 | -1.9 | 0.3 | 10.9 | 6.9 |
| Petroleum | -2.0 | -2.8 | 0.2 | -6.2 | -0.3 | 36.5 | 28.4 |
| Nonpetroleum | -0.3 | -0.1 | -0.1 | -0.5 | 0.3 | 4.5 | 2.8 |
| Exports - All Commodities | -0.5 | -0.7 | -0.5 | -0.9 | 0.4 | 8.1 | 4.9 |
| Agricultural | 1.0 | -2.3 | -1.8 | 4.7 | 2.4 | 22.3 | 7.9 |
| Nonagricultural | -0.7 | -0.5 | -0.3 | -1.6 | 0.1 | 6.6 | 4.6 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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