Global| Jan 11 2013U.S. Import and Export Prices Slip
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. prices in the foreign trade sector were little changed last month. Import prices slipped 0.1% (-1.5% y/y) after a 0.8% November decline, initially reported as -0.9%. The Action Economics survey looked for prices to be unchanged. [...]
U.S. prices in the foreign trade sector were little changed last month. Import prices slipped 0.1% (-1.5% y/y) after a 0.8% November decline, initially reported as -0.9%. The Action Economics survey looked for prices to be unchanged. Petroleum prices led the decline with a 0.8% drop (-7.1% y/y) after prices fell 3.4% during November.
Nonpetroleum import prices ticked up 0.1% and were roughly unchanged y/y. Capital goods prices outside of the high-tech area slipped 0.1% (+0.8% y/y) while computers, peripheral & semiconductor costs fell 0.4% (-1.8% y/y). Nonauto consumer goods prices slipped 0.1% (-0.1% y/y). Automotive vehicle costs were unchanged (1.9% y/y) but foods, feeds & beverages prices slipped 0.2% (-1.7% y/y). Nonoil industrial supplies & material prices were 0.2% lower (-1.7% y/y).
U.S. export prices slipped 0.1% (+1.1% y/y) in December, led lower by a 0.2% decline (-0.4% y/y) in nonagricultural commodity prices. Nonauto consumer goods prices slipped 0.1% and were unchanged y/y while capital goods costs slipped 0.1% (+1.0% y/y). Automotive vehicles & product prices again were unchanged (0.9% y/y). Agricultural product prices ticked up 0.1% but by 12.8% y/y. Strength has been led by a 28.6% yearly gain in feedstuff prices y/y, a 28.0% rise in wheat prices, a 25.7% y/y rise in soybean prices.
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, %) | Dec | Nov | Oct | Dec Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.1 | -0.8 | 0.4 | -1.5 | 0.3 | 10.9 | 6.9 |
| Petroleum | -0.8 | -3.4 | 0.0 | -7.1 | -0.2 | 36.5 | 28.4 |
| Nonpetroleum | 0.1 | -0.1 | 0.4 | 0.1 | 0.3 | 4.5 | 2.8 |
| Exports - All Commodities | -0.1 | -0.7 | 0.0 | 1.1 | 0.3 | 8.1 | 4.9 |
| Agricultural | 0.1 | 0.1 | -1.9 | 12.8 | 2.3 | 22.3 | 7.9 |
| Nonagricultural | -0.2 | -0.8 | 0.3 | -0.4 | 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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