Global| Apr 11 2013U.S. Import Prices Retreat With Broad-based Declines
by:Tom Moeller
|in:Economy in Brief
Summary
Prices in the U.S. foreign trade sector weakened last month and reversed earlier strength. Import prices fell 0.5% (-2.7% y/y) during March after the 0.6% February rise, earlier reported as 1.1%. The Action Economics survey looked for [...]
Prices in the U.S. foreign trade sector weakened last month and reversed earlier strength. Import prices fell 0.5% (-2.7% y/y) during March after the 0.6% February rise, earlier reported as 1.1%. The Action Economics survey looked for a 0.1% slip in prices. Easing petroleum prices led last month's overall price decline with a 1.9% drop (-10.4% y/y).
Nonpetroleum import prices slipped 0.1% (-0.2% y/y) and have been roughly unchanged for five months. Nonoil industrial supplies & material costs fell 0.4% (-0.2% y/y) while motor vehicle & parts prices declined 0.3% (+0.7% y/y). Nonauto consumer goods prices fell 0.2% (0.0% y/y). Capital goods prices outside of the high-tech area slipped 0.1% (-0.1% y/y) but computers, peripheral & semiconductor costs were 0.2% higher (-1.1% y/y). Sharply higher were prices for foods, feeds & beverages. They jumped 1.3% (-0.7% y/y) for the second month of like strength.
U.S. export prices also were weak and fell 0.4% (+0.3% y/y) in March. That rise contrasted with expectations for a 0.1% uptick. Agricultural export prices reversed course with a 1.8% decline (+8.8% y/y). Nonauto consumer goods prices fell 0.2% (-0.9% y/y) and capital goods prices were unchanged (0.8% y/y). Motor vehicle & parts prices also were unchanged (0.9% 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, %) | Mar | Feb | Jan | Mar Y/Y | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | -0.5 | 0.6 | 0.5 | -2.7 | 0.3 | 10.9 | 6.9 |
| Petroleum | -1.9 | 3.0 | 2.2 | -10.4 | -0.3 | 36.5 | 28.4 |
| Nonpetroleum | -0.1 | 0.0 | 0.1 | -0.2 | 0.3 | 4.5 | 2.8 |
| Exports - All Commodities | -0.4 | 0.7 | 0.4 | 0.3 | 0.4 | 8.1 | 4.9 |
| Agricultural | -1.8 | 2.1 | -1.2 | 8.8 | 2.4 | 22.3 | 7.9 |
| Nonagricultural | -0.2 | 0.6 | 0.5 | -0.7 | 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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