U.S. Import & Export Prices Decline in November
by:Tom Moeller
|in:Economy in Brief
U.S. import prices fell 0.6% (+2.7% y/y) during November after weakening 0.4% in October. Prices fell 4.6% from July through November, but rose 2.7% y/y. A 0.5% decline had been expected in the Action Economics Forecast Survey. Export prices declined 0.3% in November (6.3% y/y), down for the fifth straight month. A 0.7% decline was expected. None of the import & export prices are seasonally adjusted.
Import prices of foods, feeds & beverages increased 1.8% in November (4.0% y/y) following a 0.9% October decline. Industrial supplies & materials prices fell 2.5% (+3.7% y/y), the fifth consecutive monthly decline. Capital goods prices improved 0.1% last month (3.0% y/y) after increasing 0.2%, while motor vehicle & parts prices held steady (3.0% y/y) after a 0.6% October increase. Nonauto consumer goods import prices fell 0.2% in November (+0.6% y/y), the third straight month of decline.
Petroleum import prices fell 3.3% last month (+11.2% y/y) and are down 24.7% since June. Nonpetroleum import costs eased 0.3% (+1.9% y/y). They have fallen for seven consecutive months, off 2.4% since April.
Amongst export categories, food & beverage export prices rose 2.7% in November (12.2% y/y) after falling for five consecutive months. The cost of industrial supplies & materials declined 1.1% (+7.7% y/y), down for the fifth straight month. Capital goods export prices weakened 0.2% (+3.3% y/y) and followed no change in October prices. Motor vehicle & parts export prices were unchanged last month (4.4% y/y) after easing 0.2% in October. Nonauto consumer goods prices fell 0.3% (+3.0% y/y) and reversed the prior month's increase.
Agricultural product prices strengthened 2.3% in November (12.0% y/y) after falling for four straight months. Nonagricultural product costs declined 0.6% (+5.6% y/y), down in each month since June.
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.
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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