Global| Dec 13 2019Import and Export Prices Increase
Summary
Import prices rose 0.2% during November (-1.3% year-on-year), following an unrevised 0.5% decline in October. The Action Economics Forecast Survey expected a 0.1% gain in November. These figures are not seasonally adjusted and do not [...]
Import prices rose 0.2% during November (-1.3% year-on-year), following an unrevised 0.5% decline in October. The Action Economics Forecast Survey expected a 0.1% gain in November. These figures are not seasonally adjusted and do not include import duties.
The increase in import prices last month was driven by a 2.6% jump in fuel import costs (0.8% y/y). Nonfuel import prices edged down 0.1% (-1.4% y/y). Among end-use categories, industrial supplies & materials costs excluding petroleum grew 1.4% (-3.0% y/y), while motor vehicle prices edged up 0.1% (-0.6% y/y). Nonauto consumer goods prices were unchanged (-0.4% y/y). Capital goods and foods, feed and beverage prices both declined 0.3% (-1.8% and -2.6% y/y respectively).
Export prices increased 0.2% in November (-1.3% y/y), following an unrevised 0.1% decline in October. Forecasters' anticipated 0.1% in November. A 2.2% surge in agricultural commodities prices (2.5% y/y) led the gain. Nonagricultural export prices were unchanged (-1.6% y/y). Industrial supplies & materials and nonauto consumer goods prices edged up 0.1% (-5.6% and 0.5% y/y). Capital goods and motor vehicle & parts prices were flat (0.5% and 0.1% y/y). Meanwhile, nonagricultural food (ie fish) & distilled beverage prices fell 1.0% (+0.6% 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 from the Action Economics Forecast Survey is in the AS1REPNA database.
| Import/Export Prices (NSA, %) | Nov | Oct | Sep | Nov Y/Y | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|
| Imports - All Commodities | 0.2 | -0.5 | 0.1 | -1.3 | 3.1 | 2.9 | -3.3 |
| Fuels | 2.6 | -2.5 | 0.8 | 0.8 | 20.8 | 25.6 | -19.2 |
| Nonfuels | -0.1 | -0.2 | -0.1 | -1.4 | 1.3 | 1.0 | -1.4 |
| Exports - All Commodities | 0.2 | -0.1 | -0.3 | -1.3 | 3.4 | 2.4 | -3.2 |
| Agricultural | 2.2 | 1.7 | -1.6 | 2.5 | 0.6 | 1.5 | -5.4 |
| Nonagricultural | 0.0 | -0.2 | -0.2 | -1.6 | 3.7 | 2.5 | -3.0 |
Gerald D. Cohen
AuthorMore in Author Profile »Gerald Cohen provides strategic vision and leadership of the translational economic research and policy initiatives at the Kenan Institute of Private Enterprise.
He has worked in both the public and private sectors focusing on the intersection between financial markets and economic fundamentals. He was a Senior Economist at Haver Analytics from January 2019 to February 2021. During the Obama Administration Gerald was Deputy Assistant Secretary for Macroeconomic Analysis at the U.S. Department of Treasury where he helped formulate and evaluate the impact of policy proposals on the U.S. economy. Prior to Treasury, he co-managed a global macro fund at Ziff Brothers Investments.
Gerald holds a bachelor’s of science from the Massachusetts Institute of Technology and a Ph.D. in Economics from Harvard University and is a contributing author to 30-Second Money as well as a co-author of Political Cycles and the Macroeconomy.
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