U.S. Import and Export Prices Fall for the Third Straight Month in September
Summary
- Import prices drop 1.2% w/ imported fuel prices down 7.5%.
- Excluding fuels, import prices decline 0.4%, down for the fifth straight month.
- Export prices fall 0.8% w/ ag export prices down 1.0% and nonag export prices down 0.9%.
- Year-over-year import and export price growth rates decelerate in September vs. August; import prices 6.0% vs. 7.8% and export prices 9.5% vs. 10.7%, their lowest since February 2021.
A slowdown in global demand continued to weigh down U.S. import and export prices. Import prices fell 1.2% m/m in September after declines of 1.1% in August (-1.0% initially) and 1.4% in July (-1.5% previously), according to the Bureau of Labor Statistics. The September reading was the third consecutive monthly fall to the lowest index level since February. The y/y rate decelerated to 6.0%, the lowest since February 2021, from August's 7.8%. Export prices slid 0.8%, the third straight m/m slide, after drops of 1.7% in August (-1.6% initially) and 3.7% (unrevised) in July. The y/y rate eased to 9.5%, the lowest since February 2021, from August's 10.7%. The Action Economics Forecast survey had expected m/m declines of 1.1% in import prices and 1.0% in export prices in September.
The fall in import prices in September was led by a 7.5% drop (+32.3% y/y) in imported fuel prices after falling at the same pace in August (-6.8% initially). The September m/m reading was the third successive m/m decline following six consecutive m/m advances. The drop in imported fuel costs reflected m/m decreases of 14.8% in other petroleum products (+28.8% y/y), 10.5% in natural gas (+49.1% y/y), 9.0% in crude oil (+24.3% y/y), and 7.5% in petroleum & petroleum products (+31.5% y/y). Fuel oil import prices, however, rebounded 9.5% (82.1% y/y) following a 7.5% August decline. Nonfuel import prices slid 0.4% (+3.4% y/y) in September, the fifth consecutive m/m slide, on top of a 0.2% decline in August, due to a 1.9% price drop (down for the fifth straight month) in nonfuel industrial supplies & materials (+7.1% y/y). Import prices for capital goods (+3.2% y/y) and automotive vehicles & parts (+2.9% y/y) were unchanged m/m in September following their small declines in August, while consumer goods ex autos held steady (+1.7% y/y) after two successive m/m gains. To the upside, import prices for foods, feeds & beverages rebounded 0.2% (3.4% y/y) in September following four straight m/m increases.
The September slide in export prices reflected falls in both agricultural and nonagricultural export prices. Agricultural export prices slid 1.0% (+12.6% y/y) in September, the third consecutive m/m slide, after a 0.5% decline in August. Nonagricultural export prices fell 0.9% (+9.2% y/y), the third straight m/m fall, after a 1.8% August drop. Industrial supplies & materials export prices decreased 1.8% (+15.1% y/y) in September, the third successive m/m decline. Export prices for foods, feeds & beverages fell 1.0% (+11.0% y/y), down for the fourth consecutive month following eight straight monthly gains. Nonauto consumer goods export prices declined 0.3% (+3.9% y/y), reversing a 0.3% August increase. In contrast, capital goods export prices were up 0.2% (4.1% y/y) after a 0.1% August downtick and a 0.5% July rise. Auto export prices grew 0.2% (5.2% y/y) in September, continuing their string of gains since October 2021.
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.
Winnie Tapasanun
AuthorMore in Author Profile »Winnie Tapasanun has been working for Haver Analytics since 2013. She has 20+ years of working in the financial services industry. As Vice President and Economic Analyst at Globicus International, Inc., a New York-based company specializing in macroeconomics and financial markets, Winnie oversaw the company’s business operations, managed financial and economic data, and wrote daily reports on macroeconomics and financial markets. Prior to working at Globicus, she was Investment Promotion Officer at the New York Office of the Thailand Board of Investment (BOI) where she wrote monthly reports on the U.S. economic outlook, wrote reports on the outlook of key U.S. industries, and assisted investors on doing business and investment in Thailand. Prior to joining the BOI, she was Adjunct Professor teaching International Political Economy/International Relations at the City College of New York. Prior to her teaching experience at the CCNY, Winnie successfully completed internships at the United Nations. Winnie holds an MA Degree from Long Island University, New York. She also did graduate studies at Columbia University in the City of New York and doctoral requirements at the Graduate Center of the City University of New York. Her areas of specialization are international political economy, macroeconomics, financial markets, political economy, international relations, and business development/business strategy. Her regional specialization includes, but not limited to, Southeast Asia and East Asia. Winnie is bilingual in English and Thai with competency in French. She loves to travel (~30 countries) to better understand each country’s unique economy, fascinating culture and people as well as the global economy as a whole.
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