U.S. Import and Export Prices Improve in April
by:Tom Moeller
|in:Economy in Brief
Summary
- Driven by fuel costs, import prices rise for first time in four months.
- Excluding fuels, import prices hold steady, but y/y decline accelerates.
- Export prices also firm unexpectedly with broad-based gains.
Import prices rose 0.4% during April (-4.8% y/y) after falling 0.8% In March, revised from -0.6%, according to the Bureau of Labor Statistics. The April increase was only the second rise since June of last year. Export prices rose 0.2% (-5.9% y/y) following a 0.6% March decline, revised from -0.3%. The Action Economics Forecast Survey expected a 0.2% decline for both import and export prices in April.
The rise in import prices reflected a 4.5% increase (-25.9% y/y) in imported fuels prices which followed nine consecutive monthly declines. Prices of imports excluding fuels were unchanged (-1.9% y/y) after falling 0.5% in March. Elsewhere, price changes were mixed. Nonpetroleum import prices eased 0.1% (-2.1% y/y) reflecting a 0.1% slip (+1.1% y/y) in capital goods prices. Motor vehicle & parts prices held steady (+1.9% y/y) while nonauto consumer goods prices rose 0.2% (-0.2% y/y). Prices of imported foods, feeds and beverages improved 0.2% both m/m and y/y in April.
The export price increase last month was paced by a 0.5% rise (-3.9% y/y) in foods, feeds & beverage prices. Agricultural prices overall rose 0.4% (3.9% y/y). Prices of exported nonagricultural commodities rose 0.2% (-6.3% y/y). Nonauto consumer goods prices rose 0.3% (2.1% y/y) and capital goods export prices increased 0.2% (2.5% y/y). Prices for motor vehicles & parts fell 0.3% (+3.0% 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.
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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