U.S. Import and Export Prices Rose in December
by:Sandy Batten
|in:Economy in Brief
Summary
- Import prices advanced 0.1% m/m, the same monthly gain as in October and November.
- Both imported fuel and nonfuel prices rose in December.
- Export prices increased a larger-than-expected 0.3% in December. Gains were widespread across end-use categories.
U.S. import prices edged up 0.1% m/m (2.2% y/y) in December, the same monthly increase as in October and November. The Action Economics Forecast Survey had expected a 0.3% m/m decline in December. Export prices increased 0.3% m/m (1.8% y/y) after having been unchanged in November. Expectations were for a 0.1% monthly gain.
Import prices excluding fuels rose 0.1% m/m (2.4% y/y) in December following an upwardly revised 0.1% m/m increase in November (previously unchanged). Import prices for fuels and lubricants jumped 1.4% m/m (unchanged y/y) in December, the largest monthly increase since last April, after a 0.6% monthly gain in November. Prices of imported foods, feeds and beverages soared 2.8% m/m (9.2% y/y) in December on top of a 1.4% monthly increase in November. Prices of imported consumer foods excluding autos were unchanged m/m in December while prices of imported capital goods and imported autos each fell 0.2% m/m.
The rise in export prices in December was relatively widespread across the major end-use categories. Higher prices for nonagricultural and agricultural exports each contributed to the December increase. Prices of U.S. exports rose 1.8% from December 2023 to December 2024, the largest y/y advance for the index since a 2.0% increase in January 2023. Prices of agricultural exports were up 0.5% m/m (-1.2% y/y) while prices of nonagricultural exports rose 0.3% m/m (2.2% y/y). Higher prices for nonagricultural industrial supplies and materials and automotive vehicles more than offset lower capital goods prices. Prices of nonagricultural industrial supplies and materials increased 0.8% m/m (2.9% y/y), driven by higher fuel prices; prices of exported autos and parts increased 0.2% m/m (2.7% y/y); prices of exported capital goods edged down 0.1% m/m (2.0% y/y).
Each of these monthly trade price numbers are not seasonally adjusted. 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.
Sandy Batten
AuthorMore in Author Profile »Sandy Batten has more than 30 years of experience analyzing industrial economies and financial markets and a wide range of experience across the financial services sector, government, and academia. Before joining Haver Analytics, Sandy was a Vice President and Senior Economist at Citibank; Senior Credit Market Analyst at CDC Investment Management, Managing Director at Bear Stearns, and Executive Director at JPMorgan. In 2008, Sandy was named the most accurate US forecaster by the National Association for Business Economics. He is a member of the New York Forecasters Club, NABE, and the American Economic Association. Prior to his time in the financial services sector, Sandy was a Research Officer at the Federal Reserve Bank of St. Louis, Senior Staff Economist on the President’s Council of Economic Advisors, Deputy Assistant Secretary for Economic Policy at the US Treasury, and Economist at the International Monetary Fund. Sandy has taught economics at St. Louis University, Denison University, and Muskingun College. He has published numerous peer-reviewed articles in a wide range of academic publications. He has a B.A. in economics from the University of Richmond and a M.A. and Ph.D. in economics from The Ohio State University.
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