U.S. Import and Export Prices Rose in October
Summary
- Import prices rose in most categories last month and are up y/y.
- Export price increases were broad-based, but still declining y/y.
Prices in the foreign trade sector rose last month. Import prices rose 0.3% (0.8% y/y) in October following a 0.4% (-0.1% y/y) decline in September. The Action Economics Forecast Survey expected a 0.1% decline. Export prices rose 0.8% (-0.1% y/y) in October, after a 0.6% (-1.9% y/y) decline in September, revised from -0.7%. The Action Economic Forecast Survey expected a 0.1% drop.
Import prices excluding fuels rose 0.2% (2.3% y/y) in October, following a 0.2% (2.0% y/y) rise in September. Import prices for fuels & lubricants rose 1.5% (-13.6% y/y), following the drop of 7.5% (-18.2% y/y) in September. Prices for overall industrial supplies and materials rose 1.4% (-1.4% y/y) in October, after a decline of 2.0% (-4.6% y/y) in September. Auto import prices edged up 0.1% (2.3% y/y) last month, following a rise of 0.2% (2.7% y/y) in September. Nonauto consumer goods prices increased 0.1% (1.2% y/y) after a similar 0.1% (0.8% y/y) rise in September. Capital goods prices edged higher by 0.1% (0.8% y/y) after a rise of 0.1% (0.4% y/y) the prior month. However, foods, feeds & beverage prices declined 1.6% (+3.9% y/y) in October after 0.1% (+5.2% y/y) decline in September.
The rise in export prices in October was broad-based. Agricultural commodities rose 2.0% (-1.9% y/y) in October, after a 0.9% (-4.8% y/y) rise in September. Nonagricultural product prices rose 0.6% (0.0% y/y) following a decline of 0.8% (-1.5% y/y) in September. Export prices of industrial supplies and materials rose 1.3% (-2.3% y/y) in October after a drop of 1.9% (-5.6% y/y) the prior month. Motor vehicle & parts prices rose 0.5% (3.3% y/y) in October after being flat (+3.0% y/y) in September. Nonauto consumer goods prices declined 0.2% (-0.7% y/y) last month after a rise of 0.3% (-0.8% y/y) in September. Capital goods prices rose 0.2% (1.8% y/y) after being flat (+1.6% y/y) in September.
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.
Kathleen Stephansen, CBE
AuthorMore in Author Profile »Kathleen Stephansen is a Senior Economist for Haver Analytics and an Independent Trustee for the EQAT/VIP/1290 Trust Funds, encompassing the US mutual funds sponsored by the Equitable Life Insurance Company. She is a former Chief Economist of Huawei Technologies USA, Senior Economic Advisor to the Boston Consulting Group, Chief Economist of the American International Group (AIG) and AIG Asset Management’s Senior Strategist and Global Head of Sovereign Research. Prior to joining AIG in 2010, Kathleen held various positions as Chief Economist or Head of Global Research at Aladdin Capital Holdings, Credit Suisse and Donaldson, Lufkin and Jenrette Securities Corporation.
Kathleen serves on the boards of the Global Interdependence Center (GIC), as Vice-Chair of the GIC College of Central Bankers, is the Treasurer for Economists for Peace and Security (EPS) and is a former board member of the National Association of Business Economics (NABE). She is a member of Chatham House and the Economic Club of New York. She holds an undergraduate degree in economics from the Universite Catholique de Louvain and graduate degrees in economics from the University of New Hampshire (MA) and the London School of Economics (PhD abd).
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