U.S. Import Prices Ease in March While Export Prices Hold Steady
Summary
- Import prices -0.1% (+0.9% y/y) in Mar. vs. +0.2% (+1.6% y/y) in Feb., reflecting a 2.3% drop in imported fuel prices.
- Excluding fuels, import prices up 0.1% (1.5% y/y) for the second straight month.
- Export prices unchanged (+2.4% y/y), reflecting no change in agricultural exp. prices and a 0.1% dip in nonag exp. prices.
Import prices slipped 0.1% m/m in March after rising a downwardly revised 0.2% in both February (+0.4% initially) and January (+0.4% previously), according to the Bureau of Labor Statistics. The March reading was the first m/m easing since September. The year-on-year rate of increase decelerated to 0.9% in March, the lowest since October, from 1.6% in February; it was +0.4% y/y in March 2024. Export prices were unchanged m/m in March after upwardly revised rises of 0.5% in February (+0.1% initially) and 1.4% in January (+1.3% previously). The y/y rate eased to 2.4% in March, the lowest since December, from 2.6% in February; it was -1.5% y/y in March 2024. The Action Economics Forecast survey had expected 0.0% m/m in both import prices and export prices for March.
The m/m easing in import prices in March reflected a 2.3% drop (-5.2% y/y) in imported fuel prices after a downwardly revised 1.6% rise in February (+1.7% initially). The March reading was the first m/m fall since October. The drop in imported fuel costs reflected price decreases of 19.8% (+88.5% y/y) in natural gas, 4.2% (-12.5% y/y) in fuel oil, 1.5% (-6.7% y/y) in petroleum & petroleum products, and 1.4% (-5.2% y/y) in crude oil. Nonfuel import prices, however, inched up 0.1% (1.5% y/y) in March following a 0.1% increase in February (+0.3% initially) and no change in the prior two months. Import prices for nonfuel industrial supplies & materials (0.4%; 6.7% y/y), capital goods (0.3%; 0.1% y/y), and foods, feeds & beverages (0.1%; 6.4% y/y) increased m/m in March. Meanwhile, import prices for automotive vehicles & parts fell for the fifth consecutive month (-0.1%; +1.1% y/y) and consumer goods excluding autos fell for the fourth successive month (-0.2%; -0.7% y/y) in March.
The m/m unchanged export prices in March reflected no change in agricultural export prices and an easing in nonagricultural export prices. Agricultural export prices held steady m/m (1.4% y/y) in March following a downwardly revised 0.6% rise in February (+0.8% initially). Nongricultural export prices slipped 0.1% (+2.5% y/y) in March after an upwardly revised 0.5% increase in February (+0.1% initially). Export prices for industrial supplies & materials fell 0.6% (+3.0% y/y) in March, the first m/m fall since November, while those for capital goods (0.5%; 2.0% y/y), consumer goods excluding autos (0.3%; 0.8% y/y), foods, feeds & beverages (0.2%; 3.4% y/y), and automotive vehicles & parts (0.2%; 2.7% y/y) increased m/m.
These import and export price series are not seasonally adjusted; they 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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