Price indexes for both imports to and exports from the United States have now fallen in 10 of the past 12 months, according to the most recent data from the U.S. Bureau of Labor Statistics.
Price indexes for both imports to and exports from the United States continued falling in October and have both now registered decreases in 10 of the last 12 months, according to the most recent data from the U.S. Bureau of Labor Statistics.
U.S. import prices dipped 0.5 percent in October following a 0.6 percent decline in September due to lower prices for both fuel and nonfuel imports. Prices for fuel imports fuel prices decreased 2 percent in October, thanks to 2.1 percent drop in petroleum prices and a 2.5 percent decrease in natural gas prices. Import fuel prices fell 5.4 percent in September, and have plummeted 46.6 percent between October 2014 and October 2015. Over the past 12 months, prices for petroleum fell 48.0 percent, while natural gas prices decreased 30.3 percent over the same period.
Non-fuel import prices also continued to decline in October, falling 0.3 percent, after a 0.2-percent drop the previous month, and the price index for nonfuel imports has not recorded a monthly advance since ticking up 0.1 percent in July 2014. Import prices for non-fuel items have fallen 3.2 percent over the past 12 months, the largest 12-month drop for the index since a 4.2 percent decrease between September 2008 and September 2009.
The price index for overall imports has dropped 10.5 percent between October 2014 and October 2015, after decreasing 2.1 percent in the previous 12-month period, according to BLS.
Prices for U.S. exports fell 0.2 percent in October after falling 0.6 percent the previous month, as lower prices for both agricultural exports and nonagricultural exports factored into the overall decrease.
Agricultural exports were down just 0.1 percent in October, after decreasing 1.3 percent in September. The prices of agricultural exports fell 11.8 percent over the past year, driven primarily by declining prices for meat, soybeans, and wheat, BLS said.
Non-agricultural export prices also fell slightly again in October, decreasing 0.3 percent compared to a 0.5 percent drop in September, driven by lower prices for non-agricultural industrial supplies and materials, consumer goods, and automotive vehicles. The price index for nonagricultural exports declined 6.1 percent for the year ending in October.
BLS said overall export prices have also fallen 6.7 percent over the past 12 months, following a 0.7 percent decline for the year ending in October 2014.
U.S. import, export prices continue falling in October
