13 Feb 2015
Declines for US import and export indices, fuel major driver
FXStreet (London) - US import prices fell 2.8 percent in January, after declining 1.9 percent in December and 1.8 percent in November, the US Bureau of Labor Statistics reported today. Decreasing fuel prices drove each of the monthly drops. The price index for US exports decreased 2.0 percent in January, and has not recorded a monthly advance since July.
Imports
The price index for US imports declined 2.8 percent in January. The index has not recorded a monthly advance since June 2014, and the January drop was the largest 1-month decrease since the index fell 4.6 percent in December 2008. US import prices decreased 8.0 percent between January 2014 and January 2015, the largest 12-month decline since the index fell 12.0 percent in September 2009.
Fuel prices fell 16.9 percent in January following declines of 11.3-percent in December and 9.2-percent in October. The January decrease was the largest monthly drop for the index since a 22.2- percent decline in December 2008. Lower petroleum and natural gas prices, down 17.7 percent and 8.8 percent, respectively, each contributed to the January decrease in overall fuel prices. The price index for import fuel declined 39.0 percent over the past 12 months, the largest year-over-year drop since the index fell 41.0 percent between August 2008 and August 2009. In January, the 12-month decline in fuel prices was led by a 40.1-percent decrease in petroleum prices and a 29.0-percent drop in natural gas prices.
Exports
US export prices declined 2.0 percent in January after declines of 1.0-percent in December and 0.9-percent in both November and October. The January drop matched a 2.0-percent decline in October 2011, the largest monthly decrease since the index fell 2.2 percent in December 2008. Both agricultural and non-agricultural prices contributed to the overall drop in January. The price index for overall exports fell 5.4 percent over the past 12 months, the largest year-over-year decline since the index decreased 5.6 percent in September 2009.
Agricultural Exports: Agricultural prices decreased 1.2 percent in January, after a 0.7-percent decline in December. The January drop was driven by a 3.2-percent decrease in meat prices, a 6.8-percent fall in wheat prices, and a 3.4-percent drop in fruit prices. Prices for overall agricultural exports declined 6.3 percent for the year ended in January, led by lower prices for soybeans and corn.
Imports
The price index for US imports declined 2.8 percent in January. The index has not recorded a monthly advance since June 2014, and the January drop was the largest 1-month decrease since the index fell 4.6 percent in December 2008. US import prices decreased 8.0 percent between January 2014 and January 2015, the largest 12-month decline since the index fell 12.0 percent in September 2009.
Fuel prices fell 16.9 percent in January following declines of 11.3-percent in December and 9.2-percent in October. The January decrease was the largest monthly drop for the index since a 22.2- percent decline in December 2008. Lower petroleum and natural gas prices, down 17.7 percent and 8.8 percent, respectively, each contributed to the January decrease in overall fuel prices. The price index for import fuel declined 39.0 percent over the past 12 months, the largest year-over-year drop since the index fell 41.0 percent between August 2008 and August 2009. In January, the 12-month decline in fuel prices was led by a 40.1-percent decrease in petroleum prices and a 29.0-percent drop in natural gas prices.
Exports
US export prices declined 2.0 percent in January after declines of 1.0-percent in December and 0.9-percent in both November and October. The January drop matched a 2.0-percent decline in October 2011, the largest monthly decrease since the index fell 2.2 percent in December 2008. Both agricultural and non-agricultural prices contributed to the overall drop in January. The price index for overall exports fell 5.4 percent over the past 12 months, the largest year-over-year decline since the index decreased 5.6 percent in September 2009.
Agricultural Exports: Agricultural prices decreased 1.2 percent in January, after a 0.7-percent decline in December. The January drop was driven by a 3.2-percent decrease in meat prices, a 6.8-percent fall in wheat prices, and a 3.4-percent drop in fruit prices. Prices for overall agricultural exports declined 6.3 percent for the year ended in January, led by lower prices for soybeans and corn.