April Export Prices Increase 0.1% - Driven by Agriculture
According to the U.S. Bureau of Labor Statistics, import prices edged up 0.1% in April after falling 0.4% in March.
This increase was driven by higher nonfuel import prices, which outweighed a drop in fuel prices. Export prices also rose 0.1% in April, matching the previous month’s gain.
Imports
Import prices rose 0.1% in April and 0.1% over the past year. Fuel import prices dropped 2.6% in April, following a 3.4% decline in March. Petroleum and natural gas prices fell 2.0% and 17.5%, respectively. Over the past 12 months, fuel import prices dropped 12.0%, with petroleum down 13.3%, while natural gas prices surged 59.9%.
Nonfuel import prices increased 0.4% in April, reversing a 0.1% dip in March. Gains were seen in capital goods, industrial supplies, consumer goods, and vehicles. Over the year, nonfuel import prices rose 1.2%.
Food, feed, and beverage import prices were flat in April. A rise in green coffee prices offset declines in cocoa and vegetables. Nonfuel industrial supplies rose 0.8%, driven by metals and advanced manufacturing, despite lower chemical prices.
Finished goods imports saw broad increases. Capital goods rose 0.6%, led by computers and medical machinery. Automotive vehicle prices rose 0.2%, and consumer goods increased 0.3%, driven by jewelry and collectibles.
Exports
Export prices rose 0.1% in April and 2.0% over the year. Agricultural export prices increased 0.5%, led by fruit and nuts, despite lower soybean prices. Nonagricultural export prices also rose 0.1%, supported by gains in consumer goods, capital goods, and vehicles.
Prices for nonagricultural industrial supplies fell 0.4%, mainly due to petroleum and natural gas. Finished goods exports rose, with consumer goods up 0.8%, capital goods up 0.2%, and automotive vehicles up 0.5%.
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