US import prices fall 0.4%, export prices by 0.9% in Nov 2023

The October decrease in import prices was the largest one-month decline since the index fell by 0.8 per cent in March 2023. Prices for US imports fell by 1.4 per cent for the year ended in November 2023.

US export prices fell by 0.9 per cent for the second consecutive month in November. The price index for US exports also declined over the past 12 months, decreasing by 5.2 per cent from November 2022 to November this year.

The price index for imported fuel declined by 5.6 per cent in November following a 3.7-per cent drop in October. The November decrease was the largest monthly decline since the index fell by 5.6 per cent in February this year.

Prices for non-fuel imports in the United States rose by 0.2 per cent in the month, after declining by 0.2 per cent in each of the three previous months. The November increase was the first one-month advance since a 0.4-per cent rise in February 2023.

Despite the November increase, non-fuel import prices declined by 0.4 per cent over the past year.   

The price index for non-fuel industrial supplies and materials rose by 0.2 per cent in November following a 0.6-per cent decline the previous month.

Prices for major finished goods import categories remained mostly unchanged in November.

Lower prices for non-agricultural exports in November more than offset higher agricultural prices.

Non-agricultural export prices decreased by 1 per cent for the second consecutive month in November. The declines followed a 2.7-per cent increase for the third quarter this year, a BLS release said.

The price index for non-agricultural industrial supplies and materials fell by 2.2 per cent in November, after decreasing by 2.4 per cent the previous month. Lower fuel prices drove the declines for both months, decreasing by 5.1 per cent in November and by 4.3 per cent in October.

The November drop in fuel prices was the largest monthly decline since May 2023.

Prices for each of the major finished goods export categories declined in November.

Consumer goods prices fell by 0.2 per cent following a 0.4-per cent drop in October. Prices for consumer goods last rose on a monthly basis in June this year.

Export prices to China decreased by 1.2 per cent in November following a 0.6-per cent drop the previous month. The November decline was the largest monthly decrease since June 2023. The price index for exports to China fell by 5.5 per cent over the past 12 months.

Prices for exports to Japan decreased by 2 per cent in November, the largest monthly drop since May this year. Export prices to that country fell by 10.8 per cent for the year ended in November.

Export prices to Canada fell by 0.4 per cent in the month, after decreasing by 0.3 per cent in October. The November drop was the largest monthly decline since a 1.7-per cent decrease in May this year.

The price indices for exports to the European Union and Mexico each fell in November, down by 1.4 per cent and 1.7 per cent respectively.

Fibre2Fashion News Desk (DS)