US import prices up 0.9% in Apr 2024; export prices up 0.5%

Prices for US exports increased by 0.5 per cent in the month following a 0.1-per cent advance the previous month. Export prices have not decreased on a monthly basis since December 2023. Despite the recent increases, the price index for US exports declined by 1 per cent over the past year, the smallest over-the-year drop since February 2023.

The April advance in the price index of imports was the largest one-month increase since the index rose by 2.9 per cent in March 2022. Such prices last declined on a monthly basis in December 2023. These advanced by 1.1 per cent over the past 12 months, the largest over-the-year increase since December 2022.

Prices for import of fuel rose by 2.4 per cent in April, after advancing by 5.4 per cent the previous month. Imported fuel prices have not decreased on a monthly basis since the index fell by 8 per cent in December 2023. Such prices increased by 3.3 per cent for the year ended April.

Prices of imported petroleum rose by 2.9 per cent in April, following a 10.7- per cent advance from December 2023 to March 2024. Such prices also increased on a 12-month basis, rising by 5.2 per cent over the past year, a BLS release said.

In contrast, the price index for imported natural gas fell by 9.2 per cent in April, after declining by 29.7 per cent in March and 14.3 per cent in February. Such prices last advanced on a one-month basis in November 2023. These decreased by 42.5 per cent from April 2023 to April 2024.

Non-fuel import prices increased by 0.7 per cent in April, following a 0.2- per cent advance in March. The April increase was the largest monthly advance since the index rose by 1.2 per cent in March 2022. Such prices rose by 0.9 per cent over the past 12 months, the largest over-the-year advance since December 2022.        

Prices for each of the major finished goods import categories increased in April.

Prices for non-agricultural exports advanced by 0.7 per cent in April following a 0.3-per cent increase in March. Such prices last recorded a one-month drop in December 2023 and ticked up by 0.1 per cent for the year ended April, the first 12-month advance since January 2023.

Prices for each of the major finished goods export categories advanced in April this year. Capital goods prices advanced by 0.4 per cent following a 0.1-per cent rise in March.

Prices for imports from China edged down by 0.1 per cent in April, after being unchanged in March. Such prices declined by 2.2 per cent for the year ended in April.

The price index for imports from Japan fell by 0.1 per cent in April following a 0.9-per cent decline the previous month. Such prices last increased on a one-month basis in January 2024. Despite the recent decreases, such prices rose by 0.3 per cent over the past year.

In contrast, import prices from Canada increased by 1.9 per cent in April, the largest monthly advance since August 2023. The price index for such imports fell by 0.4 per cent over the past 12 months.

Prices for imports from Mexico and the European Union also increased in April, rising by 0.9 per cent and 0.4 per cent respectively.

Export prices to China rose by 1.2 per cent in April, after increasing by 0.4 per cent in March. This rise was the largest one-month advance since February 2023. The price index for such exports fell by 3.2 per cent for the year ended April.

Prices for exports to Japan increased by 2.1 per cent in April, the largest monthly advance since the index rose by 5 per cent in March 2022. Despite the April increase, such prices decreased by 4.3 per cent over the past year.

The price index for exports to Canada rose by 0.5 per cent in April following a 0.4- per cent advance the previous month. This increase was the largest one-month rise since September 2023. Export prices to Canada advanced by 0.2 per cent from April 2023 to April 2024.

Prices for exports to Mexico increased by 1.7 per cent in April and those to the European Union rose by 1.2 per cent over the same period.

Fibre2Fashion News Desk (DS)