US import, export price indexes fall in Sept

Prices for US imports fell by 0.4 per cent in September, marking the largest monthly decrease since December 2023, according to data released by the US Bureau of Labour Statistics on Wednesday.

This drop was primarily driven by a significant 7.0 per cent reduction in fuel prices, which outweighed a modest increase in nonfuel import prices, which rose by 0.1 per cent. Over the past year, overall import prices edged down by 0.1 per cent.

In contrast, prices for exports decreased by 0.7 per cent in September, following a 0.9 per cent drop in August. Agricultural export prices saw a slight increase of 0.6 per cent, but nonagricultural exports fell by 0.9 per cent, leading to an annual decline of 2.1 per cent, the largest since January 2024.

Import prices from key trading partners showed mixed results: unchanged from China, a 0.2 per cent rise from Japan, and declines of 1.6 per cent from Canada and 1.1 per cent from Mexico. Export prices to China fell by 0.4 per cent, while prices for exports to Canada and the EU decreased by 0.5 and 1.6 per cent, respectively.

Notably, the index for import air passenger fares surged by 13.9 per cent, the most significant one-month increase since June 2008, driven mainly by higher European fares. Overall, the report indicates ongoing fluctuations in the US trade landscape, highlighting challenges and opportunities in both imports and exports.

Attribution: The US Bureau of Labour Statistics 

Subediting: Y.Yasser