US import prices stable in December, export prices continue decline

Prices for US imports fell by 1.6 per cent in the past 12 months. Import prices have not risen on a 12-month basis since January 2023.

Import fuel prices decreased by 0.3 per cent in December following decreases of 6.4 per cent in November and 3.9 per cent in October, while non-fuel prices remained unchanged during the month after ticking up by 0.1 per cent in November and declining by 0.1 percent in October.

The price index for non-fuel imports declined by 0.8 per cent from December 2022 to the same month last year.

Lower export prices for both agricultural and non-agricultural exports contributed to the December drop. US export prices fell by 3.2 per cent over the past year. Despite the recent declines, the December decrease was the smallest 12-month drop since February last year, a BLS release said.

Import prices from China edged down by 0.1 per cent in December last year, after declining by 0.2 per cent the previous month. Prices for imports from China last increased on a monthly basis in October 2022. Prices for imports from China decreased by 3 per cent between December 2022 and the same month last year.

The price index for imports from Japan also fell by 0.1 per cent in December following 0.1-per cent increases in each of the previous three months. The December drop was the first monthly decrease for import prices from Japan since May last year. Prices for imports from Japan advanced by 0.4 per cent over the last year.

The price index for imports from Canada fell by 1.3 per cent in December, after declining by 2.8 per cent in November and 1.3 per cent in October. It decreased by 6 per cent from December 2022 to the same month last year.

In contrast, prices for imports from the European Union (EU) and Mexico advanced in December last year, rising by 0.3 per cent and 0.1 per cent respectively.

Prices for exports to China decreased by 0.7 per cent in December following a 1-per cent drop the previous month. The price index for exports to China declined by 3.1 per cent between December 2022 and the same month last year.

Export prices to Japan fell by 1.7 per cent in December, after decreasing by 1.8 per cent in November. Prices for exports to Japan declined by 9.5 per cent over the past 12 months.

The price index for exports to Canada remained unchanged in December following a 0.5-per cent drop in November. Export prices to Canada fell by 1 per cent over the past 12 months.

Prices for exports to the EU decreased by 0.3 per cent in December and the price index for exports to Mexico declined by 1.5 per cent over the same period.

ALCHEMPro News Desk (DS)