Latest News by Industry
Import prices in the United States increased by 0.3% in October 2024, marking the largest one-month advance since April 2024, a report by the Bureau of Labor Statistics said on Friday. This rise follows a decline in September and is primarily driven by increased costs for fuel and non-fuel imports. The report also highlights a similar upward trend in export prices, which increased by 0.8% in October, rebounding from a decrease in the previous month.
Fuel imports saw a significant rise of 1.5% in October, the largest since April 2024, following a steep 7.5% decrease in September. This increase was largely influenced by higher petroleum and natural gas prices. Despite the monthly rise, annual figures show a 13.6% decline in import fuel prices. Conversely, non-fuel import prices continued their steady increase, with a 0.2% rise for the second consecutive month. Over the last year, nonfuel imports have climbed by 2.3%, marking the largest 12-month increase since October 2022.
The export sector mirrored the positive developments seen in imports, with a significant 0.8% increase in October, the highest monthly rise since August 2023. Agricultural exports, in particular, saw a robust increase of 2.0%, driven by higher prices for corn, soybeans, meat, and fruit. This is the largest monthly increase since November 2022. Nonagricultural export prices also rose by 0.6%, reversing declines from the previous two months.
The report further outlines the varied performance of trade prices by locality. Import prices from China edged down by 0.1% in October, continuing a trend of stagnation and decline over the past year. In contrast, exports to China grew by 1.8% in October. The terms of trade with China saw an improvement of 1.9% for the month, although there was a slight annual decline. Additionally, trade indices with other key partners like Japan, Canada, and the European Union showed mixed results, reflecting the complex interplay of global market forces and trade policies.
As global economic conditions continue to evolve, the data provided by the U.S. Bureau of Labor Statistics offers crucial insights into the trends shaping U.S. import and export prices. Stakeholders and policymakers will likely scrutinize these figures as they make decisions that could impact the future of international trade and economic policies.