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US export costs experience their worst decrease in 27 months
(MENAFN) The United States export cost index had its greatest monthly decrease in 27 months in July, according to Bureau of Labor Statistics data from the Labor Department issued on Friday.
The most significant monthly decline since April two years ago occurred in July, when export costs dropped by 3.3 percent. Whereas the index was expected by the market to decrease by 1.1 percent in July, it actually rose by 0.7 percent in June.
In a statement, the Labor Department stated, "lower agricultural and non-agricultural prices each contributed to the July decline."
It noted, "Prices for US exports rose 13.1 percent over the past year, the lowest 12-month advance since the index increased 9.6 percent in March 2021."
About 10 percent of the United States gross domestic product is made up of exports. Additionally, import prices fell by 1.4 percent in July, the first drop since December last year. On the other hand, the index climbed by 0.3 percent in June, contrary to the market estimate of a 1 percent decline.
The most significant monthly decline since April two years ago occurred in July, when export costs dropped by 3.3 percent. Whereas the index was expected by the market to decrease by 1.1 percent in July, it actually rose by 0.7 percent in June.
In a statement, the Labor Department stated, "lower agricultural and non-agricultural prices each contributed to the July decline."
It noted, "Prices for US exports rose 13.1 percent over the past year, the lowest 12-month advance since the index increased 9.6 percent in March 2021."
About 10 percent of the United States gross domestic product is made up of exports. Additionally, import prices fell by 1.4 percent in July, the first drop since December last year. On the other hand, the index climbed by 0.3 percent in June, contrary to the market estimate of a 1 percent decline.
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