Import, export rates in US increase 0.4 percent in March

4/14/2024 3:42:44 AM

(MENAFN) In March, both US import and export prices demonstrated monthly increases, as reported by the labor Department's Bureau of Labor Statistics on Friday. Import prices in the US rose by 0.4 percent last month, marking the third consecutive month of gains. This figure surpassed the estimated 0.3 percent increase and followed a 0.3 percent advance in February.

Notably, the March increase represented the largest monthly rise since September 2023. Additionally, the import price index recorded a notable 1.4 percent increase over the first quarter of 2024, marking the most significant quarterly rise since the period spanning February to May 2022.

"Higher prices for fuel and nonfuel imports contributed to the overall increase," the agency stated in a release. "The price index for import fuel rose 4.7 percent in March, after increasing 1.3 percent the previous month."

In March, US import prices experienced a 0.4 percent increase on an annual basis compared to the same month of the previous year. Conversely, export prices saw a 0.3 percent increase from the previous month, marking the most substantial monthly rise since February 2023.

Market forecasts anticipated a 0.3 percent advance in export prices, while the gain in February was revised down from 0.8 percent to 0.7 percent. These fluctuations in import and export prices underscore the ongoing dynamics within the global trade landscape and their impact on the US economy.

"Export consumer goods prices increased 0.5 percent, after being unchanged in February," it declared. "Higher prices in March for jewelry and household and kitchen appliances drove the increase in consumer goods prices."

However, on an annual basis, prices for US exports in March experienced a decrease of 1.4 percent compared to the same month of the previous year. This annual decline highlights the continued challenges facing US exporters amidst evolving global economic conditions and trade dynamics.

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