Ovunc Kutlu
June 15, 2023•Update: June 15, 2023
ISTANBUL
US import and export prices both decreased in May, according to data released Thursday by the Labor Department's Bureau of Labor Statistics.
Prices for US imports monthly declined by 0.6% last month, coming in line with the market expectation.
The figure for April was revised to an increase of 0.3%, down from a gain of 0.4%.
"Import fuel prices fell 6.4 percent in May following a 4.1-percent increase in April," the Bureau of Labor Statistics said in a statement. "Lower petroleum and natural gas prices contributed to the May decline which was the largest 1-month drop since August 2022."
On a monthly basis, export prices declined 1.9% in May, recording the largest monthly drop since December 2022, according to the Bureau of Labor Statistics.
The market expectation for the figure was to remain unchanged on a monthly basis.
The April figure was revised to a decrease of 0.1%, down from an increase of 0.2%.
"Agricultural export prices decreased 2.1 percent in May, after advancing 0.4 percent in April," the statement said.
On an annual basis, US import prices declined 5.9% year-on-year, marking the largest 12-month drop since May 2020.
Annually, prices for US exports plummeted 10.1% in May -- the largest 12-month decline since the annual series was first published in September 1984.
