ISTANBUL

US import and export prices declined in March higher than market expectations, according to data released Friday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports decreased 0.6% last month, after declining 0.2% in February. The figure came worse than the expectation of a 0.1% contraction.

"Lower prices for fuel and nonfuel imports each contributed to the March drop in U.S. import prices," the Bureau of Labor Statistics said in a statement.

Export prices fell 0.3% in March, after increasing 0.4% in February, The figure also came worse than the market estimate of a 0.1% decline.

"Lower prices in March for agricultural exports and nonagricultural exports each contributed to the overall decrease," the statement said.

On annual basis, prices for US exports decreased 4.8% in March – the largest 12-month decline since May 2020.

The price index for US imports in March declined 4.6% year-on-year, also marking the biggest 12-month drop since May 2020.