US export prices in July post largest decline in 27 months

ANKARA

US export price index in July posted the largest monthly decline in 27 months, according to the Labor Department's Bureau of Labor Statistics data released on Friday.

Export prices fell 3.3% in July, marking the largest monthly decrease since April 2020.

While the market expectation for the index was to fall 1.1% in July, it increased 0.7% in June.

"Lower agricultural and non-agricultural prices each contributed to the July decline," the Labor Department said in a statement.

"Prices for US exports rose 13.1% over the past year, the lowest 12-month advance since the index increased 9.6% in March 2021," it added.

US exports account for approximately 10% of the country's gross domestic product.

Import prices also decreased 1.4% in July, marking the first decline since December 2021.

The market expectation for the index was to show a fall of 1%, while it increased 0.3% in June.

"The decline was the largest drop in import prices since the index fell 2.6% in April 2020," the statement said.

"US import prices rose 8.8% over the past 12 months, the smallest over-the-year increase since the index advanced 7.1% from March 2020 to March 2021," it added.