Ovunc Kutlu
July 14, 2023•Update: July 14, 2023
ISTANBUL
US import and export prices declined in June, higher than market expectations, according to data released on Friday by the Labor Department's Bureau of Labor Statistics.
Prices for US imports decreased 0.2% last month, after declining 0.4% in May. The figure came worse than the expectation of a 0.1% contraction.
"Prices for import fuel rose 0.8 percent in June following a 4.3-percent decline the previous month," the Bureau of Labor Statistics said in a statement. "Higher petroleum prices in June more than offset lower natural gas prices."
Export prices fell 0.9% in June, after decreasing 1.9% in May. The figure also came worse than the market’s estimate of a 0.2% decline.
"Prices for agricultural exports fell 1.6 percent in June following a 2.4-percent decline the previous month." the statement said.
On annual basis, prices for US exports decreased 12% in June – the largest 12-month decline since series was first published in September 1984, said the Bureau of Labor Statistics.
The price index for US imports in June declined 6.1% year-on-year, marking the biggest 12-month drop since May 2020.
