US import, export prices continue to drop in August

By Ovunc Kutlu

ANKARA (AA) – US import and export price indexes continued their decline in August, according to data released by the Bureau of Labor Statistics on Thursday.

Export prices decreased 1.6% in August, while the decline in July was revised to 3.7% from 3.3% – the largest decrease on record since January 1989.

The market expectation for the index was to fall 1.2% in August.

“Lower agricultural and non-agricultural prices each contributed to the August decline. Despite the recent drops, prices for US exports advanced 10.8% over the past 12 months,” the Labor Department said in a statement.

Exports account for approximately 10% of the US’ gross domestic product.

Import prices also decreased 1% in August, following a 1.5% decline in July.

The market expectation was a drop of 1.2%.

“Import fuel prices decreased 6.8% in August, after a 7.5% decline the previous month,” the statement said.

“Natural gas prices also declined in August, decreasing 2.8%, after falling 20.4% in July.”