US import, export prices continue to drop in October

By Ovunc Kutlu

ANKARA (AA) - US import and export price indexes continued to decline in October, according to data released Wednesday by the Bureau of Labor Statistics.

Export prices fell 0.3% in October, following a 1.5% decline in September.

Analysts expected the number to fall 0.4% last month.

"Lower prices for agricultural exports and nonagricultural exports in October each contributed to the overall decline. Despite the recent decreases, US export prices advanced 6.9 percent for the year ended in October," the Labor Department said in a statement.

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

Import prices also decreased 0.2% in October, after falling 1.1% the previous month.

The market expectation for import prices was a drop of 0.4% for October.

"Despite the recent declines, prices for US imports increased 4.2 percent from October 2021 to October 2022," said the statement.