US import, export prices fall in October, more than estimates

ISTANBUL

US import and export prices declined in October on a monthly basis, both falling more than market expectations, according to data released Thursday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports decreased 0.8% last month, marking the first monthly drop since June and recording the biggest monthly decline since March.

The market estimate for the figure was to show a 0.3% decline, while the September figure was revised up to a gain of 0.4% from a 0.1% increase.

"Lower prices in October for both petroleum and natural gas contributed to the decrease in fuel prices," the agency said in a statement.

The price index for US imports in October declined 2% year-on-year, it added.

Export prices decreased 1.1% in October, compared to the previous month, marking the largest monthly drop since May 2023.

That figure also came lower than expectations of a 0.5% decline, while the September figure was revised down to a 0.5% increase from a gain of 0.7%.

On an annual basis, prices for US exports decreased 4.9% in October, according to the agency.

"Lower fuel prices in October drove the overall decrease in nonagricultural industrial supplies and materials prices," it said.

"Nonagricultural industrial supplies and materials prices fell 2.5% in October, the largest one-month drop since the index declined 5.0% in May 2023," it added.