US import, export prices fall in November, less than estimates

By Ovunc Kutlu

ISTANBUL (AA) - US import and export prices fell in November on a monthly basis, but less than market expectations, according to data released Thursday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports decreased 0.4% last month, marking the second consecutive monthly drop after October.

The estimate for the figure was to show a 0.8% decline, while the October figure was revised to 0.6% from a decrease of 0.8%.

"The price index for import fuel declined 5.6 percent in November following a 3.7-percent drop in October," the agency said in a statement. "The November decrease was the largest monthly decline since the index fell 5.6 percent in February 2023."

The price index for US imports in November decreased 1.4%, following a 2% year-on-year decline in October.

Export prices, meanwhile, decreased 0.9% in November, compared to the previous month.

That expectation for the figure was to show a 1% decline, while the October figure was revised to a 0.9% decrease from a fall of 1.1%.

On an annual basis, prices for US exports plummeted 5.2% in November, after a decrease of 4.9% in October.

"Prices for each of the major finished goods export categories declined in November," said the agency.

"Lower prices for nonagricultural exports in November more than offset higher agricultural prices," it added.