US import, export prices increase in April

By Ovunc Kutlu

ISTANBUL (AA) - US import and export prices increased in April, according to data released Friday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports rose 0.4% last month, coming higher than the market expectation of a 0.3% gain.

The figure for March was revised to a decline of 0.8%, from a 0.6% decrease.

"Prices for import fuel rose 4.5 percent in April following a 3.9-percent drop in March and a 5.6-percent decline in February," the Bureau of Labor Statistics said in a statement. "The April advance was the first monthly increase since June 2022."

Export prices rose 0.2% in April, coming in line with the market estimates.

The March figure was revised to a decrease of 0.6%, from a decline of 0.3% in March.

"Agricultural export prices rose 0.4 percent in April following a 1.9-percent decrease in March. Higher prices for corn, nuts, meat, and vegetables in April more than offset lower fruit and soybeans prices," the statement said.

On an annual basis, prices for US exports fell 5.9% in April, while the price index for US imports declined 4.8% year-on-year, both marking the largest drop since May 2020.