US export and import prices declined in June

U.S. import prices declined 0.2 percent in June, the U.S. Bureau of Labor Statistics reported today, after a 0.1-percent decrease in May. Lower fuel prices drove the drop in June, which more than offset higher nonfuel prices. The price index for U.S. exports fell 0.2 percent in June following a 0.5-percent decline in May.
The price index for fuel imports fell for a fourth consecutive month, declining 2.1 percent in June, after decreasing 4.6 percent over the previous 3 months. The main contributor to the drop was a 2.2-percent decline in petroleum prices. Natural gas prices also fell in June, decreasing 1.0 percent. Despite the
recent drops, import fuel prices advanced 6.3 percent over the 12-month period ended in June. The import price index for petroleum increased 4.5 percent over the past year and natural gas prices rose 58.6 percent.

Prices for U.S. exports fell for a second consecutive month in June, declining 0.2 percent. Falling prices for agricultural exports drove the decrease as nonagricultural export prices recorded no change. U.S. export prices increased over the past year, advancing 0.6 percent. The price index for U.S. exports has not recorded a 12-month decline since a 0.2-percent fall in November.