Import prices post worst fall in 5 years

Prices for U.S. imports fell 2.3 percent in March, the U.S. Bureau of Labor Statistics reported today, following a 0.7-percent decline the previous month. The March drop was driven by lower fuel prices. U.S. export prices decreased 1.6 percent in March, after falling 1.1 percent in February.

Imports

The price index for U.S. imports declined 2.3 percent in March, the largest monthly 

drop since import prices fell 3.2 percent in January 2015. The March decline followed 

a 0.7-percent decrease in February and 0.2-percent advances in each of the 3 months 

prior to that. Import prices also fell on a 12-month basis, declining 4.1 percent 

from March 2019 to March 2020. The decrease was the largest over-the-year drop since 

the index fell 4.7 percent for the 12 months ended June 2016. 

Exports 

Prices for U.S. exports declined 1.6 percent in March, after falling 1.1 percent in 

February and rising 0.6 percent in January. The March decrease was the largest monthly 

drop in export prices since the index declined 1.7 percent in January 2015. Decreasing 

prices for both nonagricultural exports and agricultural exports contributed to the 

March drop. U.S. export prices fell 3.6 percent for the year ended in March, the 

largest 12-month decrease since a 4.5-percent decline from May 2015 to May 2016.