Import Prices Rise but Export Prices Set Record

WASHINGTON, DC – Prices for U.S. imports rose 1.2 percent in March, after increasing 1.3 percent the previous month. Higher fuel and nonfuel prices contributed to the advances for both months. U.S. exports also increased in March, rising 2.1 percent, following a 1.6-percent advance in February and a 2.6-percent increase in January. U.S. import prices increased 6.9 percent from March 2020 to March 2021, the largest year-over-year increase since January 2012. According to the U.S. Bureau of Labor Statistics, an increase in import fuel prices (up 54.3 percent) contributed to this scenario. At the same time, U.S. export prices increased 9.1 percent thanks to significant gains in agricultural export prices (climbing 20.5 percent) as both experienced the largest year-over-year gains since September 2011. The 12-month increase was primarily driven by rising prices for soybeans, corn, meat, and fruit. The 4.1-percent increase from December to March was the largest 3-month rise for import prices since May 2011. Prices for U.S. exports increased 6.5-percent from December to March and were the largest 3-month increase since the index was first published in September 1983.
(SOURCE: All Ag News)