The surprise dip in import prices was largely driven by a 2.3% fall in fuel costs — led by a 1.5% drop in petroleum and a steep 19.8% plunge in natural gas. This was the sharpest monthly decline for fuel imports since September 2024.
Stripping out fuel, import prices ticked up 0.1%, matching February’s increase. Non-fuel imports were up 1.5% on an annual basis.Export prices showed no monthly change after rising for two straight months. Agricultural export prices were flat, with higher soybean prices offsetting declines in wheat and rice.
Non-agricultural export prices slipped 0.1%, the first decline since September. However, on a yearly basis, non-agricultural export prices rose 2.5%, driven by stronger capital goods and consumer products. Agricultural export prices rose 1.4% year-over-year (YoY).
Among imports, capital goods prices rose 0.3%, led by gains in civilian aircraft and telecom gear. But consumer goods dropped 0.2%, and auto prices continued their decline for a fourth straight month.
On the export front, capital goods rose 0.5%, while vehicle and consumer goods prices were up 0.2% and 0.3%, respectively.
Import prices from China fell for a third straight month, down 0.2% in March and 0.9% YoY. Prices from Japan rose 0.5%, while Canadian imports dropped 1.5%, the steepest monthly fall among major trading partners.
Export prices to Canada surged 2.4%, the biggest monthly gain since March 2022. Prices to Japan rose 0.7%, while exports to China edged up 0.1%.
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(Edited by : Shoma bhattacharjee)
First Published: Apr 15, 2025 7:16 PM IS
