Export Goods
Export prices rose 0.7 percent in October, led by a 1.0 percent increase in nonagricultural export prices, which more than offset a 1.3 percent drop in agricultural prices. The advance in nonagricultural prices was the largest monthly increase since October 1990. Prices for nonagricultural exports increased in 11 of the past 12 months and were up 5.2 percent over that period. Overall export prices also were up for the year ended in October, increasing 4.5 percent.Nonagricultural industrial supplies and materials prices, up 2.5 percent in October, led the increase in nonagricultural export prices. Rising prices for chemicals, fuel, and metals all contributed to the increase. Prices for nonagricultural industrial supplies and materials were up 16.6 percent over the past year. Higher prices for capital goods and for automotive vehicles were also factors in the increase in nonagricultural prices. The price index for capital goods rose 0.4 percent, the largest monthly gain since April 1995. Capital goods prices had been relatively stable over the past six months prior to October and rose 1.0 percent for the year ended in October. Prices for automotive vehicles increased 0.2 percent in October, attributable to both higher parts prices and year-end model changeovers. The index was up 0.9 percent over the past 12 months. Consumer goods prices fell 0.1 percent in October but were up 1.1 percent over the past year.
The 1.3 percent decrease in agricultural exports in October resumed the recent downward trend for the index, following a 1.7 percent increase in September. In October, declining prices for soybeans and corn more than offset higher vegetable and fruit prices. Agricultural prices fell 1.3 percent over the past 12 months.
Imports by Locality of Origin
Led by higher petroleum prices, the price indexes for imports from Latin America, from the European Union, and from Canada all rose in October. Prices of imports from Latin America were up 2.6 percent, the largest increase since February 2003. The index was up 16.3 percent for the year ended in October. Import prices from the European Union and from Canada each were up 0.6 percent in October. Over the past year, the indexes were up 7.1 percent and 11.2 percent, respectively.Prices for imports from Japan increased 0.2 percent last month after a modest 0.1 percent decline in September. Import prices from Japan were up 1.7 percent over the past 12 months.
Import prices from the Asian Newly Industrialized Countries were unchanged last month and for the year ended in October.
Import and Export Services
Both import and export air passenger fares were down in October due to seasonal price declines. Import air passenger fares fell 4.6 percent in October, following a similar 4.1 percent decrease the previous month. The index was up 0.8 percent for the year ended in October. Export air passenger fares also declined last month, falling a more modest 1.9 percent after decreasing 6.8 percent in September. Notwithstanding the recent declines, export air passenger fares were up 6.2 percent over the past year.
