Export prices decrease in September 2008
October 15, 2008
Export prices decreased 1.0 percent in September following a 1.7-percent decline in August. The September decline was led by a 1.0-percent drop in nonagricultural prices, although agricultural prices also fell, decreasing 0.3 percent.
Despite the 2.7-percent downturn over August and September, which is the largest two-month decline since the index was first published monthly in December 1988, export prices were still up 6.8 percent for the year ended in September.
The decline in nonagricultural prices in September followed a 0.7-percent drop in August, and was the largest one-month drop since the index was first published monthly in December 1988. Nonagricultural prices rose 5.6 percent for the September 2007-2008 period.
The September decline in nonagricultural prices was led by drops in the prices for nonagricultural industrial supplies and materials such as gold, precious metals, and fuel oil. Prices for capital goods and consumer goods also decreased in September.
The September decrease in agricultural prices followed a 9.6-percent decline in August. The agricultural prices index has advanced 19.5 percent over the past twelve months. The modest September decline in agricultural prices was led by lower prices for soybeans, fruit, and vegetables, which more than offset increasing corn and wheat prices.
These data are from the BLS International Price program. Import price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes -- September 2008," (PDF) (HTML) news release USDL 08-1424.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Export prices decrease in September 2008 on the Internet at http://www.bls.gov/opub/ted/2008/oct/wk2/art02.htm (visited November 23, 2014).
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