Export prices rose 0.9 percent in March, the largest monthly increase in this index in nine years.
Over the first quarter of 2004, export prices were up 2.3 percent, the largest 3-month jump in export prices since the second quarter of 1988.
Prices for both agricultural and nonagricultural exports contributed to the recent increase in overall export prices. The price index for agricultural exports rose 3.3 percent in March, led by a sharp increase in soybean prices. Agricultural prices have been trending upward since the middle of 2003 and were up 20.7 percent over the past 12 months.
Nonagricultural export prices rose 0.6 percent last month, following increases of 0.6 percent and 0.7 percent in February and January. Prices for nonagricultural exports were up 1.9 percent for the year ended in March, while overall export prices rose 3.4 percent over the same period.
Import prices continued an upward trend in March, rising 0.9 percent for the month and 2.9 percent over the first quarter of 2004. Over the past 12 months, the index was up 1.9 percent.
These data are from the BLS International Price program. Import and export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes - March 2004" (PDF) (TXT), news release USDL 04-600.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Export prices rise in March at https://www.bls.gov/opub/ted/2004/apr/wk1/art04.htm (visited September 30, 2023).