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U.S. export prices down 4.8 percent from March 2022 to March 2023

April 24, 2023

Prices for U.S. exports decreased 4.8 percent for the year ended in March 2023, the largest 12-month decline since a 6.7-percent drop from May 2019 to May 2020. Agricultural export prices declined 2.3 percent over the past year, the first 12-month drop since August 2020. The 12-month decrease in March was primarily led by lower prices for soybeans, wheat, corn, and meat.

12-month percent change in U.S. export prices, March 2013–March 2023
Month All exports Agricultural exports Nonagricultural exports

Mar 2013

0.2 8.7 -0.8

Apr 2013

-0.8 4.3 -1.5

May 2013

-0.8 5.0 -1.6

Jun 2013

0.8 9.6 -0.2

Jul 2013

0.3 3.1 -0.2

Aug 2013

-1.1 -5.6 -0.6

Sep 2013

-1.6 -6.3 -0.9

Oct 2013

-2.2 -5.9 -1.7

Nov 2013

-1.5 -6.6 -0.9

Dec 2013

-1.0 -6.4 -0.4

Jan 2014

-1.0 -5.3 -0.5

Feb 2014

-1.0 -5.9 -0.5

Mar 2014

0.4 -1.4 0.5

Apr 2014

-0.1 2.2 -0.2

May 2014

0.6 1.4 0.5

Jun 2014

0.2 -1.2 0.3

Jul 2014

0.4 -2.7 0.7

Aug 2014

0.4 -1.6 0.5

Sep 2014

-0.4 -3.7 -0.1

Oct 2014

-0.7 -4.6 -0.3

Nov 2014

-1.7 -4.2 -1.4

Dec 2014

-3.0 -5.2 -2.8

Jan 2015

-5.0 -6.4 -4.9

Feb 2015

-5.8 -9.7 -5.3

Mar 2015

-6.7 -13.7 -5.8

Apr 2015

-6.3 -15.7 -5.3

May 2015

-6.0 -17.0 -4.7

Jun 2015

-5.8 -16.8 -4.5

Jul 2015

-6.2 -14.4 -5.3

Aug 2015

-7.1 -13.9 -6.3

Sep 2015

-7.3 -13.8 -6.6

Oct 2015

-6.7 -11.8 -6.1

Nov 2015

-6.5 -12.7 -5.8

Dec 2015

-6.6 -12.9 -5.9

Jan 2016

-5.9 -12.8 -5.1

Feb 2016

-6.1 -10.2 -5.8

Mar 2016

-6.2 -10.7 -5.8

Apr 2016

-5.1 -9.1 -4.7

May 2016

-4.5 -5.2 -4.4

Jun 2016

-3.5 -1.3 -3.8

Jul 2016

-3.0 -2.6 -3.0

Aug 2016

-2.4 -3.5 -2.3

Sep 2016

-1.5 -3.1 -1.3

Oct 2016

-1.1 -2.7 -0.8

Nov 2016

-0.2 -1.1 -0.2

Dec 2016

1.3 -0.3 1.4

Jan 2017

2.4 1.3 2.4

Feb 2017

3.2 2.1 3.3

Mar 2017

3.4 5.4 3.2

Apr 2017

3.1 4.6 3.0

May 2017

1.4 -0.1 1.6

Jun 2017

0.6 -3.8 1.0

Jul 2017

0.9 -1.8 1.1

Aug 2017

2.3 1.7 2.4

Sep 2017

2.8 2.1 2.8

Oct 2017

2.7 3.6 2.6

Nov 2017

3.1 2.1 3.3

Dec 2017

2.8 1.9 2.8

Jan 2018

3.3 1.5 3.5

Feb 2018

3.1 0.7 3.4

Mar 2018

3.4 2.8 3.5

Apr 2018

3.7 1.6 3.9

May 2018

5.0 4.8 4.9

Jun 2018

5.3 5.3 5.3

Jul 2018

4.3 -1.9 5.0

Aug 2018

3.6 -1.5 4.1

Sep 2018

2.7 -2.1 3.3

Oct 2018

3.1 -4.1 3.9

Nov 2018

1.8 -1.7 2.2

Dec 2018

1.1 2.3 1.0

Jan 2019

-0.2 0.1 -0.2

Feb 2019

0.2 -0.3 0.3

Mar 2019

0.6 -2.4 0.9

Apr 2019

0.2 -2.7 0.5

May 2019

-0.9 -5.3 -0.3

Jun 2019

-1.6 -2.0 -1.5

Jul 2019

-0.9 3.5 -1.5

Aug 2019

-1.4 0.6 -1.6

Sep 2019

-1.7 0.2 -1.9

Oct 2019

-2.2 2.0 -2.7

Nov 2019

-1.3 2.7 -1.7

Dec 2019

-0.9 -1.2 -0.8

Jan 2020

0.4 3.1 0.2

Feb 2020

-1.4 -0.1 -1.6

Mar 2020

-3.5 -2.4 -3.7

Apr 2020

-7.0 -4.3 -7.2

May 2020

-6.7 -3.7 -7.0

Jun 2020

-4.5 -4.5 -4.5

Jul 2020

-3.7 -3.1 -3.8

Aug 2020

-2.7 -2.9 -2.6

Sep 2020

-1.8 1.4 -2.2

Oct 2020

-1.7 3.2 -2.1

Nov 2020

-1.0 4.3 -1.6

Dec 2020

0.4 5.4 -0.1

Jan 2021

2.5 9.6 1.6

Feb 2021

5.4 15.9 4.3

Mar 2021

9.6 20.4 8.4

Apr 2021

15.0 25.5 13.7

May 2021

17.6 33.7 15.8

Jun 2021

16.9 33.4 15.1

Jul 2021

17.0 29.1 15.6

Aug 2021

16.6 33.2 14.8

Sep 2021

16.3 27.6 15.1

Oct 2021

18.3 24.7 17.6

Nov 2021

18.1 21.9 17.7

Dec 2021

14.9 21.5 14.1

Jan 2022

15.0 18.0 14.6

Feb 2022

16.8 18.2 16.6

Mar 2022

18.4 20.6 18.1

Apr 2022

18.2 21.2 17.8

May 2022

18.6 16.9 18.9

Jun 2022

18.6 15.3 19.0

Jul 2022

12.9 13.6 12.9

Aug 2022

11.2 12.0 11.1

Sep 2022

9.8 12.7 9.5

Oct 2022

7.2 10.9 6.8

Nov 2022

6.1 12.8 5.2

Dec 2022

4.6 9.3 3.9

Jan 2023

2.0 5.3 1.6

Feb 2023

-0.8 3.5 -1.4

Mar 2023

-4.8 -2.3 -5.2

Nonagricultural export prices fell 5.2 percent from March 2022 to March 2023, the largest over-the-year decrease since May 2020, when prices declined 7.0 percent.

12-month percent change in U.S. export prices, selected categories, March 2023
Category Percent change

Agricultural commodities

-2.3

Nonagricultural commodities

-5.2

Foods, feeds, & beverages

-3.0

Agricultural foods, feeds & beverages, excluding distilled beverages

-2.7

Nonagricultural foods (fish, distilled beverages)

-11.1

Industrial supplies & materials

-13.1

Agricultural industrial supplies & materials

0.3

Fuels & lubricants

-20.6

Nonagricultural supplies & materials excluding fuels & building materials

-6.3

Selected building materials

-9.5

Capital goods

2.9

Electrical generating equipment

4.7

Nonelectrical machinery

2.0

Transportation equipment excluding motor vehicles

6.0

Automotive vehicles, parts & engines

4.0

Consumer goods, excluding automotives

2.2

Nondurables, manufactured

-0.5

Durables, manufactured

5.3

Nonmanufactured consumer goods

4.5

Within nonagricultural exports, industrial supplies and materials prices fell 13.1 percent from March 2022 to March 2023, as prices declined for fuels and lubricants (20.6 percent), nonagricultural supplies & materials excluding fuels & building materials (6.3 percent), and selected building materials (9.5 percent).

Export prices for foods, feeds, and beverages fell 3.0 percent, while prices rose for capital goods (2.9 percent), automotive vehicles, parts & engines (4.0 percent), and consumer goods, excluding automotives (2.2 percent) for the year ended March 2023.

These data are from the International Price program and are not seasonally adjusted. To learn more, see "U.S. Import and Export Price Indexes — March 2023." We also have more charts on U.S. import and export prices. Export price changes may be revised in each of the 3 months after original publication.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, U.S. export prices down 4.8 percent from March 2022 to March 2023 at https://www.bls.gov/opub/ted/2023/u-s-export-prices-down-4-8-percent-from-march-2022-to-march-2023.htm (visited May 21, 2024).

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