Export prices decline in August 2008

Prices for overall exports decreased 1.7 percent in August 2008. This was the first decline since October 2006.

[Chart data—TXT]

The August decline was mostly led by a 9.6-percent drop in agriculture prices. The decline in agricultural prices in August followed a 6.5-percent advance in July, and was the largest one-month drop since the index was first published monthly in December 1988.

The August decline in agricultural prices was led by sharp decreases in corn, soybeans, and wheat prices, all of which still remained up over the past 12-months. Despite the downturn in August, the price index for overall agricultural exports rose 24.8 percent for the year ended in August.

Nonagricultural prices also fell, decreasing 0.7 percent. This was the first decrease in nonagricultural prices since July 2007. It resulted from a 2.5-percent downturn in the price for nonagricultural industrial supplies and materials, which last recorded a monthly drop in September 2007. Decreasing prices for fuel led the decline. The overall nonagricultural index advanced 6.7 percent over the year.

These data are from the BLS International Price program. Export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes -- August 2008," (PDF) (HTML) news release USDL 08-1272.