June 13, 2003 (The Editor’s Desk is updated each business day.)

Import prices drop, export prices rise in May

The U.S. Import Price Index decreased 0.3 percent in May, following a record decline of 3.0 percent in April. The U.S. Export Price Index edged up 0.1 percent in May, after declining 0.1 percent the previous month.

[Chart data—TXT]

The price index for imported petroleum dipped 1.1 percent in May. The price index for nonpetroleum imports decreased 0.2 percent, led by a 0.5-percent drop in prices for nonpetroleum industrial supplies and materials and a 0.4-percent decrease in the price index for imported capital goods. In contrast, prices for imported automotive vehicles edged up in May, increasing 0.1 percent.

Increasing prices for agricultural exports more than offset a small decline in nonagricultural export prices. The price index for agricultural exports increased 2.4 percent in May and was led by higher soybean, wheat, corn, and meat prices. Prices for nonagricultural exports declined 0.1 percent last month as lower prices for industrial supplies and materials and for automotive vehicles more than offset a small increase in prices for capital goods.

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 - May 2003" (PDF) (TXT), news release USDL 03-298.