US import, export prices up in July

0 Comment(s)Print E-mail Xinhua, August 14, 2020
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U.S. import and export prices both rose in July, the U.S. Department of Labor reported on Thursday.

The price index for U.S. imports rose for the third consecutive month in July, increasing 0.7 percent for the month and 2.8 percent from April to July, the largest three-month advance since May 2011. The July advance was led by rising fuel prices. Despite the advance over the past three months, the price index for U.S. imports declined 3.3 percent over the past year.

The price index for U.S. imports from China rose 0.2 percent in July, after no change the previous month. The price index for imports from China fell 0.5 percent from July 2019 to July 2020, the smallest 12-month decrease since January 2019.

Meanwhile, prices for U.S. exports increased 0.8 percent in July following a 1.2-percent increase the previous month. Higher prices for nonagricultural exports and agricultural exports both contributed to the July rise. Despite the upturn in the past two months, the price index for U.S. exports decreased 4.4 percent for the year ended in July.

U.S. export prices to China rose 1.2 percent in July, after increasing 1.5 percent in June and 1.0 percent in May. The 3.7-percent advance from April to July was the largest three-month rise since the index was first published in December 2017. Despite the recent advances, export prices to China decreased 3.5 percent for the year ended in July.

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