March 2023 U.S. Import and Export Price Indexes — 2023-04-14

U.S. import prices decreased 0.6 percent in March following a 0.2-percent decline in February, the U.S. Bureau of Labor Statistics reported today. Lower prices for fuel and nonfuel imports each contributed to the March drop in U.S. import prices. Prices for U.S. exports fell 0.3 percent in March, after increasing 0.4 percent in February and 0.3 percent in January. Prices for U.S. imports fell 0.6 percent in March, the largest 1-month decline since November 2022. The price index for U.S. imports decreased 4.6 percent over the past year, the largest 12-month drop since the index declined 6.3 percent in May 2020. (See table 1.) Fuel Imports: Import fuel prices declined 2.9 percent in March following a 5.7-percent drop the previous month. Prices for import fuel have not recorded a 1-month advance since June 2022. Lower prices for both petroleum and natural gas contributed to the decrease in overall fuel prices in March.