Apr. Import/Export Prices Preview
Apr. Import Prices are expected to increase 1.6% following a 2.8% rise the prior month. Apr. Export Prices are expected to increase 0.5% following a 1.5% rise in Mar.
Apr. import prices are expected to be pushed higher by an expected 7% increase in the price of petroleum imports. Mar. petroleum import prices increased 9.1% in Mar. following a 1.9% decline in Feb.
Apr. import prices ex-petroleum, expected up 0.5%, face upside risks from continued USD weakness as and elevated food prices. Import Prices ex-petroleum increased 1.1% in Mar. following a 0.7% increase in Feb.
Apr. Export prices are expected to decelerate from their recent advance but should be well-supported by increases in food export prices. Food export prices increased 4.1% in Mar. while non-Ag export prices grew 1.2%.
The Goldman Sachs Commodity Index fell in Apr. for the first time in almost a year, which puts downside risks on Apr. Ag-export prices. Apr. spot Ag prices also backed off their recent heights.