The BLS Import and Export Price report shows more bad news for the Trump administration hoping for a big surge in exports.

Import Prices

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Fuel Imports

Import fuel prices decreased 7.7 percent in February, the largest monthly decline since the index dropped 7.8 percent in June 2019. The February decrease was led by lower prices for petroleum, though falling prices for natural gas also contributed to the monthly decline. Petroleum prices fell 7.6 percent in February following no change in January and a 0.5-percent advance in December. The price index for natural gas declined 12.4 percent in February, after decreasing 13.2 percent in January. Import fuel prices fell 5.8 percent over the past 12 months, driven by a 5.5-percent drop in petroleum prices and a 13.9- percent decline in natural gas prices.

All Imports Excluding Fuel

The price index for nonfuel imports increased 0.3 percent in February, following rises of 0.2 percent and 0.1 percent in January and December, respectively. Higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; and capital goods all contributed to the February advance. Despite the recent monthly increases, nonfuel import prices fell 0.7 percent over the 12-month period ended in February and have not increased on an over-the-year basis since rising 0.6 percent in December 2018.

Export Prices

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Agricultural Exports

The price index for agricultural exports declined 2.7 percent in February following an increase of 2.1 percent in January. Falling prices for vegetables, soybeans, and meat in February more than offset higher fruit prices. Prices for agricultural exports increased over the past 12 months, rising 0.2 percent from February 2019 to February 2020.

All Exports Excluding Agriculture

Nonagricultural export prices decreased 1.0 percent in February, after advancing 0.6 percent the previous month. In February, declining prices for nonagricultural industrial supplies and materials drove the decrease in nonagricultural export prices. The price index for nonagricultural exports declined 1.6 percent for the year ended in February.

Soybean Futures

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Soybeans are on a price support level that dates all the way back to 2007.

The current price was first touched in 2004.

Trump will not exactly be happy to say the least. Nor will the farmers who mostly support him.

Mike "Mish" Shedlock

Import Prices Flat, Export Prices Decline 0.5%

The strong dollar dampers the tariff impact on import prices except energy. Export prices decline led by agriculture.

Import Prices Decline Year-Over-Year, Export Prices Slightly Positive

In the wake of the declining price of oil, import and export prices are on a downward slope.

Import Prices Unexpectedly Drop 0.6%, Most in 18 Months: Export Prices Drop 0.1%

Import prices fell 0.6%. Economists expected a 0.1% decline. Export prices fell 0.1%. Economists expected a 0.2% rise.

Export Prices Down 4th Time in 5 Months

Export prices fell for the fourth time in five months while import prices rose slightly.

Import and Export Prices Plunge

Economists underestimated the magnitude of a decline in import prices and missed the boat entirely on export prices.

Agricultural Export Prices Down 2.5% in Two Months, Down 5.3% Year-Over-Year

Import and export prices continue to decline. Agriculture leads the way on export prices, energy on import prices.

Forecasters Miss Inflation Targets By a Mile: Steep Decline in Ag Export Prices

The consensus expected import prices to rise by 0.7% and exports by 0.5%. Instead, both prices rose by 0.2%.

Export Prices +0.6%, Import Prices +0.3%

Export prices advancing faster than import prices. YoY import prices are up 3.3% but China, Japan, Mexico barely moved.

Import and Export Prices Surge on Rising Energy Prices

As with yesterday's Producer Price Report, a surge in import and export prices is energy related.