Trade Costs Climb as Import and Export Prices Pick Up
U.S. import prices increased 0.8% in March, after rising 0.9% in February, with higher nonfuel and fuel prices driving the increase. Over the year, import prices advanced 2.1%, the largest 12-month increase since December 2024. Meanwhile, U.S. export prices climbed 1.6% in March, driven by higher prices for nonagricultural and agricultural exports. Over the past year, export prices rose 5.6%, the largest over-the-year increase since November 2022.
In March, U.S. import prices for manufacturing rose 2.8% over the year, as most of the industry experienced price increases. Primary metal manufacturing experienced the most significant over-the-year U.S. import price increase in March, surging 35.1%. On the other hand, the greatest yearly decline in U.S. import prices occurred in beverage and tobacco product manufacturing, which fell 12.1% from March 2025. Meanwhile, U.S. export prices for manufacturing in March advanced 4.9% over the year, with primary metal manufacturing export prices exhibiting the largest rise (39.1%).
Fuel import prices climbed 2.9% in March, the largest monthly rise since January 2025, after increasing 2.4% in February. Higher prices for petroleum more than offset lower prices for natural gas. Import prices for petroleum and petroleum products climbed 9.4% in March. However, prices for fuel imports fell 6.0% from March 2025. At the same time, natural gas prices plummeted 71.0% in March and 49.8% over the year.
Nonfuel import prices increased 0.6% in March, after advancing 0.8% in February. Higher prices for nonfuel industrial supplies and materials, capital goods, consumer goods and foods, feeds and beverages drove the increase. The price index grew 2.8% over the past year, the largest over-the-year gain since October 2022.
After moving up 0.9% in February, agricultural export prices rose by a similar amount in March. Over the past 12 months, agricultural exports advanced 3.4%. Meanwhile, nonagricultural exports stepped up 1.7% in March. Higher prices for nonagricultural industrial supplies and materials more than offset lower prices for capital and consumer goods. Over the past year, nonagricultural export prices climbed 5.8%.