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U.S. Export Prices Tumble in May 2025, Marking Largest Monthly Decline Since October 2023
Decrease in nonagricultural export prices drives a significant drop in overall U.S. export prices
In May 2025, U.S. export prices experienced a notable decline, falling by 0.9%, marking the steepest monthly drop since October 2023, according to the U.S. Bureau of Labor Statistics. This decline was primarily attributed to a considerable reduction in nonagricultural export prices, overshadowing moderate gains in agricultural sectors.
Import prices for the United States showed stability in May, as reported by the Bureau of Labor Statistics, staying flat compared to April 2025. This stabilization was the result of higher prices for nonfuel imports which counterbalanced the drop in fuel import prices. Over the past year, the import price index has witnessed a modest increase of 0.2%, influenced significantly by a substantial rise in natural gas prices.
Fuel import prices saw a significant drop of 4.0% in May, the largest monthly decrease since September 2024. Import petroleum prices also slumped by 3.7% during May, contributing to a broader 17.4% decrease over the past year. Despite these declines, nonfuel import prices increased by 0.3%, driven by higher costs in categories such as nonfuel industrial supplies and capital goods.
Focusing on geographic influences, import prices from China dropped by 0.2% in May, maintaining a 12-month decline of 2.1%. Meanwhile, import activities from other regions such as Japan saw continuous but marginal dips. Export prices to China, however, recorded slight improvements, reflecting a 2.5% increase over the year.
Service sector prices also demonstrated volatility, particularly in air transport services. Import air passenger fares surged by 7.3%, indicating the largest increase since December 2024, primarily due to higher fares from Europe and Asia. Conversely, export air passenger fares declined by 1.9%, reflecting reduced prices in regions such as Latin America and the Caribbean.
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