Import prices fall 1.4%, exports down 4.3%

Monthly price growth returned in February.

Import prices fell 1.4%YoY in February, whilst export prices dropped 4.3%, even as both indices rebounded from the previous month.

The Import Price Index rose 1.2% from January after being flat a month earlier, helped by a 5.0% increase in the oil index. Non-oil import prices edged up 0.2% on the month and were 1.6% higher than a year earlier.

The Export Price Index increased 1.1% from January, reversing a 0.4% decline in the previous month, as the oil index rose 3.1% and the non-oil index gained 0.7%. On an annual basis, oil remained the main drag, with import oil prices down 11.3% and export oil prices down 14.1%.

Among imports, crude materials posted the strongest annual increase at 16.8%, whilst miscellaneous manufactured articles rose 8.4%. Chemicals and chemical products fell 4.3%, and food and live animals declined 3.4%.

Among exports, beverages and tobacco recorded the steepest annual decline at 8.7%, followed by food and live animals at 6.3% and chemicals and chemical products at 5.3%. Crude materials rose 5.0%, whilst miscellaneous manufactured articles increased 4.3%.

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