Import and Export Prices Drop on Lower Fuel Costs
August 24, 2026
U.S. import prices decreased 0.4% in July after declining 0.3% in June, with lower prices for fuel imports more than offsetting higher prices for nonfuel imports. Over the year, import prices advanced 5.9%. Meanwhile, U.S. export prices stepped down 1.3% in July, driven by lower prices for nonagricultural exports. Over the past year, export prices jumped 8.2%.
In July, U.S. import prices for manufacturing moved up 4.7% over the year, as almost all of the industry experienced price increases. Petroleum and coal products manufacturing experienced the most significant over-the-year U.S. import price increase in July, jumping 26.8%. On the other hand, the greatest yearly decline in U.S. import prices occurred in beverage and tobacco product manufacturing, which declined 1.9% from July 2025. Meanwhile, U.S. export prices for manufacturing advanced 7.5% over the year, with petroleum and coal products manufacturing exhibiting the largest rise (31.3%).
Fuel import prices fell 7.2% in July, the largest decline since September 2024, after stepping down 3.8% in June. Lower prices for petroleum and petroleum products more than offset higher prices for natural gas. Import prices for petroleum dropped 7.5% in July but rose 26.3% from a year prior, while imports of natural gas advanced 74.3% from July 2025.
Nonfuel imports increased 0.4% in July, after a 0.1% uptick in June. Higher prices for capital goods, foods, feeds and beverages and automotive vehicles, parts and engines offset lower prices for nonfuel industrial supplies and materials. The price index grew 4.5% over the past year, the largest over-the-year gain since June 2022.
After ticking up 0.1% in June, agricultural exports rose 1.0% in July. Over the past 12 months, agricultural exports advanced 5.7%, driven primarily by higher prices for soybeans, other foods and food preparations and oilseeds and food oils. Meanwhile, nonagricultural exports decreased 1.5% in July. Lower prices for nonagricultural industrial supplies and materials, capital goods and consumer goods drove the increase. Over the past year, nonagricultural export prices climbed 8.5%.
