Import and export prices fall in June

Lower oil prices outweighed continued increases in non-oil components.

Import and export prices declined month-on-month in June, mainly due to lower petroleum prices, according to the Department of Statistics.

The Import Price Index fell 2.8% in June, following a 2.2% decrease in May.

The oil index dropped 10.7%, extending the previous month’s 7.1% decline, largely due to lower prices of petroleum and petroleum products.

Non-oil import prices rose 0.6%, continuing the 0.1% increase recorded in May.

Machinery and transport equipment was the largest contributor to the non-oil increase, rising 0.8% due to higher prices of engines and motors.

On a year-on-year basis, import prices increased 13.6%, slowing from the 18.5% growth recorded in May.

Oil import prices rose 48%, moderating from 76.1%, whilst non-oil prices increased 4.5%.

Meanwhile, the Export Price Index declined 1.7% MoM in June, following a 0.8% decrease in May.

The oil index fell 10.9%, whilst the non-oil index rose 1.3%.

The increase in non-oil export prices was mainly driven by machinery and transport equipment, which gained 2.3% due to higher prices of electrical machinery apparatus.

Export prices remained 12.7% higher than a year earlier, although growth eased from 14.6% in May.

Oil export prices rose 39.7%, down from 62.2% in May. Non-oil export-price growth accelerated to 6.8% from 4.6%.

Machinery and transport equipment led the annual non-oil increase, rising 7.8% on higher electrical machinery apparatus prices.

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