美国2025年11月出口同比涨 3.3% 能源进口价格持续下滑

Core Insights - The U.S. import and export price indices showed a recovery trend from September to November 2025, with significant increases in export prices and a modest rise in import prices affected by energy costs [1][2]. Import Prices - Import prices increased by 0.4% from September to November, ending a previous downward trend [2] - In November, import prices rose only 0.1% year-on-year, a significant decrease from 1.4% in November 2024, primarily due to energy price declines [2] - Energy import prices fell by 2.5% from September to November, with a 12-month decline of 6.6%, marking the largest year-on-year drop since August 2025 [2] - Crude oil import prices decreased by 8.4%, while natural gas prices surged by 51.4%, indicating a divergence in energy price trends [2] - Non-energy import prices rose by 0.6% from September to November, with a 12-month increase of 0.7%, driven by higher prices for industrial raw materials and capital goods [2] Export Prices - Export prices increased by 0.5% from September to November, with both agricultural and non-agricultural export prices rising [2] - In November, export prices surged by 3.3% year-on-year, a significant increase from 0.9% in November 2024, indicating rising export inflation pressures [2] - Agricultural export prices rose by 1.3% from September to November, with a 12-month increase of 2.6%, driven by higher prices for vegetables, nuts, and fruits [2] - Non-agricultural export prices increased by 0.4% from September to November, with a 12-month rise of 3.3%, supported by higher prices for industrial raw materials and capital goods [2] Regional Trade Dynamics - Import prices from Japan rose by 2.6% year-on-year, the highest since October 2011, supported by automotive and electronic component prices [3] - Export prices to Canada and Mexico increased by 5.4% and 5.0% year-on-year, respectively, reflecting strong demand in the North American Free Trade Agreement region [3] - The trade conditions index improved for U.S. exports relative to imports across major trading partners, indicating enhanced purchasing power for U.S. export goods [3] Service Prices - In the import services sector, airline passenger ticket prices rose by 4.3% year-on-year, while air freight prices fell by 3.9%, continuing a downward trend [4] - Export service prices showed a decline, with airline passenger ticket prices down by 0.7% and air freight prices down by 8.7%, marking the largest drop since February 2024 [4]