September Trends in Industrial Products Export Prices: Canada and United States Perspective
In September, the General Index of Industrial Products Export Prices recorded a 16% year-over-year rise. This figure marks a notable slowdown from August, when the rate was higher by about 2.5 percentage points. The data comes from the National Institute of Statistics (INE) and was released this Friday, underscoring ongoing fluctuations in the price dynamics of traded industrial goods.
What makes September especially interesting is that it represents the third consecutive monthly decline in annual export price inflation for industrial products. After a period that had already shown persistent growth, the September reading signals a cooling phase following July and August, during which the annual rate had climbed steadily and reached levels not seen in sixteen years. For analysts in North America, this pattern suggests a temporary easing of upward pressure on export prices amid shifting global markets and commodity prices.
Looking at the components, the annual rate for September shows several nuanced shifts. Compared with August, the moderation in intermediate goods and energy prices pulled the overall rate down. However, capital goods continued to rise, with their annual rate advancing by four-tenths of a percentage point. Production costs for motor vehicles also increased, pushing their annual rate up to 5.6% as manufacturers faced higher input costs and marginally tighter supply conditions.
On the energy front, the annual rate dropped sharply, retreating by nearly 41 percentage points to 63.2%. The decrease reflects softer price momentum in oil refining and a slower rise in electricity generation prices, factors that help temper the energy component of export price inflation for industrial goods. This moderation in energy costs affects downstream sectors that rely on energy-intensive inputs, including chemicals, metals, and plastics used in manufacturing chains across North America.
Intermediate goods, too, showed a reduction in their annual rate, falling by about one percentage point to 16.9%. Contributing factors include lower prices in the manufacture of chemical products and in the production of precious metals. These movements matter for buyers in Canada and the United States because they influence input costs across a wide range of industries—from consumer electronics to automotive components and construction materials.
When comparing import prices of industrial products, September registered a 28.8% year-over-year increase. This rate is roughly one percentage point lower than the previous month, reflecting a softening in the pace of price growth for imported goods. For North American buyers and policymakers, this trend could signal shifting import cost pressures, influenced by exchange rates, supply chain realignments, and global commodity markets.
This development was largely driven by non-durable goods and energy, which saw the annual rate decline by about 8.5 percentage points to 104.8%. The drivers include lower costs associated with crude oil and gas extraction, as well as weaker price movements in coke plants and oil refining. For industrial buyers and exporters in Canada and the United States, these factors translate into altered competitiveness and pricing strategies across sectors such as petrochemicals, energy-intensive manufacturing, and durable goods assembly.
Overall, the September snapshot points to a mixed landscape for industrial export prices. While certain categories like capital goods and motor vehicles show continued price momentum, energy-related components and intermediate goods exhibit notable softening. Import price dynamics add another layer of complexity, highlighting the interconnected nature of global trade and domestic activity. Analysts warn that shifts in global supply chains, currency fluctuations, and policy developments will continue to shape these indices in the months ahead, making it essential for manufacturers, exporters, and buyers to monitor price signals closely and adjust procurement and pricing strategies accordingly. (INE, September report; regional commentary by market analysts for Canada and the United States)