Montenegro's industrial export price deflation deepened to 9.1% y/y in March 2014 from 6.4% y/y the month before mainly reflecting a stronger contraction of manufacturing costs, statistics office data showed on April 23. In monthly terms, industrial export prices recorded a zero growth in March after inching down 0.2% m/m in February. Compared to the 2013 average, March’s export costs fell 3.0%.
Manufacturing export prices fell 9.5% y/y in March, deteriorating from a 6.8% y/y drop the month before. The decline in March was fuelled by falling basic metals, pharmaceuticals and beverages costs. Export costs in the mining and quarrying sector increased 1.9% y/y in March, slowing from a 2.9% y/y hike in February.
Prices of industrial products imported to Montenegro decreased 2.8% y/y in March after going down by 2.7% y/y in February, the statistics office said in a separate statement. The reading was dragged down by falling prices of basic metals, food, coke and refined petroleum products and chemical products.
Export costs declined an average 2.7% last year, following a 5.8% contraction in 2012. Imports costs shrank an average 1.4% last year, following a 1.8% increase in 2012 reflecting falling manufacturing costs.
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