World import and export prices finished 2014 with the largest year-over-year decline since 2009 according to the CPB world trade monitor. Export prices declined by 9.2% YoY% and import prices declined by 8.8%. No area in the world escaped the deflation in trade prices as the decline in prices was broad based.
Export prices declined by 9.4% YoY% in the developed markets and declined by nearly as much (9%) in the emerging markets. The decline in import prices in the developed markets reach 10.2%, while in the emerging markets, import prices declined by 7.4%.
Export prices declined the most in Africa and the Middle East (25.7%) followed by Central and Eastern Europe as prices declined by 17.7%. Export prices in the Euro Area declined by 10.5%.
Asian export prices decline by 2.1%, however, this roughly in the line with the average YoY change since 2012. Export prices in the US declined by 3.1%.