With the price of oil dropping recently, the cost of importing goods has been dropping along with it. Not only do we import a lot of oil for energy purposes, but a big chunk of costs for other imports involves transporting items from far distances. In fact, the Labor Department released another report showing that the price of imports fell 2.7 percent in June. The biggest factor: The cost of fuel imports declined by more than 10 percent. Overall, the decline in the cost of imports was the largest in more than three years.