January 1994 U.S. Import and Export Price Indexes

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

-JANUARY 1994-

The U.S. Import Price Index edged down 0.1 percent in January, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decline followed larger decreases in the 2 preceding months. In contrast, the U.S. Export Price Index rose 0.7 percent in January, the largest 1-month increase in this series in nearly 2 years.

Import Goods

The continued decline in import prices in January again was attributable to lower fuel prices, as the index for imported petroleum fell for the eighth time in the past 9 months. The 2.9 percent decline, however, was considerably more modest than the 10.5 percent drop registered in December. Since last April, this index has dropped 27.1 percent.

In contrast, the index for nonpetroleum imports continued its generally modest upward trend in January, rising 0.3 percent. This followed a 0.1 percent increase in December, a 0.1 percent dip in November, and a 0.4 percent rise in October.

The increase in the index for nonpetroleum imports was led by a continuing rise in prices of nonpetroleum industrial supplies and materials--up 0.6 percent in January after a 0.9 percent advance in December--as well as a 0.4 percent increase in the price of imported automotive vehicles. In addition, the index for foods, feeds, and beverages rose 0.5 percent in the past month.

In contrast, the index for capital goods, which had declined in each of the 2 previous months, was unchanged in January, while prices for imported consumer goods (excluding autos) slipped 0.1 percent.

Export Goods

The January advance in export prices was led by a continuing rise in prices for exported agricultural commodities, up 2.5 percent. This marked the third month in a row this group--which accounts for approximately 10 percent of U.S. exports--posted an increase of between 2 and 3 percent. In addition, the index for nonagricultural exports, which had changed by no more than 0.1 percent in each of the 5 preceding months, rose 0.3 percent in January. The latter increase was partially attributable to the relatively large rise (0.9 percent) in the index for nonagricultural industrial supplies and materials, as well as higher than average increases (both 0.4 percent) in the indexes for consumer goods and automotive vehicles.

In contrast, the index for capital goods, which constitute 40 percent of U.S. exports, slipped 0.1 percent for the second month in a row.

Imports by Country or Region of Origin

For the second month in a row, the index for prices of imported Japanese goods--which had increased steadily throughout most of 1993- -registered little movement, edging up 0.1 percent in January after slipping 0.1 percent in the previous month. Prices for goods from the Asian Newly Industrialized Countries also edged up 0.1 percent in January, marking the eighth consecutive month this series has fluctuated by 0.1 percent or less. Prices for imports from the European Community rose 0.3 percent in January after dropping 0.8 percent in December and 0.5 percent in November. In contrast, the index for Canadian goods fell 0.4 percent in January, primarily due to lower prices among nonmanufactured goods.