February 1994 U.S. Import and Export Price Indexes

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-FEBRUARY 1994-

The U.S. Import Price Index rose 0.4 percent in February, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase was primarily attributable to higher fuel prices. In contrast, the U.S. Export Price Index was unchanged last month after posting a 0.7 percent increase in January.

Import Goods

The 0.4 percent February increase in the import price index was led by a turnaround in petroleum prices, which advanced 6.9 percent after dropping 17.0 percent during the 3 previous months. In contrast, the index for nonpetroleum import prices continued to register comparatively little movement, edging down 0.1 percent in February after increasing 0.2 percent in the previous month. During the 12-month period ended in February, prices of nonpetroleum imports rose 1.8 percent, on average.

The small February drop in the index for nonpetroleum imports was highlighted by a 0.3 percent decrease in prices of imported capital goods--the third decline in this component in the past 4 months. In addition, the index for foods, feeds, and beverages fell 0.8 percent in February, due primarily to seasonal price declines for imported vegetables. Prices for imported automotive vehicles also moved lower--down 0.1 percent--while the index for industrial supplies and materials, excluding petroleum, was unchanged in February after posting increases of 0.8 percent and 0.7 percent in the 2 preceding months. In contrast, the index for consumer goods, excluding automotives, rose 0.2 percent in February, partially due to seasonal price increases for imported flowers.

Export Goods

Export prices were unchanged, on average, in February as price decreases for agricultural commodities were offset by increases for nonagricultural goods. For the year ended in February, export prices were up 1.4 percent.

The 1.4 percent decline for prices of exported agricultural commodities followed three monthly increases of between 2 and 3 percent and was led by declining grain prices--which more than offset substantially higher prices for cotton exports.

In contrast, the 0.3 percent February increase for prices of nonagricultural exports followed a similar increase in January and was again highlighted by a 1.1 percent increase in the index for nonagricultural industrial supplies and materials. Indexes for the major finished goods categories, however, continued to reflect comparatively little movement; imported capital goods prices slipped 0.1 percent for the third month in a row in February, while the index for automotive prices also edged down 0.1 percent. Prices for consumer goods, excluding automotives, averaged 0.1 percent higher last month following a 0.4 percent increase in January.

Imports by Country or Region of Origin

Prices of goods imported from Japan were unchanged, on average, in February, following a 0.1 percent decline in December and a 0.1 percent increase in January. For the 12 month period ended in February, however, prices of Japanese goods to the U.S. were up 6.7 percent. Goods from the Asian Newly Industrialized Countries (down 0.3 percent) and the European Community (down 0.2 percent) posted decreases in February after registering small increases during the first month of the year. Both of these series have dipped 1.0 percent since February 1993.

Sparked by a rebound in the index for nonmanufactured goods, prices for Canadian goods rose 0.3 percent in February. This marked only the second monthly increase in the series for Canadian goods since last April.