April 1994 U.S. Import and Export Price Indexes

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-APRIL 1994-

The U.S. Import Price Index rose 0.8 percent in April led by higher petroleum prices, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The index of U.S. export prices edged up 0.1 percent in April.

Import Goods

Import prices advanced for the fourth month in a row. For the 12- months ended in April, however, the index for U.S. imports was down 0.5 percent.

After declining for most of 1993, petroleum imports increased for the second time in 3 months, up 4.5 percent in April. For the year ended in April, fuel prices declined by 21.0 percent. Nonpetroleum prices continued to move higher in April, rising 0.4 percent. Combined with a March increase of 0.3 percent, the 0.7 percent rise over the last 2 months marked a slight acceleration in nonpetroleum prices.

All of the major end-use categories rose during the month of April. The increase in nonpetroleum imports was led by a 0.9 percent increase in automotive vehicles--the largest monthly increase since the index rose 1.1 percent in October. The index for industrial supplies and materials, excluding petroleum, advanced 0.4 percent in April. For the second consecutive month, foods, feeds, and beverages prices increased by 1.0 percent; over the last 12 months, this index was up 5.8 percent. Continuing to post more modest increases during April were the indexes for capital goods and consumer goods, excluding automotives; both were up 0.2 percent.

Export Goods

The increase in export prices was led by a 0.3 percent rise in the index for nonagricultural commodities, which has been increasing since January after trending lower during the second half of 1993. This recent increase was partially attributable to advances in the index for nonagricultural industrial supplies and materials, up 0.9 percent in April and 3.4 percent since December. Consumer goods export prices rose 0.2 percent in April, led by a 0.6 percent increase in the index for consumer durables.

Moderating the increases in export prices was the index of agricultural export prices, down 1.9 percent in April. The decline represents the largest 1-month drop in the price of export agricultural commodities since last June. Despite declines in 2 of the last 3 months, the index for agricultural prices was up 8.0 percent over the year ended in April. Other export indexes showing declines in April were the capital goods index--down 0.1 percent for the fifth consecutive month--and the index for automotive vehicles, also down 0.1 percent.

Imports by Country or Region of Origin

Prices of imported goods from Japan rose 0.3 percent, on average, during the month of April, half the 0.6 percent increase posted in March. Since April 1993, prices of goods from Japan have risen 6.0 percent.

After registering comparatively little movement during the preceding 12-month period, prices of goods imported from the European Community rose 0.6 percent in April. The price index of import goods from Canada also rose in April, up 0.3 percent. Over the past year, however, import prices from Canada are down 1.1 percent.

After declining by 0.1 percent and 0.3 percent in March and February, respectively, goods imported from the Asian Newly Industrialized Countries posted a 0.1 percent increase in April. For the year ended in April, this index remains down, falling 0.6 percent over the period.