May 1994 U.S. Import and Export Price Indexes

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-MAY 1994-

Dominated by a continuing increase in petroleum prices, the U.S. Import Price Index rose 1.1 percent in May, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The rise followed a 0.8 percent advance in April. U.S. export prices were up 0.3 percent in May.

The May upturn in import prices was the largest monthly increase in the index since October 1990. Over the past 12 months, however, the import price index was up a modest 0.3 percent.

Imported petroleum prices continued a recent turnaround, rising 11.1 percent in May after an increase of 5.4 percent in April. Petroleum prices, however, were still down 11.2 percent over the 12- month period ended in May. Import prices of nonpetroleum goods were up 0.2 percent in May, a slightly smaller advance than the 0.3 percent and 0.4 percent increases posted in April and March, respectively. For the year ended in May, prices of nonpetroleum imports were up 1.7 percent.

Led by higher prices for vegetables and coffee, the index of imported foods, feeds, and beverages was up for the third consecutive month. The 1.7 percent increase in May was a slight acceleration over the 1.3 percent and 1.0 percent increases in April and March, respectively. The import price indexes for automotive vehicles and consumer goods each rose 0.2 percent last month. For the year ended in May, motor vehicle prices were up 3.0 percent while consumer goods prices were up 0.7 percent.

In contrast, import prices of capital goods fell 0.1 percent in May. The decline was led by a continuing drop in computer prices. For the 12-month period ended in May, the index of capital goods prices was up 0.6 percent. After increasing in 4 of the last 5 months, the price index for nonpetroleum industrial supplies and materials was flat in May. Over the past 12 months, the index advanced 1.2 percent.

Export Goods

Agricultural export prices continued a recent trend of fluctuating price movements, rising 1.4 percent in May after falling in 2 of the prior 3 months. Over the last 12 months, prices for agricultural exports were up 8.3 percent.

Prices for nonagricultural exports rose 0.2 percent in May, in line with the average price increase in the last 3 months. Partially contributing to the increase was the index of nonagricultural industrial supplies and materials, up 0.4 percent in May and 3.8 percent since December. Also posting advances in May were automotive vehicles prices, up 0.3 percent, and consumer goods prices, up 0.1 percent.

In contrast, the price index of exported capital goods--which accounts for nearly 40 percent of exports-- fell 0.1 percent for the sixth consecutive month. As with imported capital goods, the fall was largely the result of declining computer prices. Over the past 12 months, capital goods prices were down 0.3 percent.

Imports by Country or Region of Origin

The price indexes for imported goods from the European Community and from Japan both rose 0.4 percent in May. Over the past 12 months, prices of imports from the European Community were down 0.1 percent while prices of goods imported from Japan were up 5.3 percent.

Prices of goods imported from Canada increased 0.7 percent in May, led by a 5.3 percent advance in the index of nonmanufactured goods.

The index of imported goods coming from the Asian Newly Industrialized Countries remained fairly level, falling 0.1 percent in May after showing no change in April and March. For the year ended in May, the index was down 0.4 percent.