August 1994 U.S. Import and Export Price Indexes

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-AUGUST 1994-

U.S. import prices increased 0.6 percent in August, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed a 1.0 percent advance in July. Export prices were up 0.2 percent in August.

Import Goods

The moderation in import prices in August was attributable to a deceleration in increases in petroleum prices, which rose 0.8 percent in August after advancing more than 5.0 percent in each of the 4 previous months. During the first 8 months of 1994, import prices were up 4.7 percent.

Prices of nonpetroleum imports rose 0.6 percent for the second consecutive month and were up 3.0 percent over the past 12 months. The increase was led by the index for nonpetroleum industrial supplies and materials--up 1.1 percent--and by a rise in the index for imported capital goods. The 0.6 percent increase in capital goods prices was partially attributable to the falling value of the U.S. dollar and was the largest advance in this index since May 1993.

Imported food, feeds, and beverages prices continued a recent upward trend related to higher coffee prices; the index rose 2.3 percent in August compared with a 4.3 percent rise in July and a 14.6 percent increase over the past year. Also contributing to the increase in nonpetroleum imports were the indexes for automotive vehicles and consumer goods, up 0.4 percent and 0.1 percent, respectively.

Export Goods

The 0.2 percent increase in export prices followed a similar increase in July. Prices for nonagricultural exports advanced 0.3 percent, while prices for agricultural exports continued to fall, down 1.1 percent after declining 2.2 and 2.3 percent in June and July, respectively. During the first 8 months of 1994, export prices were up 1.7 percent.

The rise in nonagricultural export prices was again led by increases in the price index for industrial supplies and materials, up 1.4 percent. Over the 12-month period ended in August, exported industrial supplies and materials prices were up 7.9 percent. The price index for exported consumer goods also was up in August, rising a modest 0.1 percent after falling in each of the 2 previous months.

In contrast, exported capital goods fell 0.4 percent in August. For the year ended in August, capital goods prices were down 0.7 percent. The index for exported automotive vehicles, parts, and engines continued to show little movement and was unchanged in August.

Imports by Country or Region of Origin

The price index for imports from Japan moved up 1.0 percent in August due in part to the yen's appreciation against the U.S. dollar. The increase represented an acceleration of the recent upward trend in this index. For the year ended in August, prices of imports from Japan were up 4.6 percent.

Price increases for goods from the European Community and Canada also were advancing in August, up 0.5 percent and 0.3 percent, respectively. Over the past 12 months, prices of imports from the European Community were up 2.4 percent, and prices of imports from Canada were up 3.2 percent.

In contrast, the price index of goods imported from the Asian Newly Industrialized Countries continued to move lower in August. The index fell 0.1 percent for the fourth consecutive month and was down 0.7 percent over the past year.