September 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.

-SEPTEMBER 1994-

Led by a sharp drop in petroleum prices, U.S. import prices declined 0.8 percent in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. In contrast, export prices rose 0.4 percent in September.

Import Goods

The 0.8 percent drop in import prices was the first monthly decline since December, and, for the year ended in September, the index was up 2.6 percent. The monthly decline was largely due to a 10.2 percent decrease in the price of imported petroleum. The petroleum decrease followed a 1.1 percent decline in August and partially reversed the recent trend of advancing fuel prices, which had risen 26.4 percent between March and July.

Nonpetroleum import prices continued to move upward in September, rising 0.3 percent. The advance, however, was a moderation from the 0.7 and 0.5 percent increases posted in August and July, respectively. Over the past year, the index was up 3.1 percent . Much of the September increase was driven by a 1.2 percent advance in the index of imported nonpetroleum industrial supplies and materials. The upward movement in this index followed slightly smaller increases in each of the 3 preceding months. The index for imported foods, feeds, and beverages rose 0.4 percent in September, the smallest monthly advance since March as coffee prices flattened out. The indexes of imported automotive vehicles and consumer goods each rose a slight 0.1 percent in September.

In contrast, the index of imported capital goods fell 0.1 percent in September, the first monthly decline in this index since February.

Export Goods

Export prices were up 0.4 percent in September following 3 months of relatively little change. Over the first 9 months of the year, the index was up 2.0 percent. Both nonagricultural and agricultural exports contributed to the increase in overall export prices, rising 0.3 and 0.5 percent, respectively. The 0.3 percent advance in the index of nonagricultural exports was the same as the average monthly increase in this index in the first 9 months of 1994. In contrast, the advance in agricultural exports reversed the downward movement seen in this index in the 3 months prior to September. The index had fallen 5.5 percent over the 3 previous months and was down 4.0 over the first 9 months of 1994.

The rise in export prices was again largely driven by the index for industrial supplies and materials, up 0.9 percent in September. The increase in industrial supplies and materials was somewhat smaller than the 1.1 - 1.7 percent rises seen in the 3 prior months. The index was up 9.2 percent over the past 12 months. Also contributing to the advance in exports were the indexes for consumer goods and automotive vehicles, up 0.2 and 0.1 percent, respectively.

The index for exported capital goods continued to record little movement and was unchanged in September. For the year ended in September, the index was down 0.8 percent.

Imports by Country or Region of Origin

The price index for imports from Japan fell 0.2 percent in September, the first monthly decline in this index since last December. For the year ended in September, however, prices of goods from Japan were up 3.3 percent.

Prices for goods coming from Canada also declined in September, falling 0.1 percent. In contrast, imports coming from the European Community were up 0.6 percent over the month. For the year ended in September, both indexes had risen 3.1 percent.

Prices of goods imported from the Asian Newly Industrialized Countries again were relatively flat, posting no change for the month of September. This index has gradually declined, falling 0.8 percent over the past 12 months.

International Services

Air Transportation

The U.S. Carrier and Foreign Carrier Air Passenger Fares Indexes both registered increases for the third consecutive quarter this year. The 1.4 percent increase in the U.S. Carrier Index and the 3.1 percent rise in the Foreign Carrier Index were primarily attributable to seasonal increases in the Atlantic region.

The Inbound Air Freight index edged up slightly this quarter, posting a 0.5 percent increase. This increase was influenced by a 3.9 percent rise in the Atlantic region moderated by a 0.9 percent decline in the Pacific region. While the rate of increase on the inbound side eased somewhat compared with last quarter, the Outbound Air Freight Index was unchanged.

Ocean Transportation

The Inbound Ocean Liner Freight Index fell slightly this quarter, down 0.6 percent, after posting increases in the preceding 2 quarters. The U.S East Coast Region and the U.S. West Coast Region contributed to this decline, falling 0.3 and 0.8 percent respectively.

The Inbound Crude Tanker Freight Index continued its downward movement of this year with a 3.9 percent decrease in the third quarter. This drop was due to a 4.2 percent decline in the Gulf region and a 1.3 percent decrease in the Atlantic region.