October 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.

-OCTOBER 1994-

Import prices rose 0.7 percent in October, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed a 0.4 percent decline in September but was similar to the increases recorded during the preceding 5 months. Prices for exports also moved higher in October, advancing 0.6 percent after rising 0.2 percent in each of the previous 3 months.

Import Goods

The October increase in import prices was led by a turnaround in prices for imported petroleum, which rose 1.0 percent after falling 7.4 percent in September and 1.1 percent in August. Despite sharp fluctuations during the past year, petroleum prices were unchanged from a year ago. Meanwhile, the index for nonpetroleum import prices continued its modest acceleration during the second half of 1994, increasing 0.7 percent in October, 0.4 percent in September, 0.7 percent in August, and 0.5 percent in July. In contrast, during the first half of 1994, price increases for nonpetroleum imports had averaged 0.2 percent a month.

The October increase in nonpetroleum import prices was highlighted by a continued advance in prices for industrial supplies and materials, excluding petroleum, which rose 1.2 percent in October. In the past 3 months, this index has increased 3.5 percent, compared with a 3.2 percent increase during the previous 12 months. Prices for foods, feeds, and beverages also continued an upward trend, increasing 1.4 percent in October, and have jumped 14.9 percent during the past year. The index for automotive vehicles rose 1.2 percent in October, attributable primarily to seasonal increases associated with the model changeovers. (The indexes in this release are not seasonally adjusted.)

In contrast, the indexes for capital goods and consumer goods continued to post little movement, increasing 0.1 percent and 0.2 percent, respectively. Both of these components have increased less than 1.0 percent during the past 12 months.

Export Goods

The 0.6 percent increase in export prices was the largest monthly increase since January and followed three consecutive monthly increases of 0.2 percent each. The rise was led by a 0.7 percent advance in prices for nonagricultural exports, the largest 1-month increase in this component in 4 years. In contrast, the index for prices of agricultural exports--down 0.1 percent--resumed its recent downward trend in October and has dropped 6.4 percent since January.

Much of the October increase in export prices was attributable to ongoing increases in prices for industrial supplies and materials, up 1.6 percent in October and 11.6 percent during the past 12 months. Contributing to the advance was a 0.6 percent rise in prices for automotive vehicles, also due in part to price increases associated with the model changeovers.

In contrast, in October, the index for exported capital goods-- the largest component of U.S. exports--continued to edge lower, down 0.2 percent for the month and 1.1 percent since the beginning of the year. Prices for consumer exports, which overall also have recorded little movement recently, inched up 0.1 percent in October.

Imports by Country or Region of Origin

The price index for imports from Japan resumed a year-long upward trend in October, advancing 0.9 percent after edging down 0.2 percent in September. For the year ended in October, prices of goods from Japan were up 3.7 percent. Prices for imported Canadian goods also rose 0.9 percent in October and have increased 4.2 percent during the past year.

The index for goods from the European Community rose 0.7 percent in October, similar to its rate of increase during the preceding 3 months. In contrast, during the first half of 1994, the index had increases averaging 0.2 percent a month.

In contrast, prices of goods from the Asian Newly Industrialized Countries were unchanged for the second month in a row in October. During the past year, prices of goods from the Asian NICs have declined 0.7 percent.