March 1995 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.

-MARCH 1995-

The U.S. Import Price Index rose 0.6 percent in March, the Bureau of Labor Statistics of the U.S.Department of Labor reported today. The rise followed a 0.7 percent advance in February. In March, U.S. export prices rose 0.6, the same increase as in February.

Import Goods

The increase in import prices during the first quarter of 1995 was 1.5 percent, compared with an advance of 1.3 percent in the last quarter of 1994. For the 12 months ended in March, the price index for U.S. imports was up 6.3 percent.

Imported petroleum prices rose 2.1 percent in March after increases of 3.1 and 0.9 percent in February and January, respectively. Petroleum prices advanced 26.1 percent over the past 12 months. In addition, import prices of nonpetroleum goods were up 0.4 percent in March, a slightly smaller advance than the 0.5 percent increase posted in February and about the same as the average monthly increase during the past year. Over the year, prices of nonpetroleum imports were up 4.4 percent.

The increase in nonpetroleum imports was led by a 2.7 percent increase in foods, feeds, and beverages--the largest monthly increase since the index rose 4.3 percent in July 1994. The index for industrial supplies and materials excluding petroleum rose 0.7 percent; over the past 12 months this index was up 11.1 percent. Prices for imported automotive vehicles and capital goods also moved slightly higher--up 0.1 percent-- while the index for consumer goods was unchanged in March after posting an increase of 0.5 percent in the preceding month.

Export Goods

Export prices have increased by 0.6 percent or more for six consecutive months. For the year ended in March, export prices were up 5.0 percent

Agricultural export prices rose 2.0 percent in March after gaining 0.5 percent in the previous month. For the year, prices for agricultural exports were up a modest 0.3percent. Prices for nonagricultural exports continued to advance, rising 0.3 percent in March; however, the increase was the smallest monthly rise since September 1994. Over the past 12 months, the index advanced 5.6 percent. The index of nonagricultural industrial supplies and materials was up 0.8 percent in March and 17.7 percent for the year. Also posting advances in March were capital goods, up 0.1 percent, and consumer goods, up 0.3 percent.

In contrast, the price index for exported automotive vehicles, parts, and engines fell 0.4 percent. The fall was largely the result of declining engine prices.

Imports by Country or Region of Origin

Prices for imported goods from the European Community recorded a 1.0 percent increase in March after increasing 0.7 percent in February. The index rose 6.1 percent over the past year.

Prices of goods imported from Canada increased 0.7 percent in March, led by a 1.0 percent increase in the index for nonmanufactured goods.

The indexes of imported goods from Japan and from the Asian Newly Industrialized Countries each advanced 0.3 percent in March. Over the past 12 months, prices for goods from Japan were up 3.1 percent, while those from the Asian Newly Industrialized Countries rose 0.3 percent.

International Services

Air Transportation

The Inbound Air Freight Index continued to gain with a 4.5 percent increase during the March quarter. The Atlantic and Pacific regions contributed to this rise with 4.1 and 5.3 percent increases, respectively. The Outbound Air Freight Index edged up 0.8 percent this quarter, influenced by gains of 2.2 percent in the Atlantic region and 0.1 percent in the Pacific region.

Both the U.S. Carrier and Foreign Carrier Air Passenger Fares indexes reversed fourth-quarter declines by advancing 2.0 and 3.5 percent, respectively. In the U.S. Carrier Index, the Canadian region experienced the most dramatic gain this quarter with a 10.0 percent increase. The increase in the Foreign Carrier Air Passenger Fares Index can be attributed primarily to a 6.3 percent jump in the Pacific region.

Ocean Transportation

The Ocean Liner Freight Index rose 1.8 percent this quarter, reflecting price increases in the U.S. East Coast region. This gain was moderated by a slight drop in the U.S. West Coast region.