April 1995 U.S. Import and Export Price Indexes

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-APRIL 1995-

The U.S. Import Price Index increase of 1.2 percent in April was led by a continuing increase in petroleum prices, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase in import prices was the largest recorded since October 1990. The U.S. Export Price Index also rose in April, advancing 0.8 percent.

Import Goods

The increase in import prices was highlighted by the rise for petroleum imports of 6.2 percent in April, the largest monthly gain for this index since May 1994. Nonpetroleum import prices also continued to increase, advancing 0.5 percent for the month. Over the past 12 months, the index for all imports was up 6.7 percent; petroleum prices were up 27.1 percent, and nonpetroleum imports were up 4.7 percent.

The April increase in nonpetroleum prices continued to be led by the index for nonpetroleum industrial supplies and materials, which rose 1.3 percent for the month and 12.1 percent during the past 12 months. In addition, average prices for all the major finished goods indexes posted gains for the month after recording basically no change in March. Prices for imported capital goods rose 1.0 percent in April, the largest 1-month advance in this component since December 1990. Other increases were recorded for automobiles, rising 0.6 percent, as well as consumer goods, advancing 0.5 percent.

In contrast, prices for foods, feeds, and beverages declined 2.6 percent in April; however, prices in this category were 10.7 percent higher than a year ago.

Export Goods

Since October 1994, increases in export prices have averaged 0.7 percent monthly, compared with a 0.2 percent monthly average from September 1993 to September 1994. Contributing to the rise in export prices was an upswing in prices for agricultural commodities, particularly the indexes for corn, wheat, and vegetables. Agricultural commodities increased 1.7 percent in April, after a 1.6 percent increase in March, and a 0.5 percent gain in February.

Prices of nonagricultural exports continued to increase, rising 0.7 percent in April and were again led by advances in nonagricultural industrial supplies and materials, which increased 1.7 percent for the month. In addition, the indexes for capital and consumer goods each posted gains of 0.3 percent this month after increasing 0.2 percent in March.

The index for automotive vehicles, engines, and parts was unchanged in April after recording a comparatively large 0.4 percent decrease in the previous month.

Imports by Locality of Origin

Prices for imported goods from Japan rose 2.1 percent in April after increasing 0.3 percent, on average, during the previous 2 months. The increase was the largest monthly gain since monthly publication of the series began in October 1992. Over the past year, prices of goods from Japan have risen 5.2 percent.

Prices for imported goods from Canada and the European Union each advanced 1.0 percent in April. Since April 1994, import prices for goods from Canada were up 8.5 percent, while those from the European Union rose 6.8 percent.

In contrast, the import index for the Asian Newly Industrialized Countries was down 0.3 percent for April and was unchanged over the past year.