September 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.

SEPTEMBER 1995-

The U.S. Import Price Index rose 0.1 percent in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed decreases in the 3 previous months and was led by a turnaround in petroleum prices. The Export Price Index also rose in September, advancing 0.2 percent, largely attributable to a 2.9 percent rise in agricultural export prices.

IMPORTS EXPORTS Month Non- Agri- Nonagri- All Petroleum petroleum All cultural cultural Imports Imports Imports Exports Exports Exports

Import Goods

Imported petroleum prices rose 1.7 percent in September after decreasing 11.7 percent over the previous 3 months. In contrast, nonpetroleum import prices fell 0.2 percent in September. Since May, the nonpetroleum index has been relatively unchanged, up a modest 0.1 percent. Over the past 12 months, however, nonpetroleum import prices have risen 3.5 percent.

The September decrease in nonpetroleum import prices was highlighted by a 0.6 percent decline in prices for capital goods, the largest decrease for this index since February 1993. Prices for foods, feeds, and beverages fell 1.2 percent in September after gaining 0.4 percent in August. Prices for consumer goods also fell this month, declining 0.2 percent after edging up 0.1 percent in each of the previous 3 months.

In contrast, import prices for industrial supplies and materials excluding petroleum increased 0.4 percent in September. Over the past 12 months, the index advanced 10.7 percent. Automobile prices also posted a gain in September, increasing 0.3 percent.

Export Goods

The rise in export prices was led by the upswing in prices for agricultural commodities, especially grains. Agricultural commodities increased 2.9 percent in September, following a 1.4 percent decline in August. Prices for agricultural commodities rose 15.9 percent over the past 12 months.

The index for nonagricultural exports declined for the third consecutive month, falling 0.2 percent in September. Since April, the index has fallen 0.5 percent, after gaining 4.6 percent over the previous 7 months. The decrease was largely attributable to declining export prices for nonagricultural industrial supplies and materials. This index fell 0.8 percent in September, about the same as the decrease in the prior 2 months; however, it posted a 9.9 percent increase over the past 12 months.

Each of the export price indexes in the finished goods categories recorded little or no change in September. The price indexes for exported automotive vehicles and capital goods were up 0.2 and 0.1 percent, respectively. Export prices for consumer goods remained unchanged for the second consecutive month.

Imports by Locality of Origin

The price index for imports from Japan fell 0.7 percent in September, after declining 0.3 percent in August. The most recent decrease was the largest recorded for this index since the monthly series began in September 1992. For the year ended in September, prices rose 4.7 percent.

Import prices from the European Union were unchanged in September after edging up 0.1 percent in August. Over the past 12 months, the index gained 5.2 percent.

In contrast, import prices from Canada rose 1.2 percent in September, following a 0.5 percent gain in the previous month. The index increased 8.0 percent during the past 12 months.

The import price index for the Asian Newly Industrialized Countries edged up 0.2 percent in September, after declining by the same amount the previous month. For the year, the index posted a modest 1.1 percent increase.

Import and Export Services

Air Transportation

The Import Air Freight Index dropped 4.4 percent in the September quarter, reversing the upward trend during the past year. The decrease was triggered by a 6.5 percent decline in the Pacific region which paralleled the depreciation of the Japanese yen.

The Import Air Passenger Fares and Export Air Passenger Fares indexes both fell this quarter, down 2.0 and 3.0 percent, respectively. As with the Import Air Freight Index, the major contributors to the respective declines were the 7.0 percent drop in prices from the Import Pacific region and the 8.0 percent price decline from the Export Pacific region, again due in large part to exchange rates.

Ocean Transportation

The Import Crude Oil Tanker Freight Index declined 1.7 percent, resulting from a 4.5 percent decrease in the Gulf region. A 12.1 percent increase in the Atlantic region moderated this drop.

The Import Ocean Liner Freight Index remained relatively stable this quarter, posting a slight increase of 0.9 percent. Both the U.S. East Coast and U.S. West Coast Indexes, up 1.3 and 0.6 percent, respectively, contributed to this movement.