April 1996 U.S. Import and Export Price Indexes

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-APRIL 1996-

The U.S. Import Price Index moved up 0.9 percent in April, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase follows a 0.6 percent rise in March and was led by higher prices for petroleum imports. The U.S. Export Price Index increased 0.5 percent in April after declining in each of the two previous months.

Import Goods

The increase of 0.9 percent in import prices was largely attributable to a continued rise in the index for imported petroleum prices, up 8.1 percent in April. Prices for petroleum imports rose 17.0 percent since February, the largest two-month gain in over five years. Import prices were up 1.6 percent for the year ended in April.

The price index for imports, excluding petroleum, edged up slightly in April, rising 0.1 percent. The increase followed declines of 0.3 percent in two of the last three months and was the first increase in the index since November 1995. Over the past 12 months nonpetroleum imports were up 0.2 percent.

Import prices for foods, feeds, and beverages, up 3.3 percent in April, led the increase in the price index for nonpetroleum imports. The increase in the index for foods, feeds, and beverages followed a 1.4 percent decline in March. In the year ended in April, this index was up 0.9 percent. Prices for imported automotive vehicles also rose, up 0.1 percent in April and 1.0 percent over the last 12 months. Consumer goods prices were unchanged in April and were up 0.9 percent over the last 12 months.

In contrast, the import price indexes for nonpetroleum industrial supplies and materials and for capital goods each fell in April, down 0.5 and 0.3 percent, respectively. For the year ended in April, prices for industrial supplies and materials, excluding petroleum, were up 0.5 percent, while capital goods prices were down 1.5 percent over the same period.

Export Goods

The April increase of 0.5 percent in export prices followed declines of 0.1 and 0.3 percent in March and February, respectively. Export prices were up 1.1 percent over the last 12 months. Prices for agricultural exports, up 4.9 percent in April, led the monthly increase in export prices. The increase in agricultural prices, the largest one-month change in nearly three years, was largely attributable to increasing grain prices. Agricultural export prices were up 21.9 percent for the year ended in April. Nonagricultural export prices were unchanged in April, after falling 0.4 percent in March, and were down 1.5 percent over the last 12 months.

The export price index for industrial supplies and materials decreased 0.3 percent in April, a smaller drop than the average decline of 1.0 percent in the prior two months. Industrial supplies and material costs are down 6.4 percent for the year ended in April.

The decline in industrial supplies and materials was offset by advances in each of the finished goods indexes. Consumer goods prices were up 0.3 percent for the month and 1.4 percent over the past year. Prices for capital goods and automotive vehicles each rose 0.1 percent in April and were up 0.8 and 1.5 percent, respectively, over the last 12 months.

Imports by Locality of Origin

Prices of goods imported from Japan fell 0.3 percent in April. The decline was equal to the average monthly decline recorded over the prior four months. For the 12 months ended in April, the index was down 0.8 percent. (See table 7.)

The price index for imports from the Asian Newly Industrialized Countries also fell 0.3 percent in April, the sixth decline in the last seven months. Imports from the Asian Newly Industrialized Countries were down 0.5 percent over the last 12 months.

Prices of Canadian goods rose 0.3 percent in April after posting no change in the prior two months. The increase was attributable to a 4.4 percent increase in the index of nonmanufactured goods. In contrast, prices for manufactured goods imported from Canada fell 0.3 percent. During the past 12 months, the average price of imported goods from Canada advanced 1.8 percent.

The price of imports from the European Union were up 0.3 percent in April, following a similar increase of 0.4 percent in March. In the 12 months ended in April, the index rose 2.9 percent.