November 1997 U.S. Import and Export Price Indexes

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-NOVEMBER 1997-

The U.S. Import Price Index fell 0.3 percent in November, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decrease was attributable to a turnaround in petroleum prices as well as the continuing decline in nonpetroleum import prices. The Export Price Index was unchanged in November after decreasing in each of the previous two months.

Import Goods

The November import price decrease marked the fifth decline in the last six months. For the year ended in November, the index was down 3.9 percent. Nonpetroleum import prices fell 0.1 percent in November and the index has decreased in each of the past five months; the index was down 2.3 percent for the year ended in November. Petroleum prices also contributed to the downturn in import prices last month, falling 1.5 percent after increasing in the three previous months. The price index for petroleum imports dropped 18.2 percent over the past year.

The index for foods, feeds, and beverages fell 0.9 percent in November, following a decrease of 0.8 percent in the preceding month. The decline was led by falling coffee prices. All of the major finished goods indexes either decreased or were unchanged in November. Capital goods prices continued a two-year slide, declining 0.3 percent last month; the index has increased only twice on a monthly basis since November 1995 and has declined 10.5 percent over the period. Import prices for consumer goods fell 0.2 percent in November, while the index for automotive vehicles, parts, and engines was unchanged. Both indexes had posted 0.2 percent gains the previous month.

In contrast, industrial supplies and materials excluding petroleum edged up 0.1 percent last month after a 0.5 percent decline in October. For the year ended in November, however, the index was unchanged.

Export Goods

The price index of all exports was unchanged last month, as an increase in the agricultural export index countered a dip for nonagricultural exports. Export prices, which fell 0.4 percent in October and 0.3 percent in September, were down 0.7 percent for the year ended in November. Agricultural export prices rose 0.8 percent in November after falling 1.8 percent in the preceding month. The November upturn was led by an increase in soybean and soybean oil prices. Nonagricultural export prices fell for the third consecutive month, dipping 0.1 percent in November, and were down 0.5 percent in the year ended in November.

The drop in nonagricultural prices was led by declining prices for industrial supplies and materials. Nonagricultural industrial supplies and materials fell 0.3 percent in November, following average declines of 0.4 percent in the previous three months.

All of the major finished goods indexes were unchanged from October. Export prices for autos and consumer goods were up 0.8 percent and 1.1 percent, respectively, for the year ended in November. In contrast, the index for capital goods was down over the November 1996-97 period.

Imports by Locality of Origin

Import prices from Japan fell for the fourth consecutive month, dropping 0.3 percent in November. (See table 7.) Over the November 1996-97 period, the index was down 5.0 percent.

Prices for imports from the Asian Newly Industrialized Countries declined 1.2 percent in November, after falling in the previous two months. The recent decline has paralleled the relative strengthening of the U.S. dollar versus these Asian currencies. For the year ended in November, the index dropped 4.7 percent.

The price index for imports from Canada also fell last month, decreasing 0.2 percent in November after a slight 0.1 percent decrease in October. Over the November 1996-97 period, the index was down 1.3 percent.

In contrast, the price index for imports from the European Union rose 0.2 percent on average for the second consecutive month. Despite the recent gains, the index decreased 2.2 percent for the November 1996-97 period.