April 1998 U.S. Import and Export Price Indexes

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-APRIL 1998-

The U.S. Import Price Index decreased 0.1 percent in April, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decrease was attributable to the continued decline in nonpetroleum import prices. The U.S. Export Price Index fell 0.3 percent in April, the same as in the previous two months.

Import Goods

The import price index fell for the sixth consecutive month and was down 4.9 percent for the year ended in April. The drop in import prices in April was smaller on average than the monthly declines recorded over the prior five months, as an upturn in petroleum import prices partially offset a decrease in nonpetroleum import prices. Nonpetroleum import prices fell 0.3 percent in April. The decline continued a downward trend for this index, which dropped 3.0 percent over the past 12 months and 2.5 percent over the April 1996-97 period. Petroleum prices, however, posted an upturn of 2.5 percent in April, after falling for five consecutive months. Despite the April increase, the petroleum import index was down 25.3 percent for the year.

The index for imported capital goods continued to lead the drop in nonpetroleum import prices. Import prices for capital goods fell 0.5 percent in April, the same as in the previous month. The index fell 6.3 percent for the year ended in April and has steadily declined over the past three years. Import prices for consumer goods also fell last month, declining 0.4 percent after a 0.5 percent fall in March. The indexes for industrial supplies and materials excluding petroleum and for automotive vehicles, parts, and engines each edged down 0.1 percent in April. Import prices for industrial supplies and materials excluding petroleum dropped 4.1 percent over the previous four months, while the auto index has not moved by more than 0.1 percent over the past six months.

Import prices for foods, feeds, and beverages were unchanged in April. The index had decreased in each of the previous three months.

Export Goods

For the fifth consecutive month, declines for both nonagricultural and agricultural prices contributed to the decline in overall export prices. Export prices have fallen 3.1 percent over the past 12 months and 1.5 percent for the April 1996-97 period. The price index of agricultural exports fell 1.3 percent in April, led by falling prices for grains and oilseeds. For the year ended in April, the index was down 11.7 percent. Prices of nonagricultural exports also fell in April, decreasing 0.3 percent for the second consecutive month. The index for nonagricultural exports, which has declined for eight consecutive months, decreased 2.0 percent for the year ended in April.

The export price indexes for capital goods, consumer goods, and nonagricultural industrial supplies and materials each fell 0.3 percent in April. Prices for both capital goods and consumer goods were stable in March, posting monthly movements of 0.1 percent and no change, respectively. The index for nonagricultural industrial supplies and materials, which has decreased for nine consecutive months, was down 1.0 percent in March.

Export prices for automotive vehicles, parts, and engines were unchanged for the fifth consecutive month. The index has posted little or no monthly movement over the past 12 months, edging up 0.1 percent for the year ended in April.

Imports by Locality of Origin

The index of imports from the Asian Newly Industrialized Countries continued to decline, falling 1.0 percent in April. The index has posted declines of 0.5 percent or more in 10 of the past 12 months and was down 7.8 percent during the period.

Prices for imports from Japan resumed a three-year downward trend, falling 0.4 percent in April after gaining 0.2 percent the previous month. (See table 7.) For the April 1997-98 period, the index was down 4.3 percent.

Import prices from Latin America and the European Union also declined in April, decreasing 1.2 and 0.4 percent, respectively. Both indexes have dropped for four consecutive months.

In contrast, the price index for imports from Canada rose 0.3 percent in April. Despite the upturn, the index was down 2.3 percent over the past 12 months.