January 1999 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.

-JANUARY 1999-

The U.S. Import Price Index increased 0.2 percent in January, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. A turnaround in the price index for petroleum led the increase; the price index for imports had declined 0.8 percent and 0.5 percent in December and November, respectively. The U.S. Export Price Index was unchanged in January, after falling 0.1 percent in December.

Import Goods

Prices for all U.S. imports rose 0.2 percent last month, but were down 4.7 percent for the 12 months ended in January. Petroleum prices increased 1.7 percent in January after falling 21.2 percent over the prior two months. Over the January 1998-1999 period, petroleum prices fell 32.6 percent, following a similar decline of 33.3 percent over the January 1997-1998 period. The index for nonpetroleum import prices also increased in January, rising 0.1 percent after declining the same amount in December. Over the past 12 months, this index fell 2.5 percent, compared with a 3.1 percent decline over the January 1997-98 period.

Prices in all the major commodity areas of nonpetroleum imports were unchanged or increased in January. The indexes for industrial supplies and materials, excluding petroleum, and consumer goods, excluding automotives, had the largest impact, both increasing 0.2 percent in January after both decreased in December. The index for foods, feeds, and beverages also rose in January, up 0.6 percent after increasing 1.2 percent in December. In addition, prices for automotive vehicles, parts and engines increased for the fourth consecutive month, edging up 0.1 percent in January.

The index for capital goods, however, was unchanged for the fourth consecutive month. In each of the past 19 months this index has either posted no change or declined.

Export Goods

Prices for U.S. exports were unchanged on average in January as increasing prices for agricultural exports offset declining prices for nonagricultural exports. For the 12 months ended in January, export prices were down 2.8 percent. The price index for agricultural exports, up 0.2 percent in January, rose for the fourth consecutive month. Despite the recent gains, the index was still down 6.6 percent over the past 12 months, following a drop of 5.7 percent over the January 1997-98 period. In contrast, nonagricultural export prices, which have shown little movement in the past few months, fell 0.1 percent last month. This index has not posted a monthly increase since June 1997. For the year ended in January, nonagricultural export prices fell 2.4 percent, compared with a 1.4 percent decline over the January 1997-98 period.

January declines in the price indexes for nonagricultural industrial supplies and materials, capital goods, and consumer goods all contributed to the overall decline in nonagricultural export prices. The price index for nonagricultural industrial supplies and materials posted a second consecutive drop of 0.2 percent; for the year ended in January, the index was down 5.8 percent. Capital goods prices fell 0.1 percent in January after posting a 0.1 percent increase in the prior month. Over the past 12 months, the index was down 1.7 percent. Prices for exported consumer goods decreased 0.1 percent in January and were down 0.7 percent over the January 1998-99 period.

In contrast, the index for exported automotive vehicles rose 0.1 percent in January after declining 0.1 percent in December. For the year ended in January, this index was up 0.6 percent.

Imports by Locality of Origin

Continuing a recent turnaround, the price index for imports from Japan rose for the third consecutive month, edging up 0.1 percent in January after gaining 0.2 percent in December and 1.3 percent in November. Despite the recent gains, the price index for imports from Japan fell 1.8 percent over the past year.

The price index for imports from the European Union also rose in January, up 0.3 percent after falling 0.6 percent in December. For the year ended in January, the index rose 0.2 percent.

In January, the import price indexes for Canada and Latin America were both up 0.2 percent, as gains recorded for nonmanufactured goods outweighed declines for manufactured goods. Both indexes declined in each of the previous two months and were down over the past year 2.5 percent and 6.9 percent, respectively.

In contrast, prices for imports from the Asian Newly Industrialized Countries continued to slide in January, falling 0.5 percent. This index has decreased in each of the past 17 months and was down 7.8 percent for the year ended in January.