February 1999 U.S. Import and Export Price Indexes

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-FEBRUARY 1999-

The U.S. Import Price Index decreased 0.1 percent in February, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decrease followed a 0.3 percent gain in January and was attributable to a decline in prices for both petroleum and nonpetroleum products. The U.S. Export Price Index was also down 0.1 percent in February after posting no change, on average, in January.

Feb. 97-98 -6.3 -32.1 -3.4 -2.4 -9.0 -1.6 Feb. 98-99 -3.9 -28.3 -2.2 -2.6 -7.5 -2.1

Import Goods

The price index for all U.S. imports, which resumed a downward trend in February, has dropped 3.9 percent over the past 12 months. Petroleum prices led the turnaround, falling 1.5 percent in February after gaining 3.5 percent in January. For the year ended in February, petroleum prices fell 28.3 percent, following a decline of 32.1 percent over the February 1997-1998 period. The index for nonpetroleum import prices continued to register comparatively little movement in February, falling 0.1 percent after gaining 0.2 percent in January. Over the past 12 months, this index fell 2.2 percent, compared with a 3.4 percent decline over the February 1997-98 period.

The index for foods, feeds, and beverages fell 2.7 percent in February after increasing 0.9 percent in January. The decline was led by falling vegetable and coffee prices. For the year ended in February, the index fell 3.4 percent. The index for industrial supplies and materials excluding petroleum was unchanged last month after edging up 0.1 percent in January. Over the past 12 months, this index fell 4.2 percent.

In contrast, prices in all the major finished goods areas increased in February. The index for automotive vehicles, parts, and engines rose for the fifth consecutive month, up 0.3 percent in February. Over the past 12 months, the index rose 0.4 percent. The indexes for capital goods and consumer goods excluding automotives each edged up 0.1 percent last month. Both indexes, however, fell over the past 12 months, 3.2 percent and 1.0 percent, respectively.

Export Goods

The price index for all U.S. exports continued its recent pattern of little movement in February, declining 0.1 percent as decreasing prices for agricultural exports more than offset a slight rise for nonagricultural exports. Over the past 12 months, export prices were down 2.6 percent. The price index for agricultural exports decreased 2.4 percent in February after increasing in each of the previous four months. The turnaround in February was led by falling prices for grains and oilseeds. Agricultural export prices fell 7.5 percent over the past 12 months after a drop of 9.0 percent over the February 1997-98 period. In contrast, nonagricultural export prices edged up 0.1 percent last month. Despite the February increase, the index fell 2.1 percent for the past year, compared with a 1.6 percent decline over the February 1997-98 period.

Small increases in the price indexes for all the major finished goods areas in February contributed to the overall increase in nonagricultural export prices. The price indexes for capital goods and consumer goods excluding automotives each rose on average 0.1 percent in February. Over the past 12 months, however, the indexes fell 1.5 percent and 0.6 percent, respectively. Prices for automotive vehicles, parts, and engines also increased, up 0.2 percent in February and 0.9 percent over the past 12 months.

The index for nonagricultural industrial supplies and materials posted no change in February. These prices decreased in each of the previous two months and were down 5.6 percent for the year ended in February.

Imports by Locality of Origin

Continuing a four- month upward trend, prices for imports from Japan rose 0.5 percent in February, bringing the increase since October 1998 to 2.2 percent. The index, however, was still down 0.9 percent over the past year.

The price index for imports from the Asian Newly Industrialized Countries was unchanged in February after decreasing in each of the previous 17 months. For the year ended in February, the index fell 7.2 percent.

The import price index for Latin America also was unchanged last month. Over the past year, however, the index dropped 6.6 percent.

In February, the import price index for Canada fell for the fourth consecutive month, down 0.6 percent. For the February 1998-99 period, the index fell 2.3 percent.

Import prices from the European Union also fell, on average, in February, down 0.2 percent. The index was up 0.1 percent over the past year.