April 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.

-APRIL 1999-

The U.S. Import Price Index rose 0.8 percent in April, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase was attributable to the upswing in imported petroleum prices and followed a 0.1 percent rise in March. The price index for U.S. exports also rose in April, increasing 0.2 percent after decreasing in each of the prior two months.

Import Goods

The recent increases in import prices were attributable to sharply higher petroleum prices, up 17.7 percent in April and 10.7 percent in March. The double- digit gains in petroleum prices, however, came only two months after the index for petroleum reached its lowest level since the series began publication in 1983. In contrast, nonpetroleum import prices continued to move lower and were down 0.3 percent in April, after falling 0.5 percent in March. For the 12 months ended in April, the index was down 2.4 percent.

The decline in nonpetroleum import prices was again led by a drop in the price index for imported capital goods, which fell 1.0 percent in April and 0.8 percent in March, as computer prices continued to move lower. For the year ended in April, capital goods prices were down 4.0 percent. Consumer goods, led by falling prices for home entertainment equipment, fell 0.3 percent in April. The index for industrial supplies and materials excluding petroleum decreased 0.2 percent last month, with paper and chemicals having the largest impact.

In contrast, the indexes for foods, feeds, and beverages as well as automotives, parts, and engines both increased in April, 0.8 percent and 0.1 percent, respectively, after declining in March. Despite the recent gain for foods, feeds, and beverages, the index declined 3.8 percent over the past twelve months. The index for autos has been relatively stable, edging up 0.2 percent for the year ended in April.

Export Goods

The modest April upturn in export prices was the first increase recorded for this index since November. Prices for both agricultural exports and nonagricultural exports contributed to the April increase, gaining 0.4 percent and 0.3 percent, respectively. The rise in agricultural export prices, however, followed declines of 3.0 percent in March and 2.4 percent in February. Overall export prices were down 2.1 percent for the year ended in April.

The index for nonagricultural industrial supplies and materials led the increase in prices for nonagricultural exports, increasing 0.6 percent in April, largely attributable to increasing prices for fuels and lubricants. Despite the increase, the nonagricultural industrial supplies and materials index fell 4.3 percent for the year ended in April. Capital goods also rose last month, increasing 0.2 percent. The index had little movement over the previous seven months and was down 1.0 percent over the April 1998-1999 period.

In contrast, the indexes for consumer goods and automotive vehicles, parts, and engines fell 0.2 percent and 0.1 percent in April, respectively, after dipping 0.1 percent in March.

Imports by Locality of Origin

The import price index for the Asian Newly Industrialized Countries decreased 0.5 percent for the second consecutive month. The index was down 6.7 percent over the past 12 months after falling 7.7 percent in the prior year. Prices of imports from Japan also fell in April, down 0.2 percent, after a decline of 0.4 percent in March. For the year ended in April, import prices from Japan were down 1.2 percent.

In contrast, the price indexes for imports from Canada and Latin America increased for the second consecutive month, rising 0.5 and 2.3 percent, respectively. Recent gains for both indexes were led by rising prices for petroleum and petroleum products. Prices of imports from Canada were still down 1.0 percent for the year ended in April. Import prices from Latin America also fell 1.0 percent, on average, over the past 12 months.

Prices of imports from the European Union were unchanged in April, as an 11.3 percent increase in non-manufactured goods was countered by a 0.3 percent drop in manufactured goods. Over the April 1998-1999 period the index rose 0.6 percent.