May 1999 U.S. Import and Export Price Indexes

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-MAY 1999-

The U.S. Import Price Index rose 0.7 percent in May, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase, the third in a row, again was primarily attributable to increasing petroleum prices. The price index for U.S. exports was unchanged in May, after increasing 0.3 percent in April.

Import Goods

The recent increases in import prices paralleled the 44.2 percent jump in petroleum prices since February. Overall, however, import prices were down 1.0 percent during the past 12 months. Nonpetroleum import prices edged up 0.1 percent in May, the first increase in this component since January, but fell 2.0 percent over the past 12 months.

The slight increase in nonpetroleum import prices in May was led by rises for industrial supplies and materials excluding petroleum, up 0.9 percent, and foods, feeds, and beverages, up 0.7 percent. Both indexes still were down over the past 12 months, falling 3.7 percent and 2.3 percent, respectively.

Each of the major finished goods indexes posted little change in May. Prices for automotive vehicles, parts, and engines edged up 0.1 percent in May and 0.5 percent for the year. The price indexes for capital goods and consumer goods excluding automotives each dipped 0.1 percent in May. Both indexes have declined for three consecutive months and were down over the year, 3.6 percent for capital goods and 0.6 percent for consumer goods.

Export Goods

Prices for both agricultural and nonagricultural exports edged up 0.1 percent in May after posting slightly larger increases in the previous month. Over the past 12 months, however, both indexes decreased, 8.7 percent and 1.3 percent, respectively. For the May 1998- 99 period, overall export prices fell 2.2 percent.

The price index for nonagricultural industrial supplies and materials increased 0.5 percent for the second consecutive month. Petroleum products, chemicals, and metals led the increase in May. Despite the recent upturn, nonagricultural industrial supplies and materials fell 3.6 percent over the past 12 months. The price index for automotive vehicles, parts, and engines also was up last month, increasing 0.2 percent in May and 0.8 percent for the year.

In contrast, the price indexes for capital goods and consumer goods excluding automotives each decreased in May after both edged up 0.1 percent in April. Capital goods prices, led by falling computer prices, decreased 0.3 percent in May and 1.5 percent over the May 1998- 99 period. The price index for consumer goods dipped 0.1 percent last month and fell 0.5 percent for the year.

Imports by Locality of Origin

The price index for imports from Japan increased 0.2 percent in May after declining in the previous two months. For the May 1998-99 period, the index decreased 0.6 percent.

The price indexes for imports from Canada and Latin America increased for the third consecutive month, rising 1.4 percent and 1.8 percent, respectively. Prices of imports from Canada still were down 0.5 percent for the year ended in May, while import prices from Latin America rose 1.2 percent over the past 12 months.

Prices of imports from the European Union also rose in May, edging up 0.1 percent last month after the same increase in April. Over the past 12 months, the index rose 0.3 percent.

In contrast, the price index for the Asian Newly Industrialized Countries continued to move lower, falling 0.2 percent for the second consecutive month. The index fell 5.8 percent for the year ended in May 1999 and 8.1 percent for the May 1997-98 period. Over the past two years, this price index has not posted a monthly increase.