June 1999 U.S. Import and Export Price Indexes

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-JUNE 1999-

The U.S. Import Price Index decreased 0.2 percent in June, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Falling prices for both petroleum and nonpetroleum imports contributed to the decline in the index, which had increased in each of the three previous months. Export prices were unchanged in June after posting small increases in each of the prior two months.

Import Goods

Prices for U.S. imports declined in June after rising 2.1 percent over the previous three months. The index was down 0.2 percent for the June 1998-1999 period. Both the indexes of petroleum and nonpetroleum prices decreased in June, down 0.9 and 0.2 percent, respectively. Imported petroleum prices were up 48 percent in the three months prior to June, which led the increase in overall import prices over that period. The index for imported petroleum was up 22.0 percent for the year ended in June. Nonpetroleum import prices resumed a downward trend in June after having risen 0.2 percent in May. Over the past 12 months, the index for nonpetroleum imports was down 1.7 percent.

Most of the major categories for imports decreased in June. Led by continued price declines for computers and computer peripherals, the price index for imported capital goods fell 0.4 percent for the second consecutive month. Capital goods prices were down 3.4 percent over the past year. Prices for imported consumer goods fell for the fourth consecutive month, down 0.2 percent. For the year ended in June, this index decreased 0.7 percent. The price indexes for imported automotive vehicles and foods, feeds, and beverages also declined in June, down 0.1 and 0.5 percent, respectively. Over the past 12 months, prices of automotive vehicles rose 0.7 percent, while prices for foods, feeds, and beverages fell 3.1 percent.

In contrast, the price index for industrial supplies and materials, excluding petroleum, was up 0.2 percent, rising for the second month in a row. Over the past year, however, this index decreased 2.4 percent.

Export Goods

The index for U.S. export prices was unchanged in June after increasing in the previous two months. The index was down 1.7 percent for the year ended in June.

In June, declines in the indexes of capital goods and of foods, feeds, and beverages offset increasing prices in the other major End Use export indexes. The export price index for capital goods continued to move lower, falling 0.3 percent for the second consecutive month. Over the past 12 months, the index decreased 1.3 percent. The price index for foods, feeds, and beverages, which had advanced in each of the two prior months, fell 0.2 percent in June and was down 4.7 percent over the past year.

In contrast, the price indexes for industrial supplies and materials, automotive vehicles, and consumer goods all increased last month. Industrial supplies and materials prices rose 0.3 percent in June, the third consecutive monthly increase in the index. For the June 1998-99 period, however, industrial supplies and materials prices fell 3.1 percent. The price indexes for automotive vehicles and consumer goods also rose in June, up 0.2 and 0.1 percent, respectively.

Imports by Locality of Origin

The price index for imports from Japan declined 0.3 percent in June, countering a 0.3 percent increase in this index in May. For the year ended in June, prices of imports from Japan were down slightly, 0.1 percent.

The price index of imports from the Asian Newly Industrialized Countries continued to move lower in June, dropping 0.1 percent. This index has not posted a monthly increase since April of 1997 and was down 4.4 percent over the past 12 months.

Prices of imports from the European Union also fell in June, declining 0.2 percent after increasing by the same amount in each of the past two months. Over the past 12 months, the index rose a modest 0.2 percent.

In contrast, the price index for imports from Canada rose 0.3 percent last month. This was the fourth consecutive increase for this index, which was up 1.1 for the year ended in June.

The price index of imports from Latin America was unchanged in June and up 1.9 percent over the past 12 months.

Import and Export Services

The import price index for air freight fell 2.7 percent in the second quarter of 1999 after having posted gains in each of the two previous quarters. Over the past 12 months, the index was up 4.8 percent. In contrast, the price index for exported air freight was up 0.3 percent over the March-June period. Despite the uptick, the index still fell 3.9 percent for the year ended in June.

Prices for imported air passenger fares increased 13 percent over the past three months, led mostly by a 28.4 percent seasonal increase in fares in the Atlantic region. Over the past 12 months, the index was up 4.2 percent. Export air passenger fares were up a more modest 1.3 percent for the quarter ending in June. This index increased in each quarter during the year ended in June and was up 7.2 percent over that period.

The price index for imported ocean liner freight was up 22.9 percent over the second quarter of 1999 and 22.4 percent over the past 12 months.