August 1999 U.S. Import and Export Price Indexes

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U.S. IMPORT AND EXPORT PRICE INDEXES

-AUGUST 1999-

The U.S. Import Price Index increased 1.0 percent in August, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The rise was attributable to a continued increase in prices for imported petroleum. U.S. export prices were up 0.4 percent in August, the largest monthly increase in the index in over 3 years.

Import Goods

The 1.0 percent increase in import prices followed a 0.8 percent increase in July. The index of overall import prices was up 2.8 percent over the past 12 months, after declining 6.6 percent over the August 1997-98 period. The increase in August 1999 was again led by rising petroleum prices. Imported petroleum prices were up 82.2 percent over the past six months. In contrast, the price index of nonpetroleum imports was unchanged for the second consecutive month. Over the past 12 months, nonpetroleum import prices were down 0.9 percent.

Both the price indexes for imported capital goods and consumer goods were unchanged in August, after posting declines in each of the preceding five months. For the year ended in August, capital goods prices fell 3.4 percent and consumer goods were down 0.5 percent.

The index for nonpetroleum industrial supplies and materials, excluding petroleum, rose a modest 0.2 percent in August, after rising 0.7 percent, on average, over the previous three months. For the year ended in August, the index was up 0.5 percent. Prices for imported automotive vehicles also increased in August, rising 0.1 percent for the second consecutive month. Over the past 12 months, the index was up 1.2 percent.

Export Goods

Increasing prices for both agricultural and nonagricultural exports contributed to the 0.4 percent increase in overall export prices in August. Despite the August advance, export prices were down 0.7 percent over the past 12 months. The index of agricultural export prices rose 1.9 percent last month, led by higher prices for soybeans and corn. For the year ended in August, however, the index of agricultural exports was down 5.5 percent. Nonagricultural export prices, which have posted little movement during the past year, were up 0.2 percent in August, after dipping 0.1 percent in July.

The modest increase in nonagricultural export prices was led by a petroleum-driven 1.0 percent rise in the price index of exported nonagricultural supplies and materials. Nonagricultural supplies and materials prices were up 0.3 percent for the 12-month period ended in August.

The price indexes for exported capital goods and consumer goods were both unchanged in August. Capital goods prices were down 0.9 percent over the past 12 months, while consumer goods prices were unchanged over the same period.

The price index of exported automotive vehicles fell 0.1 percent last month, after posting small gains in the previous three months. For the year ended in August, the index was up 0.8 percent.

Imports by Locality of Origin

The price index for imports from Japan edged up 0.1 percent in August, after having declined 0.1 percent and 0.2 percent, respectively, in July and June. Over the past 12 months, the index was up 1.0 percent.

Prices of imports from the Asian Newly Industrialized Countries were unchanged in August, marking the first month in two years that the index did not post a decline. For the year ended in August, the index was down 3.4 percent.

Led by increasing petroleum prices, the indexes of imports from Canada and the European Union posted similar increases in August, rising 0.7 percent and 0.6 percent, respectively. Over the August 1998-99 period, the prices of imports from Canada rose 3.3 percent, while the prices of imports from the European Union were up 0.9 percent.

The price index of imports from Latin America increased 2.6 percent in August and was up 8.7 percent over the past 12 months.