November 1999 U.S. Import and Export Price Indexes

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- NOVEMBER 1999-

The U.S. Import Price Index increased 0.5 percent in November, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase--the fifth in a row--was the same as in October. Export prices were up 0.2 percent in November, after rising 0.3 percent in October.

Import Goods

Import prices continued to increase in November and were up 4.2 percent since June and 5.5 percent over the past 12 months. The recent gains were in marked contrast to the 6.5 percent decline recorded during the November 1997-98 period. The petroleum index, which has increased nine consecutive months, continued to lead the upswing for overall imports. In November, petroleum prices rose 1.9 percent and were at their highest level since January 1997. Over the past 12 months, the petroleum index has almost doubled, gaining 95.2 percent. The price index for nonpetroleum imports also rose in November, increasing 0.3 percent after posting modest gains in the previous three months. The November increase in nonpetroleum import prices was the largest since a 0.4 percent rise in September 1996. Despite these recent gains, the nonpetroleum import index dipped 0.2 percent in the past year.

The increase in November for nonpetroleum imports was led by rising prices for industrial supplies and materials, as well as foods, feeds, and beverages. The price index for industrial supplies and materials excluding petroleum increased for the seventh consecutive month, and was up 1.3 percent in November after gaining 1.0 percent in October. For the year ended in November, the index rose 4.4 percent. After decreasing in each of the previous five months, the index for foods, feeds, and beverages rebounded last month, increasing 1.6 percent, led by rising coffee prices. Over the past 12 months, however, the index was down 2.4 percent.

Indexes for the three major finished goods categories-- capital goods, consumer goods, and autos--were unchanged in November. In October, capital goods prices were also unchanged, while consumer goods prices dipped 0.2 percent. Automotive vehicles, parts, and engines had edged up slightly in October, by 0.1 percent. For the year ended in November, prices for capital goods and consumer goods fell 3.0 percent and 0.8 percent, respectively, while the index for automotive vehicles, parts, and engines rose 0.8 percent.

Export Goods

Overall, export prices rose 0.2 percent last month and 0.3 percent for the 12 months ended in November. Price increases for nonagricultural goods pushed the export index up in November, more than offsetting a decline in agricultural prices.

Agricultural prices fell for the third consecutive month, declining 0.8 percent, the largest decline since July of 1999. For the year, the index for agricultural exports prices fell 5.4 percent.

In contrast, prices for nonagricultural exports rose 0.4 percent in November after advancing 0.3 percent in the preceding month. The November increase was the largest since April of 1995. For the November 1998-99 period, the index rose 1.0 percent.

The increase in nonagricultural export prices continued to be led by rising prices for nonagricultural industrial supplies and materials, up 1.0 percent in November. The increase--led primarily by paper, metals, and chemicals--was the eighth in a row and brought the advance for the year ended in November to 5.1 percent. Capital goods prices and consumer goods prices also rose in November, up a modest 0.2 percent and 0.1 percent, respectively. For the year ended in November, capital goods prices were down 0.7 percent, while consumer goods prices rose 0.2 percent.

Automotive vehicles, parts, and engines were unchanged in November, following a 0.7 percent increase in October, which was largely attributable to the model year changeover. Over the past 12 months, the index increased 1.1 percent.

Imports by Locality of Origin

The price index for imports from Japan rose 0.2 percent in November, following a similar increase in October. Over the past 12 months, the index was up 1.4 percent.

The price indexes for imports from Canada and the European Union each rose 0.5 percent in November. Over the November 1998-99 period, the indexes were up 5.7 percent and 0.4 percent, respectively.

The price index of imports from Latin America also increased last month, rising 1.3 percent. For the year ended in November, the index rose 13.7 percent.

In contrast, the price index of imports from the Asian Newly Industrialized Countries reversed its recent trend in November, falling 0.2 percent after increasing in each of the previous three months. The index fell 1.5 percent for the year ended in November.