January 2000 U.S. Import and Export Price Indexes

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- JANUARY 2000-

The U.S. Import Price Index edged up 0.1 percent in January, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase--the seventh in a row--was attributable to the ongoing upward movement in petroleum prices. In contrast, prices for nonpetroleum imports dipped 0.1 percent in January. Export prices were unchanged for the second consecutive month.

Import Goods

The index for imported petroleum continued to lead the advance for import prices, rising 1.6 percent in January and 131.8 percent since January 1999. The petroleum index is at its highest level since December 1990. The increase in the import price index in January was moderated by prices for nonpetroleum imports, which dipped 0.1 percent, the first decrease in this component since July 1999. Overall import prices rose 6.7 percent for the year ended in January, while the nonpetroleum import index fell 0.2 percent.

Within the nonpetroleum import index, price declines for foods, feeds, and beverages and for consumer goods more than offset slight increases in prices for nonpetroleum industrial supplies and materials and for automotive vehicles, parts, and engines. The index for foods, feeds, and beverages fell 1.3 percent in January, after gaining 1.8 percent and 1.5 percent in December and November, respectively. The turnaround was due primarily to a drop in prices for imported vegetables. Prices for consumer goods dipped 0.1 percent in January, the same as in the previous month.

In contrast, the price indexes for industrial supplies and materials excluding petroleum and for automotive vehicles, parts, and engines each rose 0.1 percent in January. Over the past 12 months, the indexes gained 5.2 percent and 0.7 percent, respectively.

The index for capital goods was unchanged in January, after decreasing in each of the previous three months.

Export Goods

In January, prices for exports were unchanged for the second consecutive month. In the 12 months ended in January, the index advanced a modest 0.5 percent. Agricultural export prices also were unchanged in January, after decreasing in six of the past seven months. Over the past 12 months, agricultural prices dropped 6.8 percent. Prices for nonagricultural exports posted a modest increase of 0.1 percent in January, after recording no change in December. In the 12 months ended in January, the index for nonagricultural exports was up 1.4 percent.

The export price index for nonagricultural industrial supplies and materials increased for the 10th consecutive month, up 0.3 percent in January. For the year, prices for nonagricultural industrial supplies and materials increased 6.8 percent. The indexes for automotive vehicles, parts, and engines and for consumer goods were both unchanged in January. Over the past 12 months, the indexes rose 1.1 percent and 0.5 percent, respectively.

In contrast, the index for capital goods continued to decline, dipping 0.1 percent in January, after declining 0.2 percent in December. For the year ended in January, the index decreased 1.1 percent.

Imports by Locality of Origin

The price index for imports from Japan rose for the sixth consecutive month, up 0.4 percent in January after gaining the same amount in December. Over the past 12 months, the index increased 1.8 percent.

Prices of imports from Canada continued to increase, up 0.2 percent in January and 7.1 percent over the January 1999- 2000 period. Led primarily by ongoing price increases for petroleum products, the import price index for Latin America also rose in January, up 0.8 percent. Over the past 12 months, the index gained 17.8 percent.

In addition, prices of imports from the European Union edged up 0.1 percent in January, after recording no change, on average, in December. Prices of manufactured goods have declined 0.5 percent over the past two months due to the rising value of the U.S. dollar against the European currencies; however, overall prices of European imports have remained largely unchanged because of a 12.9 percent increase for the price index of nonmanufactured goods over the same time period.

The index for imports from the Asian Newly Industrialized Countries dipped 0.1 percent last month, after posting no change in December and a 0.4 percent decline in November. For the year ended in January, the index fell 0.8 percent.