March 2000 U.S. Import and Export Price Indexes

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

- MARCH 2000-

The U.S. Import Price Index rose 0.3 percent in March, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase marked the ninth consecutive monthly advance and followed a 2.0 percent rise in February. Export prices also continued to increase, up 0.4 percent in March after gaining 0.5 percent in February.

Import Goods

The 0.3 percent rise in import prices in March was the smallest since October 1999. The slowdown was primarily attributable to a relatively modest 0.2 percent uptick in petroleum prices in March, the smallest increase posted for this component index since it declined 0.5 percent in February 1999. For the year ended in March, however, petroleum prices were up 138.3 percent. Nonpetroleum import prices, which also rose 0.2 percent in March, contributed to the increase for overall imports. Over the past 12 months, the nonpetroleum index increased 1.0 percent. The overall import price index rose 9.4 percent from March 1999 to March 2000.

The gain in March for the nonpetroleum import index was attributable to the continued increase in prices for industrial supplies and materials. Led by rising prices for metals, chemicals, and building materials, the index for industrial supplies and materials excluding petroleum rose 2.2 percent in March, its largest increase since the series began monthly publication in October 1992. For the year ended in March, the index advanced 9.7 percent. The indexes for automotive vehicles, parts, and engines and for foods, feeds, and beverages were unchanged in March. Over the past 12 months, these indexes have posted increases of 0.8 percent and 0.5 percent, respectively.

In contrast, the price indexes for capital goods and consumer goods were down in March and over the year. The capital goods index fell 0.4 percent in March and has risen only once since June 1997. Over the past 12 months, the index was down 3.0 percent. Imported consumer goods prices also were down 0.4 percent last month and dropped 0.9 percent for the year ended in March.

Export Goods

In March, prices for overall exports increased 0.4 percent, following a 0.5 percent rise in the previous month. For the year ended in March, export prices were up 2.2 percent, compared with a 2.8 percent drop in the prior 12- month period. The price increase in March was led by nonagricultural exports, up 0.4 percent, while agricultural export prices edged up just 0.1 percent. Despite gains in the past three months, prices for agricultural exports dipped 0.5 percent over the year ended in March.

The 0.4 percent increase in March for prices of nonagricultural exports followed a 0.5 percent advance in February. This index has not posted a price decrease in 12 consecutive months and has risen 2.5 percent during the past year. Led by rising prices for exported fuel and metals, the index for nonagricultural industrial supplies and materials continued to have the largest impact on the index, rising 1.8 percent in March and 10.8 percent over the past 12 months. Export prices for automotive vehicles, parts, and engines also rose last month, up 0.4 percent, marking the largest increase in this index since new models were introduced in October 1999. For the year, automobile prices rose 1.3 percent.

In contrast, the indexes for capital goods and consumer goods were both unchanged in March, continuing to show little movement. Over the past 12 months, the capital goods index decreased 0.7 percent, while the consumer goods index increased by the same amount.

Imports by Locality of Origin

The index for imports from Japan fell 0.6 percent in March, the first decrease posted in this series since July 1999. The decrease was largely attributable to falling computer prices and paralleled a drop in the yen. The index rose 1.2 percent during the year ended in March. The price index for imports from the European Union also fell last month, down 0.2 percent in March, after increasing in the previous two months. For the March 1999-2000 period, this index rose 1.7 percent.

Import prices for goods from the Asian Newly Industrialized Countries were unchanged, on average, in March after decreasing 0.2 percent in each of the previous two months. Over the past year, the index fell 1.0 percent.

Prices of imports from Canada also were unchanged in March, as a dip in prices for manufactured goods countered the continued rise in prices for nonmanufactured goods. Led primarily by ongoing price increases for petroleum products, the index had increased in each of the previous 12 months and advanced 9.6 percent for the year ended in March. The import price index for Latin America rose 1.3 percent in March, also largely attributable to rising prices for petroleum products. Over the past 12 months, the index for imports from Latin America gained 21.6 percent.

Import and Export Services

The import air freight index fell 2.0 percent in the first quarter of 2000, after rising 2.2 percent in the fourth quarter of 1999. For the year ended in March, the index decreased 0.8 percent. The price index for export air freight was unchanged, on average, over the past three months, after decreasing 1.7 percent in each of the two previous quarters. The index declined 3.0 percent for the 12 months ended in March.

The import air passenger fares index increased 3.1 percent from December to March. Over the past 12 months, the index was up 5.7 percent. In contrast, the price index for export air passenger fares posted a quarterly decrease of 0.5 percent. For the March 1999-2000 period, however, the index rose 2.7 percent.

The import ocean liner freight index was down 2.3 percent from December to March, after posting a 3.9 percent decline in the previous quarter. Despite the recent declines, the index was up 25.6 percent during the past year, largely attributable to a 22.6 percent increase in the second quarter of 1999.