April 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.

- APRIL 2000-

The U.S. Import Price Index decreased 1.6 percent in April, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decrease, the first since June 1999, was attributable to a large downturn in petroleum prices. Export prices also fell in April, down 0.1 percent, after increasing 0.5 percent in each of the previous two months.

Import Goods

The 1.6 percent decrease in import prices in April was the largest since December 1992. The decline was attributable to a 12.7 percent drop in petroleum prices in April, the largest decrease posted for this index since it fell 13.3 percent in December 1998. Despite the decrease, imported petroleum prices are still 143.9 percent higher than 16 months ago. Nonpetroleum import prices, however, continued to move higher in April, edging up 0.1 percent. Over the past year, the nonpetroleum index increased 1.3 percent. The overall import price index rose 6.3 percent from April 1999 to April 2000.

All the major nonpetroleum commodity indexes either increased or were unchanged in April. The import price index for foods, feeds, and beverages had the largest advance, rising 1.1 percent after decreasing in each of the previous three months. The upturn was led by rising prices for fish and shellfish and an upturn in imported vegetable prices. Import prices for capital goods and for industrial supplies and materials excluding petroleum also increased in April, each up 0.1 percent. The modest rise in the index for capital goods marked only the second increase in nearly three years in this component. In contrast, the index for industrial supplies and materials excluding petroleum has increased in 11 of the past 12 months and was up 10.1 percent over the year ended in April. The increase posted over the past year was primarily attributable to increasing prices for metals, paper, and chemicals.

The price indexes for consumer goods and for automotive vehicles, parts, and engines were both unchanged in April. Import prices for consumer goods had decreased 0.4 percent the previous month and were down 0.6 percent for the year. The index for autos was unchanged for the second consecutive month and rose 0.7 percent over the April 1999 to April 2000 period.

Export Goods

In April, prices for overall exports declined 0.1 percent after increasing in the previous three months and were up 2.0 percent over the past 12 months. In April, price declines for nonagricultural exports outweighed gains posted for agricultural commodities. Led by higher prices for soybeans and meat, the index for agricultural exports increased 0.6 percent in April, marking its fourth advance in a row. Despite the recent upturn, the index dipped 0.1 percent during the past 12 months. In contrast, nonagricultural export prices declined 0.2 percent in April and were up 2.2 percent over the past year.

The decrease in April for prices of nonagricultural exports was the first in the past 13 months. The drop was attributable to a 0.9 percent decline for nonagricultural industrial supplies and materials, led primarily by lower prices for fuels and lubricants. Export prices for nonagricultural industrial supplies and materials, which had increased in each of the previous 12 months, were up 9.5 percent over the year ended in April.

All of the major exported finished goods indexes - capital goods, consumer goods, and automotive vehicles, parts, and engines - were unchanged in April. Capital goods, which make up over 40 percent of all exports, were unchanged for the second consecutive month and were down 0.8 percent for the year. Over the past 12 months, consumer goods and automotive vehicles, parts, and engines were up 0.7 percent and 1.4 percent, respectively.

Imports by Locality of Origin

Import prices for goods from the Asian Newly Industrialized Countries resumed a downward trend last month, falling 0.5 percent in April after edging up 0.1 percent in March. The index had either declined or posted no change in the four prior months and was down 1.2 percent for the year ended in April.

The indexes for imports from Canada and Latin America both declined last month, as price declines for nonmanufactured goods, particularly petroleum, outweighed gains for manufactured goods. Import prices from Canada dipped 0.1 percent in April, the first decrease since January 1999, while import prices from Latin America were down 2.0 percent last month, the first decrease in the past 10 months. Despite the April decreases, over the past 12 months the indexes were up 8.9 percent and 15.2 percent, respectively.

The price index for imports from the European Union also fell in April, down 0.8 percent, as prices for both manufactured and nonmanufactured goods declined. Over the past 12 months, import prices from the European Union increased 0.9 percent.

In contrast, the index for imports from Japan rose 0.4 percent in April, following a 0.6 percent decline in March. The index has increased eight of the last nine months and rose 1.8 percent over the year.