May 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.

- MAY 2000-

The U.S. Import Price Index increased 0.6 percent in May, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase in May was attributable to a 6.5 percent upturn in petroleum prices, as nonpetroleum prices declined 0.2 percent for the month. Export prices also rose in May, up 0.2 percent, after dipping 0.1 percent in April.

Import Goods

The 0.6 percent increase in import prices in May followed a 1.5 percent decline in April, preceded by nine months of increases. The May rise was attributable to a 6.5 percent increase in petroleum prices, which had declined in each of the previous two months. Over the past 12 months, the petroleum index was up 72.1 percent. In contrast, nonpetroleum import prices declined in May, falling 0.2 percent--the first monthly decrease for this index since July 1999. The nonpetroleum index increased 0.9 percent for the year ended in May. The overall import price index rose 6.4 percent over the year.

Most of the major nonpetroleum commodity indexes decreased in May. The import price index for foods, feeds, and beverages had the largest decline, falling 1.2 percent after increasing 0.9 percent in April. This index decreased 2.3 percent over the past 12 months. After increasing in each of the previous four months, prices for industrial supplies and materials excluding petroleum decreased 0.3 percent in May--led by a drop in prices for metals and lumber. Over the past 12 months, this index rose 8.9 percent. The indexes for both capital goods and consumer goods fell 0.2 percent in May. For the year, the indexes decreased 2.4 percent and 0.7 percent, respectively.

In contrast, the index for automotive vehicles, parts, and engines rose 0.3 percent in May. From May 1999 to May 2000, this index was up 0.8 percent.

Export Goods

In May, prices for overall exports increased 0.2 percent after dipping 0.1 percent in April; both agricultural and nonagricultural exports posted gains in May. Over the past 12 months, the index for overall exports gained 2.0 percent. Led by higher prices for soybeans and wheat, the index for agricultural exports increased 0.2 percent in May, marking the fifth consecutive advance for this index. From May 1999 to May 2000, the index edged up 0.1 percent. Nonagricultural export prices also increased in May, gaining 0.1 percent after dipping the same amount in April. Nonagricultural export prices have declined only once in the past 14 months and were up 2.2 percent for the year ended in May.

The increase for nonagricultural exports was attributable to a 0.7 percent increase for nonagricultural industrial supplies and materials, with higher prices for fuels and lubricants having the largest impact. Export prices for nonagricultural industrial supplies and materials, which had increased in 11 of the past 12 months, were up 9.9 percent over the year.

All of the major exported finished goods indexes--capital goods, consumer goods, and automotive vehicles, parts, and engines--were unchanged in May. Prices for capital goods, which make up over 40 percent of all exports, were down 0.6 percent for the year. In contrast, over the past 12 months, consumer goods and automotive vehicles, parts, and engines were up 0.5 percent and 1.2 percent, respectively.

Imports by Locality of Origin

The price index for imports from Japan was unchanged in May, following a 0.6 percent decrease in April. The index has decreased only once in the past 10 months and rose 1.7 percent from May 1999 to May 2000.

Import prices for goods from the Asian Newly Industrialized Countries also were unchanged last month, after falling 0.7 percent in April. The index was down 1.0 percent for the year ended in May.

The indexes for imports from Canada, Latin America, and the European Union all increased in May, as gains for nonmanufactured goods, particularly petroleum, outweighed declines for manufactured goods. Import prices from Canada increased 0.4 percent in May, the 15th consecutive monthly increase recorded for this index. Over the past 12 months, the index rose 8.8 percent.

Import prices from Latin America rose 1.3 percent in May after decreasing 2.1 percent in April. The index has increased in 10 of the last 11 months and rose 14.4 percent over the past year.

The price index for imports from the European Union also gained in May, edging up 0.1 percent after decreasing in the previous month. From May 1999 to May 2000, import prices from the European Union increased 1.0 percent.