June 2000 U.S. Import and Export Price Indexes

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- JUNE 2000-

The U.S. Import Price Index increased 0.8 percent in June, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase was attributable to a rise in petroleum prices; prices for nonpetroleum imports were unchanged in June. In contrast, export prices dipped 0.1 percent in June, after increasing 0.2 percent in May.

Import Goods

The 0.8 percent increase in import prices in June-the 11th increase in the past 12 months-followed a 0.3 percent rise in May. The June rise was attributable to a 7.0 percent advance in petroleum prices, which increased 4.8 percent in May after dipping 11.8 percent in April. Over the past 12 months, the petroleum index was up 80.2 percent. Nonpetroleum import prices were unchanged in June, after falling 0.2 percent in May. The nonpetroleum index increased 1.1 percent for the year ended in June. The overall import price index rose 7.1 percent over the past 12 months.

Three of the five major nonpetroleum commodity indexes-foods, feeds, and beverages; consumer goods; and capital goods-decreased in June. The import price index for foods, feeds, and beverages posted the largest decline, falling 0.7 percent in June after decreasing 1.3 percent in May. This index decreased 2.3 percent over the past 12 months. The index for consumer goods fell 0.4 percent in June, while the capital goods index decreased 0.2 percent; both indexes had declined 0.2 percent in May. For the year, the index for consumer goods decreased 1.0 percent, and the index for capital goods fell 1.9 percent.

In contrast, the indexes for industrial supplies and materials excluding petroleum and for automotive vehicles, parts, and engines rose in June. After decreasing 0.5 percent in May, prices for industrial supplies and materials excluding petroleum resumed an upward trend, rising 0.8 percent. Over the past 12 months, this index rose 9.3 percent. Prices for automotive vehicles, parts, and engines rose for the third consecutive month, up a modest 0.1 percent in June. From June 1999 to June 2000, this index was up 1.0 percent.

Export Goods

In June, prices for overall exports dipped 0.1 percent after increasing 0.2 percent in May, as both agricultural and nonagricultural exports posted declines. Led by falling prices for grains and oilseeds, the index for agricultural exports decreased 1.4 percent in June, after increasing in May. From June 1999 to June 2000, the index decreased 0.7 percent. Nonagricultural export prices also decreased in June, dipping 0.1 percent after increasing 0.3 percent in May. Nonagricultural export prices rose 2.1 percent for the year ended in June. Over the past 12 months, the index for overall exports increased 1.9 percent.

Export prices for all of the major nonagricultural commodity areas either decreased or were unchanged in June. The index for consumer goods decreased 0.2 percent in June and posted a modest 0.2 percent rise over the June 1999- to- June 2000 period. The indexes for nonagricultural industrial supplies and materials and for automotive vehicles, parts, and engines each decreased 0.1 percent in June. Despite the recent decline, the index for nonagricultural industrial supplies and materials was up 9.4 percent over the past year, led by higher export fuel prices.

For the third time in the past four months, the index for exported capital goods was unchanged. For the year ended in June, prices for capital goods fell 0.4 percent.

Imports by Locality of Origin

The price index for imports from Japan fell 0.2 percent in June, after increasing in the previous two months. For the year ended in June, the index increased 1.9 percent.

Import prices for goods from the Asian Newly Industrialized Countries also were down in June, decreasing 0.1 percent. The index was down 1.0 percent over the June 1999- to- June 2000 period.

The index for imports from the European Union fell 0.3 percent in June, paralleling the decline in the value of the Euro.

In contrast, import prices from Latin America and Canada rose 2.2 percent and 1.6 percent in June, respectively. Both increases were led by rising prices for petroleum and petroleum products. Over the past 12 months, the indexes each recorded double- digit gains-17.4 percent for Latin America and 10.3 percent for Canada.

Import and Export Services

The import price index for air freight fell 0.7 percent in the second quarter of 2000 after having declined 2.0 percent in the previous quarter. Over the past 12 months, however, the index was up 1.3 percent. Meanwhile, the price index for export air freight was up 1.7 percent from March to June. Over the previous three quarters, the index either was unchanged or declined and was down 1.7 percent for the year ended in June.

Prices for imported air passenger fares increased 11.9 percent from March to June, led mostly by a 22.0 percent seasonal increase in fares in the Atlantic region. Over the past 12 months, the overall imported air passenger fares index was up 4.6 percent. Export air passenger fares prices also increased for the quarter ended in June, up 3.5 percent. The index increased 4.9 percent for the June 1999- to- June 2000 period.

The import price index for ocean liner freight rose 0.8 percent over the second quarter and 3.2 percent for the year.