July 2000 U.S. Import and Export Price Indexes

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- JULY 2000-

The U.S. Import Price Index was unchanged in July after increasing 1.2 percent in June, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. A decline in petroleum prices in July offset a rise in nonpetroleum prices. The Export Price Index also was unchanged in July, following a 0.2 percent decline in June.

Import Goods

Prior to July, import prices had advanced in 11 of the previous 12 months. In July, a 2.4 percent drop in the volatile petroleum index came after an increase of 10.0 percent in June. Over the past 12 months petroleum prices rose 59.5 percent. Nonpetroleum import prices rose 0.3 percent in July after increasing 0.1 percent in the previous month. Over the past 12 months, this index was up 1.6 percent. The overall import price index rose 6.6 percent from July 1999 to July 2000.

Three of the five major nonpetroleum commodity indexes-- industrial supplies and materials excluding petroleum; automotive vehicles, parts, and engines; and consumer goods--increased in July. Led by rising prices for natural gas and unfinished metals, the price index of industrial supplies and materials excluding petroleum rose 1.2 percent in July after increasing 1.4 percent in June. Over the past 12 months, the index rose 10.2 percent. Prices for automotive vehicles, parts, and engines continued a moderate upward trend, rising 0.2 percent in July. The index increased 1.1 percent for the year. The index for consumer goods rebounded in July, increasing 0.3 percent after declining in the previous two months. From July 1999 to July 2000, the index was down 0.7 percent.

Prices for imported capital goods were unchanged last month and down 1.2 percent for the year ended in July.

In contrast, the import price index for foods, feeds, and beverages fell 0.2 percent in July and has declined in six of the past seven months. This index decreased 1.8 percent over the past year.

Export Goods

In July, prices for overall exports were unchanged as falling agricultural prices were offset by increasing nonagricultural prices. Led for the second month in a row by falling prices for grains and oilseeds, the index for agricultural exports decreased 2.1 percent in July, after decreasing 1.4 percent in June. The decrease in July was the largest since a 2.2 percent decline in July 1999. In contrast, nonagricultural export prices increased 0.2 percent in July, after dipping 0.1 percent in June. Nonagricultural export prices rose 2.2 percent for the year ended in July. The index for overall exports increased 2.0 percent over the same period.

Export prices for each of the four major nonagricultural commodity areas increased in July. The index for nonagricultural industrial supplies and materials resumed an upward trend in July, rising 0.4 percent after no movement in the previous month. Led by higher fuel prices, the index was up 8.6 percent for the year ended in July.

The major indexes for finished goods--automotive vehicles, parts, and engines; consumer goods; and capital goods--increased last month after declining slightly in the previous month. Automotive vehicles, parts, and engines had the largest increase, rising 0.3 percent in July and 1.2 percent for the year. Consumer goods and capital goods edged up 0.2 percent and 0.1 percent in July, respectively. From July 1999 to July 2000, consumer goods rose 0.5 percent, while capital goods dipped 0.1 percent.

Imports by Locality of Origin

The price index for imports from Japan rose 0.2 percent in July after a decline of 0.1 percent in June. For the year ended in July, the index rose 2.3 percent.

Import prices for goods from the Asian Newly Industrialized Countries also were up in July, increasing 0.1 percent; however, the index was down 0.4 percent over the past 12 months.

Import prices from Canada rose 0.4 percent in July, marking the 17th consecutive increase for this index. The July increase was highlighted by a turnaround in prices for manufactured goods, up 0.7 percent after declining 0.3 percent in each of the previous two months. For the year ended in July, the index of import prices from Canada rose 9.0 percent.

The index for imports from the European Union rose 0.3 percent in July, paralleling the increase in the value of the euro. Over the past 12 months, import prices from the European Union have advanced 1.6 percent.

In contrast, import prices from Latin America fell 1.1 percent in July after increasing in the previous two months. Despite the July decline, the index for Latin America rose 15.1 percent over the past 12 months.