November 2000 U.S. Import and Export Price Indexes

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- NOVEMBER 2000-

The U.S. Import Price Index increased 0.2 percent in November, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase was largely attributable to a rise in imported petroleum prices. The Export Price Index was unchanged in November.

Import Goods

The import price index resumed its upward trend in November, rising 0.2 percent after decreasing 0.5 percent in October. The increase was the sixth in the past seven months. The advance was led by a 2.0 percent increase for imported petroleum prices, which had declined 3.2 percent in the previous month. Petroleum prices rose 39.3 percent for the year ended in November. Nonpetroleum import prices, however, continued to register little movement, dipping 0.1 percent in November after registering no change, on average, in October. From November 1999 to November 2000, nonpetroleum import prices rose 0.5 percent. During the same 12-month period, the price index for all imports-led by the advance in petroleum prices-rose 4.7 percent.

Import prices for foods, feeds, and beverages, for capital goods, and for consumer goods decreased in November. Recording a third consecutive decline, the foods, feeds, and beverages price index fell 1.5 percent in November and was down 4.1 percent over the past 12 months. The price indexes for capital goods and for consumer goods both dipped 0.1 percent in November and were down 2.1 percent and 1.1 percent over the past 12 months, respectively.

In contrast, led by the continued rise in natural gas prices, the index for industrial supplies and materials, excluding petroleum, rose 0.1 percent in November. This index has increased in five of the past six months and was up 7.2 percent over the past year. Prices for automotive vehicles, parts, and engines also rose 0.1 percent in November, the same as in the previous month, and were up 0.7 percent for the year ended in November.

Export Goods

Prices for overall exports were unchanged in November as declines in nonagricultural export prices countered increases for agricultural export prices. For the second consecutive month, nonagricultural export prices decreased 0.1 percent. Over the November 1999 to November 2000 period, however, this index advanced 1.2 percent. Led by increasing grain prices, the index for agricultural exports rose 1.1 percent in November after advancing 0.5 percent and 3.2 percent in the prior two months. During the past year, export agricultural prices rose 1.3 percent. Over the same 12- month period, the index for overall exports also increased 1.3 percent.

The November decrease in nonagricultural export prices was largely attributable to a 0.2 percent decline for the nonagricultural industrial supplies and materials index; this decrease was led by falling prices for metals, lumber, and plastics. For the year ended in November, however, prices for exported nonagricultural industrial supplies and materials were up 5.1 percent. The export price index for automotive vehicles, parts, and engines fell 0.1 percent in November after posting no change in October. Over the past 12 months, prices for automotive vehicles, parts, and engines increased 0.5 percent.

The index for capital goods continued to register little movement, gaining 0.1 percent in November after declining by the same amount the previous month. Over the past 12 months, the index edged down 0.1 percent. For the second straight month, the consumer goods index was unchanged. Over the November 1999 to November 2000 period, this index was also unchanged.

Imports by Locality of Origin

The price index for imports from Japan was unchanged for the second consecutive month. For the year ended in November, the index rose 0.8 percent.

Import prices from Canada, which have declined only once in the past 22 months, increased 0.1 percent in November. The advance was attributable to increasing prices for nonmanufactured goods, which rose 1.8 percent. For the year ended in November, the index of import prices from Canada increased 9.3 percent.

The index for imports from Latin America also rose in November, up 0.5 percent, after increasing 4.6 percent over the previous three months. For the year ended in November, import prices from Latin America increased 12.1 percent.

In contrast, import prices from the European Union fell 0.1 percent in November. The decrease was the fourth in a row and paralleled the decline in the Euro. Over the November 1999 to November 2000 period, the index for import prices from the European Union fell 1.4 percent.

Import prices for goods from the Asian Newly Industrialized Countries also declined in November, decreasing 0.4 percent, after falling 0.6 percent in October. The index declined 1.7 percent over the past 12 months.