January 2001 U.S. Import and Export Price Indexes

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- JANUARY 2001-

The U.S. Import Price Index decreased 0.4 percent in January, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decline followed a 0.8 percent decrease in the previous month and was largely attributable to a drop in petroleum prices. The Export Price Index gained 0.2 percent in January, after dipping 0.1 percent in December.

Import Goods

The January decrease of 0.4 percent for overall import prices was led by a 5.0 percent decline for imported petroleum prices, which had dropped 10.8 percent in the previous month. The volatile petroleum index, which has posted five double-digit movements over the past 12 months, rose 6.7 percent over the past year despite the recent declines. The index for nonpetroleum import prices rose 0.3 percent in January, following a 0.9 percent increase in the previous month. The index was up 1.6 percent over the past 12 months. Overall import prices rose 2.3 percent for the 12 months ended in January.

The index for industrial supplies and materials, excluding petroleum, again led the advance for nonpetroleum imports, rising 1.4 percent in January after gaining 3.6 percent in the previous month; January's advance was highlighted by the ongoing increase in natural gas prices as well as an upturn in unfinished metals prices. Over the past 12 months, the index for industrial supplies and materials, excluding petroleum, was up 12.1 percent. In addition, prices for consumer goods, excluding automotive vehicles, edged up a modest 0.1 percent in January. The index, however, decreased the same amount in each of the previous two months and was down 1.0 percent over the past year. The index for automotive vehicles, parts, and engines was unchanged for the second straight month and rose 0.6 percent for the year ended in January.

Capital goods prices, which have declined in eight of the past nine months, declined 0.1 percent for the third consecutive month. For the year ended in January, the capital goods index decreased 2.2 percent. The index for foods, feeds, and beverages also declined in January, recording a downturn of 0.4 percent after increasing 1.7 percent in December. Over the January 2000-2001 period, this index fell 3.3 percent.

Export Goods

Prices for overall exports increased 0.2 percent in January, as both agricultural prices and nonagricultural prices increased. Led by the continued increase in prices for grains, the index for agricultural exports increased for the fifth consecutive month, rising 0.5 percent in January. During the past year, agricultural export prices rose 3.5 percent. Nonagricultural export prices posted an upturn of 0.2 percent in January, following three consecutive monthly declines. From January 2000 to January 2001, the index advanced 1.0 percent. The index for overall exports recorded an increase of 1.3 percent over the same time period.

All of the major nonagricultural commodity indexes either posted small increases or were unchanged in January. The index for capital goods, which comprises over 40 percent of overall exports, rose 0.2 percent in January and 0.4 percent over the past 12 months. The nonagricultural industrial supplies and materials index also advanced 0.2 percent in January, after decreasing in each of the previous three months. The upturn was led by rising prices for chemicals and metals. The nonagricultural industrial supplies and materials index advanced 3.1 percent over the January 2000-2001 period.

The price indexes for consumer goods and for automotive vehicles, parts, and engines were both unchanged in January. Over the past year, the index for consumer goods fell 0.4 percent while the index for automotive vehicles, parts, and engines rose 0.5 percent.

Imports by Locality of Origin

The price index for imports from Japan continued to register little movement, dipping 0.1 percent in January, the same as in each of the prior two months. For the year ended in January, the index fell 0.3 percent.

Import prices for goods from the Asian Newly Industrialized Countries also decreased in January, down 0.9 percent, the third decline in the past four months. From January 2000 to January 2001, the index fell 2.2 percent.

The index for imports from Latin America decreased for the second consecutive month, down 0.3 percent. Despite the recent declines, import prices from Latin America rose 3.4 percent over the past year.

In contrast, import prices from Canada, which have declined only twice in the past 24 months, increased 2.4 percent in January. Over the past 12 months, the index for import prices from Canada increased 12.7 percent.

Import prices from the European Union also increased in January, up 0.3 percent after posting no change in the previous month. From January 2000 to January 2001, the index fell 1.2 percent.