March 2001 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.

- MARCH 2001-

The U.S. Import Price Index fell 1.6 percent in March, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decrease was attributable to falling prices for both petroleum and nonpetroleum imports. The Export Price Index declined 0.1 percent in March, after decreasing 0.2 percent in February.

Import Goods

The March decrease for overall import prices marked the sixth consecutive month the index has declined or been unchanged. Prices for the volatile petroleum component fell 5.9 percent in March, after gaining 1.1 percent in February. Over the past 12 months, imported petroleum prices were down 11.0 percent. Nonpetroleum import prices also fell in March, down 0.9 percent after falling 0.8 percent in February. From March 2000 to March 2001, prices for nonpetroleum imports were unchanged. Over the same time period, the price index for overall imports was down 1.5 percent.

Led by declining prices for natural gas and unfinished metals, the price index for nonpetroleum industrial supplies and materials declined 3.9 percent in March, after falling 2.7 percent in February. Despite the recent downturn, the index rose 3.4 percent over the past 12 months. Prices of imported capital goods also contributed to the decrease in nonpetroleum prices in March, declining 0.1 percent for the fifth consecutive month. The price index for imported capital goods-which has either decreased or been unchanged for 11 consecutive months-was down 2.0 percent for the year ended in March. The price index for foods, feeds, and beverages fell for the third straight month, down 0.2 percent in March. Over the past year, the index fell 3.1 percent.

The price indexes for imported consumer goods and for automotive vehicles, parts, and engines were unchanged in March. The index for automotive vehicles, parts, and engines was unchanged for the fourth consecutive month and up 0.5 percent for the year, while the index for consumer goods was down 0.5 percent over the past 12 months.

Export Goods

The 0.1 percent decline in the overall export price index in March was attributable to a decrease in nonagricultural export prices. The index for nonagricultural exports, which declined in five of the past six months, was down 0.1 percent in March and declined 0.1 percent over the year. In contrast, the index of agricultural exports rose 0.2 percent in March. The upturn marked the sixth increase in the past seven months for the index and reflected a rebound in prices for grains and oilseeds. Over the past year, prices for agricultural exports rose 0.8 percent. Over the same time period, overall export prices were down 0.1 percent.

Prices for nonagricultural industrial supplies and materials were the largest contributor to the decline in nonagricultural export prices, decreasing 0.8 percent, on average, in March. For the year ended in March, the price index of nonagricultural industrial supplies and materials was down 1.6 percent. The price index for exported consumer goods also fell in March, down 0.1 percent for the second consecutive month. From March 2000 to March 2001, this index fell 0.4 percent.

In contrast, the price indexes for exported capital goods and for automotive vehicles, parts, and engines each rose 0.1 percent in March. Capital goods prices have risen the same amount in each of the past four months. For the year ended in March, the price index for capital goods was up 0.6 percent, while the price index for automotive vehicles, parts, and engines rose 0.5 percent.

Imports by Locality of Origin

Import prices for goods from Japan declined 0.1 percent in March, the third consecutive monthly decline for the index. Over the past 12 months, this index was down 0.2 percent.

The price index of imports from the Asian Newly Industrialized Countries also decreased for the third straight month, down 0.5 percent in March after falling 0.6 percent and 0.9 percent in the previous two months. The index was down 3.2 percent for the year ended in March.

Import prices from Canada fell 3.3 percent in March, after falling 3.2 percent in February. Despite the recent downturn, prices of imports from Canada were up 6.1 percent over the past 12 months.

Import prices from the European Union dropped 0.5 percent in March, the third decline in the past four months. The index was down 1.8 percent for the year ended in March.

The price index for imports from Latin America also fell in March, down 0.8 percent, the same as in the previous month. For the year ended in March, the index fell 0.5 percent.

Import and Export Services

Both the import air passenger fares index and the export air passenger fares index are available on a monthly, rather than a quarterly, basis for the first time beginning with this release. The import air passenger fares index increased 0.2 percent in March after falling the same amount the previous month. Over the past 12 months, the index was up 9.4 percent. The export air passenger fares index also rose in March, up 0.3 percent, after falling in February. For the March 2000-2001 period, the index rose 1.5 percent.

In the first quarter of 2001, the import air freight index dipped 0.1 percent after declining 1.3 percent in the fourth quarter of 2000. For the year ended in March, the index decreased 1.8 percent. In contrast, the price index for export air freight rose 0.3 percent over the past three months, after decreasing 1.5 percent in the previous quarter. The index rose 0.6 percent for the 12 months ended in March.