April 2001 U.S. Import and Export Price Indexes

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- APRIL 2001-

The U.S. Import Price Index fell 0.5 percent in April, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The monthly decrease was the third in a row and was attributable to falling prices for both petroleum and nonpetroleum imports. The Export Price Index was unchanged in April, after dipping 0.1 percent in March.

Import Goods

The April decrease for overall import prices also marked the seventh consecutive month the index has declined or been unchanged. The indexes for both petroleum and nonpetroleum imports matched the 0.5 percent decline for overall imports in April. The drop in petroleum prices last month followed a 6.6 percent decline in March. The petroleum index declined in four of the past five months and was down 21.0 percent over this 5-month period. For the year ended in April, imported petroleum prices decreased 1.6 percent. Nonpetroleum import prices fell 0.5 percent in April, after decreasing 0.7 percent in March and 0.9 percent in February. From April 2000 to April 2001, prices for nonpetroleum imports decreased 0.6 percent. Over the same time period, the price index for overall imports declined 0.7 percent.

All of the major nonpetroleum commodity areas declined in April. The index for industrial supplies and materials excluding petroleum fell for the third consecutive month, down 0.6 percent in April after falling 3.9 percent and 2.8 percent in the previous two months, respectively. The April decline for this index was attributable to falling prices for unfinished metals and chemicals. Despite the recent downturn, the index for industrial supplies and materials excluding petroleum rose 2.5 percent for the year ended in April. Led by a drop in vegetable prices, the index for foods, feeds, and beverages fell 2.1 percent in April, the largest monthly decline for this index since February 1999. Over the past twelve months, the foods, feeds, and beverages index declined 4.8 percent.

The major finished goods areas (capital goods, automotive vehicles, and consumer goods) declined in April, paralleling the appreciation of the US dollar versus most foreign currencies. Prices of imported capital goods dropped 0.6 percent in April, the largest decline since July 1999. The price index for imported capital goods-which has increased only once over the past twelve months-was down 2.6 percent for the year ended in April. The index for automotive vehicles, parts, and engines declined 0.2 percent in April after edging up 0.1 percent in March. Over the past 12 months, the index declined 0.3 percent. In addition, prices for imported consumer goods dipped 0.1 percent in April and were down 0.6 percent for the year.

Export Goods

The price index for overall exports was unchanged in April. Nonagricultural export prices also were unchanged in April, after declining in five of the previous six months. The price index for agricultural exports declined 0.6 percent in April, only the second monthly decline posted for this index since last August. The decrease in agricultural prices was led by a downturn in prices for grains and oilseeds. For the year ended in April, prices for agricultural exports were down 0.6 percent, while prices for nonagricultural exports edged up 0.1 percent. Overall export prices were unchanged over the same time period.

All of the major nonagricultural commodity areas recorded little movement last month, with most posting no change in April. The price index for nonagricultural industrial supplies and materials was unchanged in April after declining 0.9 percent the previous month. For the year ended in April, the index was down 1.0 percent. Export prices for both capital goods and consumer goods were unchanged, on average, in April. Over the past 12 months, capital goods prices were up 0.6 percent, while consumer goods prices fell 0.5 percent.

The price index for exported automotive vehicles edged up 0.1 percent for the second consecutive month. For the year ended in April, automotive auto prices were up 0.5 percent.

Imports by Locality of Origin

Import prices for goods from Japan declined 0.2 percent in April, the fourth consecutive monthly decline for the index. Over the past 12 months, this index was down 1.1 percent.

The price index of imports from the Asian Newly Industrialized Countries also decreased for the fourth consecutive month, down 0.6 percent in April. The index was down 3.1 percent for the year ended in April.

Import prices from the European Union fell 0.1 percent in April, after declining 0.5 percent the previous month. The index was down 1.2 percent over the past 12 months.

The price index for imports from Latin America also declined in April, down 0.6 percent. The index, however, was up 1.9 percent over the past year.

In contrast, import prices from Canada rose 0.3 percent in April, after decreasing 7.5 percent over the previous two months. For the year ended in April, prices for imports from Canada were up 4.7 percent.