May 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.

- MAY 2001-

The U.S. Import Price Index rose 0.3 percent in May, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed three consecutive monthly declines and was attributable to rising prices for petroleum imports. The Export Price Index decreased for the fourth straight month, down 0.3 percent in May.

Import Goods

The advance in the import price index was the first since September 2000, as rising petroleum prices outweighed declines for nonpetroleum imports in May. The 5.5 percent increase in petroleum prices in May followed 1.7 percent and 6.5 percent declines in April and March, respectively. Over the past 12 months, imported petroleum prices declined 1.8 percent. Nonpetroleum import prices continued to decline in May, decreasing 0.2 percent after falling in each of the previous three months. From May 2000 to May 2001, prices for nonpetroleum imports decreased 0.5 percent. Over the same time period, the price index for overall imports declined 0.8 percent.

All of the major nonpetroleum commodity indexes either declined or were unchanged for the second consecutive month. The price index for industrial supplies and materials excluding petroleum fell for the fourth straight month, down 0.7 percent in May. The May decline for this index was attributable to falling prices for unfinished metals and chemicals. For the year ended in May, however, the index for industrial supplies and materials excluding petroleum posted a 2.5 percent increase. The index for foods, feeds, and beverages-led by a drop in vegetable prices-fell 0.7 percent in May after dropping 1.7 percent in April. Over the past 12 months, the foods, feeds, and beverages index declined 3.7 percent.

The price indexes for the major finished goods areas (capital goods, automotive vehicles, and consumer goods), which were all down over the past 12 months, were either unchanged or moved lower in May. Prices of imported capital goods declined 0.3 percent in May, after decreasing 0.6 percent in April. The price index for imported capital goods-which increased only once over the past 13 months-was down 2.6 percent for the year ended in May. The index for automotive vehicles, parts, and engines declined 0.2 percent in May, after dipping 0.1 percent in April. Over the past 12 months, the index declined 0.3 percent. Prices for imported consumer goods were unchanged, on average, in May and were down 0.6 percent for the year.

Export Goods

The price index for exports continued to trend downward, declining 0.3 percent in May, as both agricultural and nonagricultural prices moved lower. The index for agricultural exports declined 0.1 percent in May, after falling 0.7 percent in April. For the year ended in May, prices for agricultural exports were down 1.4 percent. Nonagricultural export prices also declined in May, down 0.3 percent after decreasing in each of the previous two months. For the year ended in May, the index fell 0.6 percent. Over the same time period, overall export prices also fell 0.6 percent.

All of the major nonagricultural commodity price indexes either decreased or recorded no change in May. Export prices for nonagricultural industrial supplies and materials declined 0.8 percent in May, the fourth consecutive monthly decline. Over the past 12 months, this index was down 2.6 percent. Export prices for consumer goods also declined for the fourth straight month, down 0.1 percent in May, the same as in each of the previous three months. From May 2000 to May 2001, the index declined 0.7 percent.

The export price indexes for capital goods and for automotive vehicles, parts, and engines were both unchanged in May and up 0.5 percent over the past 12 months.

Imports by Locality of Origin

Import prices for goods from Japan declined 0.3 percent in May, the fifth consecutive monthly decline for the index. For the year ended in May, this index was down 1.9 percent.

The price index of imports from the Asian Newly Industrialized Countries also decreased for the fifth straight month, down 0.4 percent in May. The index declined 3.6 percent over the past 12 months.

In contrast, the import price indexes for both Latin America and Canada increased in May, up 0.7 percent and 0.2 percent, respectively. The gains were attributable to rising prices for nonmanufactured goods, particularly petroleum. From May 2000 to May 2001, import prices from Latin America rose 1.2 percent, while Canadian imports were up 5.4 percent.

Import prices from the European Union were unchanged on average in May, as price declines for manufactured goods were countered by price gains for nonmanufactured goods. The index declined 1.5 percent over the past 12 months.