June 2001 U.S. Import and Export Price Indexes

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- JUNE 2001-

The U.S. Import Price Index decreased 0.5 percent in June, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decline, the fourth in the past five months, was attributable to falling prices for both petroleum and nonpetroleum imports. The Export Price Index decreased for the fifth straight month, down 0.3 percent in June.

Import Goods

The decline in overall import prices continued a downward trend for this index, which has increased only once since September 2000. The 1.3 percent decrease in petroleum prices in June followed a 4.6 percent rise in the previous month. Over the past 12 months, imported petroleum prices fell 12.7 percent. Nonpetroleum import prices also declined in June, down 0.4 percent, the fifth consecutive monthly decrease. From June 2000 to June 2001, prices for nonpetroleum imports decreased 1.1 percent. Over the same time period, the price index for overall imports declined 2.6 percent.

Four of the five major commodity indexes declined in June. The price index for industrial supplies and materials excluding petroleum fell for the fifth straight month, down 1.0 percent in June. The decrease last month for this index was led by a drop in natural gas prices, with the continued fall in prices for chemicals, paper and paper base stocks, and unfinished metals also contributing to the decline. Over the past 12 months, the index for industrial supplies and materials excluding petroleum was unchanged. The index for foods, feeds, and beverages fell 1.4 percent in June after dropping 0.7 and 1.7 percent in the previous two months, respectively. Falling prices for fruit, fish and shellfish, and coffee contributed to the June decline. Over the past 12 months, the foods, feeds, and beverages index declined 4.2 percent. Prices for imported consumer goods also declined in June, down 0.3 percent after no change in May. For the year ended in June, the index decreased 0.4 percent. The price index for imported capital goods-which increased only once over the past 14 months- dipped 0.1 percent in June. Over the past year, the index declined 2.2 percent.

In contrast, the index for automotive vehicles, parts, and engines edged up 0.1 percent in June after decreasing in the previous two months. Despite the recent increase, the index declined 0.3 percent for the year.

Export Goods

The price index for overall exports continued to trend downward, declining 0.3 percent in June, as both agricultural and nonagricultural prices moved lower. The index for agricultural exports dipped 0.1 percent in June-largely attributable to falling prices for hides and cotton-after recording no change in May. For the year, prices for agricultural exports rose 0.2 percent. Nonagricultural export prices declined in June, down 0.2 percent after decreasing in each of the previous three months. For the year ended in June, the index fell 0.7 percent. Over the same time period, overall export prices also fell 0.7 percent.

Export prices for nonagricultural industrial supplies and materials declined 0.6 percent in June, the fifth consecutive monthly decline. Declining prices for fuels and lubricants, chemicals, and paper and paper base stocks had the largest impact on this index. Over the past 12 months, the nonagricultural industrial supplies and materials index fell 3.2 percent.

All of the major finished goods areas (capital goods, automotive vehicles, and consumer goods) were unchanged in June. The export price index for capital goods dipped 0.1 percent in each of the previous two months and was up 0.4 percent for the year. Export prices for consumer goods and automotive vehicles, parts, and engines were both unchanged for the second consecutive month. From June 2000 to June 2001, consumer goods declined 0.6 percent while automotive vehicles, parts, and engines increased the same amount.

Imports by Locality of Origin

Import prices for goods from Japan increased 0.2 percent in June, after decreasing in each of the previous five months. Despite the recent upturn, this index was down 1.3 percent for the year.

The price index of imports from the Asian Newly Industrialized Countries also recorded an increase in June, up 0.1 percent, after decreasing five straight months. The index declined 3.3 percent over the past 12 months.

In contrast, the import price index for Canada decreased 1.2 percent in June. For the second consecutive month, the index decreased, as declines for nonmanufactured goods outweighed gains posted for manufactured goods. From June 2000 to June 2001, however, import prices from Canada increased 1.9 percent.

The index for import prices from the European Union also declined in June, dipping 0.1 percent. The index has declined three of the past four months and was down 1.4 percent for the year.

Import prices from Latin America were unchanged on average in June, as price declines for manufactured goods were countered by price gains for nonmanufactured goods. The index declined 1.4 percent over the past 12 months.

Import and Export Services

The import air passenger index rose for the fourth consecutive month, up 4.4 percent in June. Over the past year, the index increased 9.0 percent. In contrast, the export air passenger index decreased 0.8 percent in June. From June 2000 to June 2001, the index declined 1.0 percent.

The import price index for air freight fell 2.9 percent in the second quarter of 2001 after declining in each of the previous two quarters. For the year ended in June, the index fell 4.0 percent. The price index for export air freight also declined from March to June. Over the past 12 months, the index was down 2.5 percent.