August 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.

- AUGUST 2001-

The U.S. Import Price Index declined 0.1 percent in August, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Falling prices for nonpetroleum imports more than offset a small increase in petroleum prices. The Export Price Index decreased 0.2 percent in August, the seventh consecutive drop in this index.

Import Goods

The modest decrease in the import price index marked the sixth decrease in the past seven months in this series. The price index for nonpetroleum imports fell 0.4 percent over the month, and decreased 2.8 percent for the year ended in August. In contrast, imported petroleum prices rose 1.7 percent in August, but were still down 15.0 percent over the past 12 months. The price index for all imports declined 4.4 percent from August 2000 to August 2001.

The monthly decline in nonpetroleum import prices—the seventh in a row—was led by a continued fall in the price index for nonpetroleum industrial supplies and materials, down 1.7 percent in August after a 3.7 percent decrease in July. A drop in unfinished metal prices last month had the largest impact on this component, although decreases in the prices of imported paper, building materials, and chemicals also contributed to the decline. For the year ended in August, prices for nonpetroleum industrial supplies and material imports were down 7.0 percent. In addition, capital goods prices fell 0.1 percent in August, led by continued declines in the prices of imported computers and peripherals. Over the past 12 months, the price index of capital goods was down 2.6 percent.

In contrast, the import prices for both foods, feeds, and beverages and automotive vehicles edged up 0.1 percent last month. For the year ended in August, however, the price indexes for imported foods, feeds, and beverages and automotive vehicles were down, 5.3 percent and 0.5 percent, respectively.

Prices for imported consumer goods were unchanged in August and down 0.7 percent over the past 12 months.

Export Goods

The price index for overall exports fell 0.2 percent last month, as ongoing declines in nonagricultural prices continued to offset increasing agricultural prices. Agricultural export prices rose 1.2 percent in August and 6.9 percent over the past 12 months. In contrast, the price index for nonagricultural export prices decreased 0.3 percent in August, the sixth consecutive monthly decline in this index. For the year ended in August, prices for nonagricultural exports were down 1.6 percent. From August 2000 to August 2001, overall export prices fell 0.9 percent.

The decline in export prices was again led by a drop in the index for exported nonagricultural industrial supplies and materials, which decreased 0.9 percent in August. Declining prices for chemicals and metals were the largest contributors to last month’s decrease, which marked the seventh consecutive monthly decline in this component. Over the past 12 months, the index for nonagricultural industrial supplies and materials fell 5.9 percent. Led by declining prices for computers, computer peripherals, and semiconductors, the price index for exported capital goods also fell in August, down 0.1 percent. Despite decreasing for the fifth consecutive month, capital goods prices were up 0.1 percent for the year ended in August.

The export price indexes for automotive vehicles and consumer goods were both unchanged in August. Over the past 12 months, exported auto prices were up 0.3 percent, while exported consumer goods prices declined 0.6 percent.

Imports by Locality of Origin

The price index of imports from Japan decreased 0.1 percent in August, the seventh decline in the past eight months. For the year ended in August, the index was down 1.8 percent.

Prices of imports from the Asian Newly Industrialized Countries were unchanged in August after decreasing 1.0 percent in July. The index declined 4.5 percent over the past 12 months.

The price index of imports from Canada declined a modest 0.2 percent in August, after posting a 2.8 percent drop the month before. From August 2000 to August 2001, import prices from Canada decreased 1.2 percent.

Import prices from Latin America fell 0.1 percent in August, after decreasing 1.4 percent the previous month. The index was down 3.5 percent over the past year.

In contrast, the index for import prices from the European Union increased last month, rising 0.2 percent. Despite the increase, the index was down 2.0 percent for the year ended in August.