September 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.

- SEPTEMBER 2001-

The U.S. Import Price Index increased 0.3 percent in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed three consecutive monthly declines and was primarily attributable to a rise in petroleum prices. The Export Price Index edged up 0.1 percent in September—the first increase for this index since January. The reference period for the import and export price indexes is the first week of the month. Accordingly, most data in this release cover the period from September 1st to September 7th.

Import Goods

The index covering all import prices rose for the second time in the past 12 months. Over the past year, the index dropped 5.2 percent. The September advance was led by a 2.6 percent increase in prices for imported petroleum, which had gained 1.7 percent in August. Despite the recent gains, petroleum prices fell 21.1 percent over the past 12 months. Meanwhile, nonpetroleum import prices recorded no change in September, after declining for seven consecutive months. The index declined 2.6 percent over the year.

For nonpetroleum imports, upturns in prices for automotive vehicles, parts, and engines; consumer goods; and foods, feeds, and beverages countered declines for capital goods and for industrial supplies and materials excluding petroleum. Prices for automotive vehicles, parts, and engines rose 0.3 percent in September, due primarily to the year-end model changeovers; this was the first increase for this index since November 2000. The consumer goods index also advanced in September, rising 0.2 percent, after posting no change or declining for the previous five months. In addition, the price index for foods, feeds, and beverages gained 0.7 percent last month, after edging up 0.1 percent in August. Despite the recent gains, from September 2000 to September 2001, automobile prices dipped 0.1 percent, consumer goods fell 0.3 percent, and foods, feeds, and beverages dropped 3.9 percent.

In September, import prices for capital goods—down six consecutive months—and industrial supplies and materials excluding petroleum—down eight straight months—fell 0.3 percent and 0.1 percent, respectively. Over the past 12 months, the index for capital goods declined 2.7 percent, while industrial supplies and materials excluding petroleum fell 6.6 percent.

Export Goods

The price index for overall exports edged up 0.1 percent last month, as an upturn in nonagricultural prices offset a reversal in agricultural prices. Agricultural export prices declined 0.5 percent in September, the first decline since the index fell by the same amount in April. The decrease was largely attributable to a downturn in prices for soybeans and other oilseeds. For the year ended in September, however, agricultural export prices rose 3.2 percent. In contrast, the price index for nonagricultural export prices rose 0.2 percent, after declining for six consecutive months. Despite the recent increase, nonagricultural export prices fell 1.8 percent over the past 12 months. From September 2000 to September 2001, overall export prices fell 1.4 percent.

The September increase in export prices was led by a petroleum-driven increase in the index for exported nonagricultural industrial supplies and materials, up 0.6 percent last month. Prior to this increase, the index for nonagricultural industrial supplies and materials had declined for seven consecutive months and was down 6.5 percent for the year. The capital goods index also increased in September, edging up 0.1 percent, after falling the previous five months. The index was unchanged over the year. Prices for consumer goods rose 0.3 percent in September, matching the largest increase for the index since October 1999. The index was unchanged in each of the prior three months and down 0.2 percent over the year.

The export price index for automotive vehicles was unchanged for the fifth consecutive month. Over the past 12 months, exported auto prices rose 0.2 percent.

Imports by Locality of Origin

The price indexes of imports from Japan, down seven of the past eight months, and from the Asian Newly Industrialized Countries, down eight consecutive months, each edged up 0.1 percent last month. Despite the upticks in September, over the past year, prices from Japan declined 1.7 percent while prices from the Asian Newly Industrialized Countries decreased 4.6 percent.

Import prices from Latin America and the European Union also increased last month, up 0.5 percent and 0.3 percent, respectively. From September 2000 to September 2001, however, both indexes were down—5.2 percent for Latin America and 1.8 percent for the European Union.

In contrast, the price index of imports from Canada declined 0.9 percent in September. Import prices from Canada have decreased for five consecutive months and were down 4.6 percent for the year.

Import and Export Services

The import air passenger price index decreased 2.7 percent in September, after increasing in each of the previous six months. Over the past year, however, the index was up 10.7 percent. The export air passenger index also fell by 2.7 percent last month, but was unchanged for the year ended in September.

The import price index for air freight was unchanged in the third quarter of 2001, after declining in each of the previous three quarters. For the year ended in September, the index fell 4.3 percent. The price index for export air freight increased 0.3 percent from June to September, after decreasing 1.4 percent in the previous quarter. Over the past 12 months, the index was down 2.1 percent.