February 2002 U.S. Import and Export Price Indexes

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-FEBRUARY 2002-

The U.S. Import Price Index decreased 0.1 percent in February, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The decline followed a 0.4 percent increase in January and was attributable to a decline in nonpetroleum prices. The Export Price Index was down 0.2 percent in February, the fifth consecutive decrease for this index.

Import Goods

In February, prices for imported goods resumed a long-term downward trend, as the 0.1 percent decline marked the eighth decrease in the past nine months. The February drop was the result of falling nonpetroleum prices, which outweighed petroleum price gains. Prices for nonpetroleum imports resumed a downward trend in February, falling 0.5 percent after edging up 0.1 percent in January. The index had dropped in each of the prior 11 months and was down 5.0 percent during the year ended in February. Petroleum prices rose for the second straight month, increasing 2.9 percent in February after rising 5.3 percent in January. Despite the recent increases, petroleum prices fell 30.4 percent over the February 2001-2002 period. Overall import prices also fell for the year ended in February, down 8.2 percent.

A continued drop in the price index for industrial supplies and materials excluding petroleum, which fell 1.3 percent, led the decline in nonpetroleum import prices in February. Prices for this component have declined in 12 of the past 13 months and were down 16.0 percent for the year ended in February. Most of the other major components also trended lower in February. The index for capital goods fell for the 11th straight month, down 0.3 percent, and has declined 2.9 percent over the year. Led by falling vegetable prices, the index for foods, feeds, and beverages fell 2.2 percent in February after rising 1.4 percent the previous month. For the year, the index fell 4.3 percent. The index for consumer goods declined 0.2 percent in February and was down 1.1 percent over the past 12 months.

In contrast, the index for automotive vehicles, parts, and engines—which has recorded little movement during the past year—edged up 0.1 percent in February. Over the February 2001-2002 period, the index fell 0.1 percent.

Export Goods

Prices for overall exports decreased 0.2 percent last month and were down 2.9 percent for the year ended in February. The price index for agricultural exports was down 2.5 percent in February, attributable primarily to lower prices for vegetables, fruits, grains, and oilseeds. Over the past 12 months, agricultural prices fell 2.7 percent. In contrast, nonagricultural export prices were unchanged in February, after declining in 10 of the previous 11 months. Nonagricultural export prices declined 2.9 percent over the past year.

In February, nonagricultural industrial supplies and materials resumed a downward trend, declining 0.2 percent, as falling prices for paper and petroleum products had the largest impact. Over the past 12 months, the index was down 8.4 percent.

In contrast, capital goods prices edged up 0.1 percent after declining 0.3 percent in each of the previous two months. For the year ended in February, the index fell 1.2 percent.

The indexes for both autos and consumer goods were unchanged in February. Over the February 2001-2002 period, autos rose 0.6 percent, while consumer goods fell 0.3 percent.

Imports by Locality of Origin

Import prices from Japan fell for the 13th time in the past 14 months, down 0.4 percent in February. Over the past year, the index fell 3.7 percent.

Import prices from the Asian Newly Industrialized Countries declined 0.2 percent in February, after falling 0.3 percent in January and 0.7 percent in December. The index has not increased since December 2000 and was down 4.6 percent from February 2001 to February 2002.

Prices from Latin America and the European Union both fell 0.2 percent in February, after recording increases in January. Over the past 12 months, the Latin America index dropped 8.8 percent, and prices from the European Union were down 1.9 percent.

In contrast, import prices from Canada increased in February, up 0.5 percent. Despite the recent gains, the index was down 11.1 percent over the past year.