April 2002 U.S. Import and Export Price Indexes

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-APRIL 2002-

The U.S. Import Price Index increased 1.4 percent in April, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase--which followed a 1.2 percent rise in March--continued to be led by rising petroleum prices. The Export Price Index also increased in April, up 0.4 percent, after gaining 0.3 percent the previous month.

Import Goods

The rise in overall import prices in April marked the third monthly increase in the past four months for this index. Despite the recent gains, the index was 3.9 percent below its level a year ago. The April increase was led by a continued rise in petroleum prices, which increased 12.1 percent last month after gaining 14.5 percent in March. For the year ended in April, however, petroleum prices were down 2.2 percent. Prices for nonpetroleum imports also increased in April--up 0.4 percent, the largest monthly increase for this index since January 2001. During the year ended in April, however, the nonpetroleum index fell 3.3 percent.

The increase in nonpetroleum import prices was led by higher prices for imported industrial supplies and materials excluding petroleum, which rose 2.4 percent in April after gaining 1.1 percent in March. The April increase in this component was the largest since January 2001 and was led by a surge in natural gas prices. Unfinished metals and chemicals price increases also contributed to the rise in nonpetroleum industrial supplies and materials prices. Despite the recent increases, the index was down 9.0 percent over the past 12 months. The index for foods, feeds, and beverages gained 1.1 percent in April, led by rising vegetable and coffee prices for the second consecutive month. For the year ended in April, the index fell 1.1 percent. The index for capital goods also increased in April, edging up 0.1 percent--the first increase in the past 13 months. Over the past year, the index declined 2.8 percent.

In contrast, prices for consumer goods decreased for the third straight month, dipping 0.1 percent in April. The index declined 1.4 percent over the past 12 months. The index for automotive vehicles, parts, and engines was unchanged in April, after falling 0.2 percent in March. Over the April 2001- 2002 period, the index edged down 0.1 percent.

Export Goods

Prices for overall exports increased 0.4 percent in April, the largest one-month increase for this index since September 2000. Export prices were down 1.9 percent for the year. The upturn in April was the result of rising prices for both agricultural and nonagricultural export prices. The price index for agricultural exports rose 0.8 percent in April, attributable primarily to higher prices for vegetables, soybeans, and wheat. Over the past 12 months, agricultural prices fell 1.2 percent. Nonagricultural export prices also increased in April, up 0.3 percent for the second consecutive month. The index decreased 2.0 percent over the April 2001-April 2002 period.

The increase in nonagricultural export prices was attributable to a rise in prices for nonagricultural industrial supplies and materials, up 1.7 percent in April, the largest increase for this index since March 2000. Rising prices for chemicals, petroleum products, paper and paper base stock, and metals all contributed to the increase last month. Over the past year, the index was down 5.2 percent.

In contrast, all of the finished goods areas (capital goods, consumer goods, and automotive vehicles, parts, and engines) were either unchanged or declined last month. The indexes for capital goods and automotive vehicles, parts, and engines each were unchanged in April. Over the past 12 months, the index for capital goods fell 1.1 percent, and the index for automotive vehicles, parts, and engines rose 0.4 percent. Export prices for consumer goods fell 0.2 percent in April, the third decline in the past four months. For the year ended in April, the index was down 0.6 percent.

Imports by Locality of Origin

Import prices from Japan were unchanged in April after decreasing in each of the previous nine months. Over the past year, the index fell 3.2 percent.

Import prices from the Asian Newly Industrialized Countries increased 0.2 percent in April, after decreasing for four consecutive months. The index had not increased since December 2000 and was down 3.6 percent from April 2001 to April 2002.

Import prices from the European Union also rose in April, up 0.7 percent after no change in March. Over the past 12 months, the index increased 0.6 percent.

Led by an increase in prices for nonmanufactured goods, the indexes for imports from Latin America and Canada each rose in April for the fifth consecutive month, up 2.2 percent and 1.6 percent, respectively. Over the past 12 months, the Latin America index rose 7.6 percent, while prices from Canada fell 2.0 percent.