May 2003 U.S. Import and Export Price Indexes

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-MAY 2003-

The U.S. Import Price Index decreased 0.3 percent in May, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Both petroleum and nonpetroleum import prices contributed to the decline. Export prices edged up 0.1 percent in May, after declining 0.1 percent in April.

Import Goods

Import prices fell 0.3 percent in May, as prices for both petroleum and nonpetroleum decreased. This followed a record decline of 3.0 percent in April. Petroleum prices dipped 1.1 percent in May after falling 18.0 percent in April. The petroleum index, however, was still up 8.8 percent over the past 12 months. The price index for nonpetroleum imports moved lower in May, decreasing 0.2 percent following a 1.0 percent drop in April. Despite the recent declines, the index was up 0.7 percent for the year ended in May. During the past year, overall import prices rose 1.5 percent.

The May decline in nonpetroleum import prices was led by a 0.5 percent drop in prices for nonpetroleum industrial supplies and materials and a 0.4 percent decrease in the price index for imported capital goods. Prices for unfinished metals led the decline for the nonpetroleum industrial supplies and materials price index, which was still up 6.3 percent over the past 12 months. The decline in capital goods prices was attributable to a drop in the prices for computers and semiconductors. For the year ended in May, the price index for capital goods was down 1.7 percent. Prices for imported foods, feeds, and beverages also fell in May, declining 1.0 percent. Lower prices for vegetables and for fruits led the decrease. Despite the May decline, the index for foods, feeds, and beverages was up 4.1 percent over the past year.

In contrast, prices for automotive vehicles edged up in May, increasing 0.1 percent. For the year ended in May, the index was up 0.7 percent.

Imported consumer goods prices were unchanged in May and over the past 12 months were down 0.3 percent.

Export Goods

Export prices increased 0.1 percent in May after falling the same amount in April. Increasing prices for agricultural exports more than offset a small decline in nonagricultural prices. The price index for agricultural exports increased 2.4 percent in May and was led by higher soybean, wheat, corn, and meat prices. The index was up 11.1 percent over the May 2002-May 2003 period. In contrast, prices for nonagricultural exports declined 0.1 percent last month as lower prices for industrial supplies and materials and for automotive vehicles more than offset a small increase in prices for capital goods. For the year ended in May, prices for nonagricultural exports rose 1.0 percent. Overall exports were up 1.7 percent over the same period.

A 0.7 percent decline in the price index for industrial supplies and materials was led by decreasing prices for export petroleum products, nonmonetary gold, and palladium. Over the past 12 months, however, industrial supplies and materials prices were up 6.0 percent. Prices for automotive vehicles also fell slightly in May, decreasing 0.1 percent. Over the past 12 months, the index was up 0.6 percent.

Prices for exported capital goods edged up 0.1 percent in May. Over the past year, capital goods prices were down 0.9 percent.

Export consumer goods prices were unchanged in May and were up 0.2 percent over the past 12 months.

Imports by Locality of Origin

Import prices from Japan declined 0.2 percent in May after falling the same amount in April. For the year ended in May, import prices from Japan were down 1.4 percent.

Prices of imports from the Asian Newly Industrialized Countries were unchanged in May. The index was down 1.4 percent for the May 2002-May 2003 period.

The price index for imports from the European Union declined 1.0 percent, driven by declines in prices for refined petroleum products. The index was up 3.0 percent over the past 12 months. Prices for imports from Latin America were up in May, increasing 0.2 percent. For the year ended in May, import prices from Latin America were up 1.4 percent.

Import prices from Canada were unchanged in May. The index increased 4.8 percent over the past 12 months.