July 2003 U.S. Import and Export Price Indexes

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- JULY 2003 -

The U.S. Import Price Index rose 0.5 percent in July, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase was led by rising petroleum prices. Export prices dipped 0.1 percent in July after falling 0.2 percent in June.

Import Goods

Import prices increased 0.5 percent in July following a 0.7 percent advance in June. A continued rise in petroleum prices was the primary contributor to the advance in import prices. The petroleum price index increased 3.7 percent in July and 4.2 percent in June and was up 11.6 percent over the past 12 months. The price index for nonpetroleum imports edged up 0.1 percent in July and was up 1.2 percent over the July 2002-2003 period. Overall imports rose 2.1 percent over the past year.

The July increase in the nonpetroleum price index was attributable to increases in prices for nonpetroleum industrial supplies and materials and for foods, feeds, and beverages. Building materials and finished metals prices led the increase for nonpetroleum industrial supplies and materials prices, which rose 0.6 percent in July and 7.8 percent over the past 12 months. The price index for foods, feeds, and beverages - led by prices for meat and fish - increased 0.9 percent in July. The index rose 5.3 percent over the past year.

Prices for the finished goods categories either fell slightly or were unchanged. Led by declining computer prices, the price index for imported capital goods dipped 0.1 percent in July after increasing 0.2 percent in June. Capital goods prices fell 1.4 percent over the July 2002-2003 period. Consumer goods prices also edged down 0.1 percent in July following a 0.3 percent rise in June and were down a modest 0.1 percent over the past 12 months. Prices for imported automotive vehicles, parts, and engines were unchanged last month and were up 0.6 percent for the year ended in July.

Export Goods

The July decrease in overall export prices was led by the fourth straight decline for the nonagricultural exports price index. Nonagricultural export prices declined 0.1 percent in July but were still up 0.7 percent over the past 12 months. Prices for agricultural exports were unchanged in July as declining wheat and corn prices were countered by rising prices for exported vegetables. The price index for agricultural exports was up 6.3 percent for the year ended in July. Overall export prices were up 1.1 percent over the same period.

The price index for industrial supplies and materials fell 0.3 percent in July - the third decline in the past four months - led by a drop in chemicals prices. Despite the declines, industrial supplies and materials prices were up 4.4 percent for the year ended in July.

Prices for each of the major finished goods categories were unchanged in July. The price index for capital goods was down 0.8 percent for the year ended in July. The price indexes for automotive vehicles, parts, and engines and for consumer goods - which continued a trend of little or no movement - were up 0.7 percent and 0.5 percent, respectively, over the past 12 months.

Imports by Locality of Origin

The price index for imports from Canada was up 1.4 percent in July. Increases in prices for lumber and petroleum contributed to the July rise. Over the past 12 months, the index was up 6.1 percent.

Prices for imports from the European Union and from Latin America also posted increases in July, rising 0.8 percent and 0.3 percent, respectively. For the year ended in July, the price indexes for both the European Union and Latin America were up 3.0 percent.

In contrast, prices for imports from Japan and the Asian Newly Industrialized Countries were unchanged in July. Over the past 12 months, the indexes fell 1.3 percent and 1.5 percent, respectively.