September 2004 U.S. Import and Export Price Indexes

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- SEPTEMBER 2004 -

The U.S. Import Price Index was up 0.2 percent in September, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase was attributable to higher prices for both petroleum and nonpetroleum imports and followed a 1.4 percent rise in August. September export prices increased 0.4 percent, following a 0.5 percent decline the previous month.

Import Goods

Import prices increased for the third consecutive month, up 0.2 percent in September. Higher petroleum prices again were the primary factor behind the increase, rising a more modest 0.6 percent in September compared with increases of 8.3 percent and 2.2 percent in the previous two months. Prices for petroleum were up 48.7 percent over the past year. Nonpetroleum prices also contributed to the September increase in overall import prices, rising 0.1 percent. For the year ended in September, nonpetroleum prices were up 2.9 percent and overall import prices rose 7.8 percent.

Higher prices for automotive vehicles, for foods, feeds, and beverages, and for nonpetroleum industrial supplies and materials all contributed to the increase in nonpetroleum prices. The price index for automotive vehicles increased 0.3 percent in September after two months of no movement, and the index was up 2.0 percent over the past year. Foods, feeds, and beverages prices rose 0.8 percent last month, led by higher vegetable prices. For the year ended in September, import food prices were up 6.5 percent. Prices for nonpetroleum industrial supplies and materials, which have been steadily increasing for the past year, were up a more modest 0.1 percent in September. Nonpetroleum industrial supplies and materials prices increased 14.3 percent over the past 12 months.

The price indexes for capital goods and for consumer goods were both unchanged for the third consecutive month. For the year ended in September, prices for capital goods fell 1.4 percent, while consumer goods prices were up 0.6 percent.

Export Goods

Export prices rose 0.4 percent in September as higher prices for agricultural exports and for nonagricultural exports contributed to the overall increase. The price index for agricultural exports was up 1.6 percent in September, following decreases in each of the previous three months. The September increase was led by higher prices for soybeans, vegetables, and seafood. Agricultural export prices were up 2.2 percent over the past year. Prices for nonagricultural exports were up 0.2 percent, continuing the recent trend for this index. Nonagricultural prices have risen in 11 of the past 12 months and were up 4.3 percent over that period. Overall export prices increased 4.0 percent for the year ended in September.

The advance in nonagricultural prices was again attributable to rising prices for nonagricultural industrial supplies and materials, up 0.7 percent in September. Higher chemicals prices were the main contributor to the increase. The price index for nonagricultural industrial supplies and materials has trended upward over the past year and was up 14.6 percent for that period.

The export price indexes for capital goods and for consumer goods both were up 0.1 percent in September. The increase in capital goods prices was the first since April, and the index was up a modest 0.4 percent over the past year. In contrast, prices of consumer goods have risen in each of the past three months and were up 1.9 percent for the year ended in September.

Prices for automotive vehicles were unchanged in September and have risen 0.8 percent over the past 12 months.

Imports by Locality of Origin

Prices for imports from Japan fell 0.1 percent in September after increasing in each of the two previous months. The index was up 1.6 percent for the year ended in September.

Import prices from the Asian Newly Industrialized Countries rose 0.1 percent for the third consecutive month. Despite the recent increases, the index was down 0.9 percent over the past year.

Prices for imports from Latin America and from the European Union were up in September, rising 1.2 percent and 0.1 percent, respectively. For the past 12 months, prices for imports from Latin America were up 13.4 percent, and prices for imports from the European Union rose 6.5 percent.

The price index for imports from Canada fell 0.2 percent in September, but was up 10.0 percent for the past 12 months.

Import and Export Services

The indexes for both import and export air passenger fares declined in September, attributable primarily to seasonal factors. September import air passenger fares fell 4.1 percent, following a 0.3 percent decline the previous month. The August drop had been the first since March. The index for export air passenger fares fell 6.8 percent in September, the first decrease since May. For the year ended in September, import air passenger fares were down 3.9 percent, whereas export air passenger fares increased 10.3 percent.

The import price index for air freight increased for the third quarter in a row, rising 2.1 percent between June and September. Export air freight prices rose 1.2 percent for the third quarter of 2004, the fourth consecutive quarterly increase for the index. For the year ended in September, the price indexes for import air freight and for export freight were up 2.7 percent and 5.5 percent, respectively.