November 2004 U.S. Import and Export Price Indexes

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- NOVEMBER 2004 -

The U.S. Import Price Index was up 0.2 percent in November, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed a 1.6 percent rise in October and was led by higher nonpetroleum import prices. Export prices rose 0.3 percent in November following a 0.7 percent advance the previous month.

Import Goods

The 0.2 percent increase in import prices for November was a smaller monthly advance than recorded in each of the previous four months. The increase was led by a 0.7 percent rise in nonpetroleum prices, the largest monthly advance for that index since January. In contrast, petroleum prices declined 2.6 percent in November after increasing 28.1 percent over the prior four months. For the year ended in November, petroleum prices were up 60.4 percent, whereas prices of nonpetroleum imports were up 3.4 percent. Overall, import prices rose 9.5 percent for the November 2003-2004 period.

Prices for each of the major nonpetroleum import areas were up in November. A 2.8 percent rise in prices for nonpetroleum industrial supplies and materials, led by higher natural gas prices, was the largest contributor to the overall increase in nonpetroleum imports. Prices for industrial supplies and materials excluding all fuels were up a more modest 0.2 percent as rising prices for metals and chemicals offset lower lumber prices. Nonpetroleum industrial supplies and materials prices were up 16.0 percent over the past 12 months.

Capital goods prices and automotive vehicles prices both rose 0.2 percent last month. The increase in capital goods prices was the first since January and the index was down 1.5 percent over the past 12 months. Automotive vehicles prices were up 2.1 percent for the year ended in November. The price index for consumer goods prices was up 0.1 percent in November and 0.4 percent over the past year. The price index for foods, feeds, and beverages also rose in November, up 0.3 percent. The increase followed 1.2 percent and 1.3 percent advances in the previous two months and was led by higher vegetable prices. Over the past year, foods, feeds, and beverages prices were up 7.7 percent.

Export Goods

Export prices increased 0.3 percent in November, led by higher prices for nonagricultural exports. Nonagricultural prices, up 0.4 percent in November, rose in all but one month over the past year and were up 5.4 percent over that period, compared to a 0.8 percent increase for the previous 12 months. In contrast, agricultural prices fell for the fifth time in the past six months, declining 0.1 percent in November following a 1.3 percent drop the prior month. Over the past year, agricultural prices were down 5.2 percent. For the year ended in November, overall export prices increased 4.3 percent.

The increase in nonagricultural prices was led by a 1.0 percent increase in the price index for nonagricultural industrial supplies and materials. Higher prices for metals and chemicals more than offset lower fuel prices. Nonagricultural industrial supplies and materials prices have trended upward for the past year and were up 17.4 percent over that period.

Prices for finished goods were modestly up or unchanged in November. The price indexes for capital goods and for consumer goods each rose 0.1 percent in November. Capital goods prices increased for the third consecutive month despite lower computer prices. The increase in consumer prices followed declines over the prior two months. For the year ended in November, capital goods prices and consumer goods prices were up 1.1 percent and 0.9 percent, respectively. The price index for automotive vehicles was unchanged in November after rising 0.3 percent the previous month. Over the past year, automotive vehicle prices were up 0.9 percent.

Imports by Locality of Origin

The price index for imports from Japan was up 0.1 percent in November after a 0.2 percent increase the previous month. Over the past year, import prices from Japan were up 1.5 percent.

Prices of imports from the Asian Newly Industrialized Countries were unchanged for the second consecutive month. The index was up a modest 0.1 percent for the year ended in November.

Import prices from Canada and from the European Union were each up in November, rising 1.0 percent and 0.2 percent, respectively. Over the past 12 months, import prices from Canada were up 12.0 percent and prices of imports from the European Union rose 6.7 percent.

The price index for imports from Latin America was up 0.2 percent in November as higher prices for manufactured goods offset a decline in petroleum prices. Import prices from Latin America were up 18.1 percent for the year ended in November.

Import and Export Services

Import air passenger fares declined 4.0 percent in November, primarily attributable to a 5.7 percent decrease in European fares. November was the fourth consecutive month that import air passenger fares were down; however, the index was up 4.5 percent over the past year. Export air passenger fares were up 1.6 percent in November following decreases in the prior two months. The index was up 9.5 percent over the past 12 months.