June 2009 U.S. Import and Export Price Indexes

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- JUNE 2009 -

The U.S. Import Price Index rose 3.2 percent in June, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, led by higher petroleum prices. The June increase followed a 1.4 percent advance in May. Export prices also increased in June, rising 1.1 percent after advancing 0.5 percent in the previous month.

Import Goods

U.S import prices increased 3.2 percent in June, the largest monthly advance since a 3.2 percent rise in November 2007. Import prices have risen for each of the past four months but decreased overall for the year ended in June, declining 17.4 percent. The June increase in import prices was driven by a 20.3 percent jump in petroleum prices, the largest monthly advance for that index since a 20.5 percent increase in April 1999. Petroleum prices have risen 69.5 percent since January but, despite the recent advances, fell 45.9 percent over the past 12 months. Nonpetroleum import prices ticked up 0.2 percent in June, and decreased 6.5 percent over the past year.

The advance in nonpetroleum prices was led by a 0.7 percent increase in the price index for nonpetroleum industrial supplies and materials. Higher prices for unfinished metals were the primary contributor to the June increase in nonpetroleum industrial supplies and materials prices, which followed a 0.8 percent rise in May.

Prices for foods, feeds, and beverages, for consumer goods, and for automotive vehicles also rose in June. Foods, feeds, and beverages prices increased 0.5 percent as higher prices for meat and coffee more than offset lower vegetable prices. The price indexes for consumer goods and automotive vehicles each ticked up 0.1 percent.

In contrast, capital goods prices edged down 0.1 percent in June, led by a 0.5 percent decrease in computer prices. Excluding computer prices, capital goods prices advanced 0.1 percent.

Export Goods

Export prices rose for the third consecutive month in June, advancing 1.1 percent following 0.5 percent increases in each of the two previous months. Higher prices for both agricultural and nonagricultural exports contributed to the overall increase in June which was the largest monthly rise in export prices since a 1.5 percent increase in July 2008. Despite the advance, export prices declined 6.4 percent over the past year. Prices for agricultural exports increased 4.8 percent in June and 12.7 percent for the second quarter of 2009, the largest three-month gain since the first quarter of 2008. Both advances were led by rising prices for soybeans, corn, and wheat. Even with the increase over the past three months, agricultural prices fell 12.5 percent for the June 2008-2009 period. Nonagricultural prices rose 0.8 percent in June, but decreased 5.7 percent over the past 12 months.

A 2.2 percent increase in the price index for nonagricultural industrial supplies and materials led the overall advance in nonagricultural prices in June. Higher prices for fuels, chemicals, and metals all contributed to the advance.

Capital goods prices and consumer goods prices also rose in June, advancing 0.2 percent and 0.5 percent, respectively. The increase in capital goods prices was driven by a 0.4 percent rise in the price index for transportation equipment while higher consumer goods prices were led by a 0.9 percent advance in medicinal, dental, and pharmaceutical prices.

In contrast, the price index for automotive vehicles edged down 0.1 percent in June after remaining unchanged in May.

Imports by Locality of Origin

Led by higher fuel prices in June, the price indexes for imports from Canada and from Mexico rose 2.8 percent and 1.6 percent, respectively. Despite rising in June, each index remained down over the past year; import prices from Canada fell 24.8 percent for the year ended in June while prices for imports from Mexico decreased 13.5 percent for the same period.

Import prices from the European Union and from Japan both advanced 0.7 percent in June after falling 0.2 percent and remaining unchanged, respectively, the previous month. The price index for imports from the European Union fell 7.2 percent for the year ended in June, while prices for imports from Japan rose 1.9 percent.

In contrast, prices for imports from China decreased 0.1 percent in June after recording no change in May. Overall import prices from China decreased 2.4 percent for the June 2008-2009 period, the largest 12-month drop since the index was first published in December 2003.

Import and Export Services

Import air passenger fares increased for the first time since October 2008, rising 13.0 percent in June. The advance was led by a 28.6 percent seasonal increase in European fares. Export air passenger fares rose in June, advancing 2.1 percent, which was the first increase for the index since January and was also driven by higher European fares. Despite the increases, both import air passenger fares and export air passenger fares fell over the past 12 months, declining 14.2 percent and 20.7 percent, respectively.

The price index for import air freight advanced 1.4 percent in June after a 0.9 percent increase the previous month. The index fell 15.6 percent for the year ended in June. In contrast, export air freight prices fell 1.2 percent in June, led by a 2.2 percent drop in European air freight prices. Overall, export air freight prices declined 16.6 percent over the past year.