November 2009 U.S. Import and Export Price Indexes

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The U.S. Import Price Index advanced 1.7 percent in November, the U.S. Bureau of Labor Statistics reported today, led by a 7.3 percent rise in fuel prices. The increase followed a 0.8 percent advance in October. U.S. export prices rose 0.8 percent in November after a 0.2 percent increase the previous month.

Imports

All Imports: The 1.7 percent increase in U.S. imports in November continued the upward trend for the index. Import prices have risen in eight of the past nine months, increasing 10.1 percent over that period. The November advance for overall import prices was driven by higher fuel prices, which accounted for approximately 80 percent of the increase. The price index for U.S. imports advanced 3.7 percent for the year ended in November, the first time the index increased over a 12-month period since a 4.9 percent advance for the October 2007-2008 period.

Fuel Imports: Prices for import fuel rose 7.3 percent in November after a 2.5 percent increase the previous month. A 6.2 percent increase for petroleum prices and a 30.0 percent increase for natural gas prices led the overall advance in November. Over the past 12 months, fuel prices increased 27.0 percent. A 35.5 percent rise in petroleum prices more than offset declining natural gas prices, which fell 31.3 percent despite the advance in November.

All Imports Excluding Fuel: Nonfuel import prices rose 0.4 percent in November as higher prices for nonfuel industrial supplies and materials, capital goods, and foods, feeds, and beverages contributed to the advance. Prices for nonfuel imports rose between 0.4 percent and 0.5 percent in each of the past four months. The index declined 1.0 percent over the past 12 months as decreases from November 2008 to March 2009 more than offset the recent increases.

Exports

All Exports: Export prices advanced 0.8 percent in November after rising 0.2 percent in October. Higher nonagricultural prices accounted for approximately two thirds of the increase. Prices for overall exports rose 0.6 percent over the past year, the first time the index increased over a 12-month period since a 4.0 percent advance for the October 2007-2008 period.

Agricultural Exports: Agricultural prices rose 3.7 percent in November after declining 0.7 percent and 2.9 percent in October and September, respectively. Higher prices for soybeans, corn, and wheat led the upturn in agricultural prices. The November increase led the price index for overall agricultural prices up 0.6 percent over the past 12 months, the first year-over-year increase since a 6.0 percent advance for the year ended in October 2008.

All Exports Excluding Agriculture: Prices for nonagricultural exports increased for the eighth consecutive month, rising 0.7 percent in November. Higher prices for nonagricultural industrial supplies and materials and finished goods contributed to the advance. The index rose 0.6 percent over the past 12 months.

SELECTED NOVEMBER HIGHLIGHTS

Import Prices

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials increased 1.4 percent in November after rising 1.6 percent the previous month. Rising prices for metals and chemicals were the largest contributors to the increases in both November and October.

Finished Goods: Finished goods prices were mixed in November. Prices for capital goods and automotive vehicles increased 0.2 percent and 0.1 percent, respectively. In contrast, consumer goods prices edged down 0.1 percent.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 0.5 percent in November, following increases of 0.3 percent in October and 0.5 percent in September.

Imports by Locality of Origin: Import prices from Canada rose 2.9 percent in November, led by higher fuel prices. The November increase followed advances of 1.1 percent in each of the previous two months. The price indexes for imports from the European Union and Mexico also rose in November, increasing 0.6 percent and 0.3 percent, respectively.

Transportation Services: Import air freight prices rose for the sixth consecutive month, increasing 1.0 percent in November. Import air passenger fares advanced 0.5 percent in November after rising 6.4 percent in October. The November increase was led by an 8.2 percent rise in Latin America/Caribbean fares.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials increased 1.7 percent in November after rising 0.5 percent in October. The November advance was driven by higher prices for fuel, metals, and chemicals.

Finished Goods: Prices for capital goods and for consumer goods rose 0.3 percent and 0.2 percent, respectively. Higher prices for computers and semiconductors were the largest contributors to the increase in capital goods prices and rising prices for medicinal, dental, and pharmaceutical materials drove the rise in the price index for consumer goods. Prices for automotive vehicles were unchanged.

Transportation Services: Export air passenger fares fell 1.6 percent in November following an increase of 1.2 percent in October. Falling prices for Asian fares contributed to the November decline. In contrast, export air freight prices rose for the fourth time in five months, increasing 0.6 percent in November.

Import and Export Price Index data for December 2009 are scheduled for release on Thursday, January 14, 2010 at 8:30 a.m. (EST).