April 2010 U.S. Import and Export Price Indexes

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U.S. import prices advanced 0.9 percent in April, the U.S. Bureau of Labor Statistics reported today, following a 0.5 percent increase the previous month. Higher prices for fuel and nonfuel imports contributed to the overall advance. Prices for U.S. exports also increased in April, rising 1.2 percent after a 0.7 percent advance in March.

Imports

All Imports: The price index for U.S. imports increased 0.9 percent in April, continuing the upward trend of the past year. The April advance followed a 0.5 percent rise in March and approximately 55 percent of the increase was attributable to higher fuel prices. Import prices rose 11.1 percent over the past 12 months, similar to the 11.3 to 11.4 percent year-over-year increases recorded in each of the three previous months.

Fuel Imports: Fuel prices also continued to trend up in April, rising 2.3 percent after increasing 1.7 percent in March. The price index for import fuel jumped 54.3 percent for the year ended in April, partially reversing the 50.8 percent drop recorded for the April 2008-09 period. Both the April increase and the rise over the past 12 months were driven by higher petroleum prices which rose 3.3 percent in April and 58.7 percent over the past year. A 15.1 percent decline in natural gas prices, which followed a 14.2 percent decrease in March, partially offset the higher petroleum prices in April. Despite the downward movement of the past two months, natural gas prices advanced 15.0 percent over the past 12 months.

All Imports Excluding Fuel: Nonfuel import prices also contributed to the overall increase in import prices in April, rising 0.5 percent. The increase was driven by a 2.6 percent advance in nonfuel industrial supplies and materials prices, although higher prices for food and finished goods also contributed to the overall advance. The price index for nonfuel prices has not recorded a monthly decline since July 2009 and rose 3.2 percent for the year ended in April after falling 3.8 percent for the April 2008-09 period.

Exports

All Exports: Export prices increased 1.2 percent in April after rising 0.7 percent the previous month. The April advance was led by higher nonagricultural prices and was the largest monthly increase since a 1.5 percent rise in July 2008. The price index for U.S. exports rose 5.7 percent for the April 2009-10 period, the largest 12-month increase since a 7.0 percent advance between September 2007 and September 2008.

Agricultural Exports: Agricultural prices fell 0.7 percent in April following a 1.9 percent increase in March and a 3.9 percent decrease in February. In April, lower corn and wheat prices more than offset higher prices for fruits and nuts. Despite declining in two of the past three months, agricultural prices advanced 3.2 percent over the past year, driven by rising prices for cotton, nuts, fruit and meat.

All Exports Excluding Agriculture: Prices for nonagricultural exports rose 1.4 percent in April, the largest one-month jump for the index since monthly publication began in December 1988. Higher prices for industrial supplies and materials as well as an overall rise in finished goods prices each contributed to the advance. Nonagricultural export prices increased 6.0 percent for the year ended in April, following a 5.4 percent decline for the April 2008-09 period.

SELECTED APRIL HIGHLIGHTS

Import Prices

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials rose 2.6 percent in April, the largest one-month increase since a 3.2 percent advance in April 2008. The increase was driven by a 6.0 percent jump in unfinished metals prices. Higher prices for iron and steel mill products, steelmaking materials, copper, and precious metals all contributed to the increase in metals prices.

Finished Goods: Finished goods prices were up overall in April, led by a 0.1 percent uptick in the price index for capital goods and a 0.2 percent rise in prices for automotive vehicles. The increases were the first monthly advances for capital goods prices and automotive vehicle prices since April 2009 and November 2009, respectively. Consumer goods prices were unchanged in April.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 1.2 percent in April after a 1.5 percent advance the previous month. Higher prices for meat, fish, coffee, and fruit, up 4.8 percent, 2.3 percent, 7.6 percent, and 2.6 percent, respectively, more than offset a 2.7 percent decline in vegetable prices.

Imports by Locality of Origin: Import prices from China rose 0.2 percent in April, the first monthly advance for the index since December. The price indexes for imports from Mexico, the European Union, and Canada also advanced in April, rising 1.2 percent, 0.2 percent, and 0.1 percent, respectively.

Transportation Services: Import air passenger fares increased 4.2 percent in April after advancing 5.3 percent in March. Higher European, Asian, and Latin American/Caribbean fares all contributed to the overall increase. The price index for import air freight ticked up 0.1 percent in April.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials increased 3.4 percent in April. The widespread increase was led by a 5.1 percent advance in fuel prices, a 3.1 percent rise in chemicals prices, a 12.7 percent increase in steelmaking material prices, and a 2.7 percent advance in nonferrous metal prices.

Finished Goods: Finished goods prices increased overall in April, led by a second consecutive 0.4 percent increase in capital goods prices and a 0.9 percent advance in consumer goods prices. The increase in capital goods prices was the largest since April 2009 and was primarily led by a 5.3 percent increase in the price index for computer peripherals, accessories, and parts. The rise in consumer goods prices was the largest monthly advance for the index since January 1992. In contrast, automotive vehicles prices edged down 0.1 percent for the month.

Transportation Services: Export air passenger fares rose 2.4 percent in April following a 1.7 percent advance the previous month. Higher Latin American/Caribbean fares and European fares more than offset lower Asian fares. Export air freight prices declined 0.2 percent in April after rising 0.5 percent in each of the previous two months.

Import and Export Price Index data for May 2010 are scheduled for release on Tuesday, June 15, 2010 at 8:30 a.m. (EDT).