September 2010 U.S. Import and Export Price Indexes

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U.S. import prices fell 0.3 percent in September, the U.S. Bureau of Labor Statistics reported today, following a 0.6 percent increase the previous month. Declining fuel prices more than offset an increase in nonfuel prices. In contrast, the price index for U.S. exports rose 0.6 percent in September after a 0.8 percent rise in August.

Imports

All Imports: Import prices fell 0.3 percent in September after rising 0.6 percent in August, the only monthly advance since April. The index rose 3.5 percent over the past year, the smallest increase on a 12-month basis since a 3.4 percent advance for the November 2008-09 period.

Fuel Imports: A 3.1 percent drop in fuel prices drove the September decline in import prices. The downturn followed increases of 1.7 percent and 1.0 percent, respectively, the previous two months. Falling prices for both petroleum products and natural gas, down 3.1 percent and 4.4 percent, respectively, contributed to the overall decline in fuel prices. Despite the September decrease, fuel prices rose 7.1 percent over the past 12 months.

All Imports Excluding Fuel: In contrast, nonfuel prices rose 0.3 percent for the second consecutive month after recording similar declines of 0.3 percent in July and 0.4 percent in June. Higher prices for nonfuel industrial supplies and materials, finished goods, and foods, feeds, and beverages all contributed to the overall advance in September. The price index for nonfuel imports also rose over the past year, increasing 2.6 percent, an advance that was primarily driven by an 11.7 percent increase in nonfuel industrial supplies and materials prices.

Exports

All Exports: Export prices rose for the second consecutive month in September, increasing 0.6 percent after a 0.8 percent advance in August. Rising prices for nonagricultural exports and agricultural exports each contributed to the overall September increase. The price index for overall exports advanced 5.0 percent for the year ended in September, the largest year-over-year increase since a 5.6 percent rise for the May 2009-10 period.

Agricultural Exports: Prices for agricultural exports rose 2.4 percent in September after a 4.1 percent advance the previous month. The September increase was led by higher corn prices, up 10.4 percent, and a 9.5 percent rise in wheat prices. The price indexes for corn and wheat were up 5.1 percent and 31.1 percent, respectively, in August. Rising corn and wheat prices also contributed to the 12.1 percent increase in agricultural export prices over the past 12 months.

All Exports Excluding Agriculture: Nonagricultural export prices advanced 0.3 percent in September following a 0.5 percent increase in August. The rise was driven by a 0.6 percent increase in nonagricultural industrial supplies and materials prices and a 1.0 percent jump in prices for consumer goods. The price index for nonagricultural exports rose 4.3 percent for the year ended in September, mostly led by a 12.7 percent increase in nonagricultural industrial supplies and materials prices over the same period.

SELECTED SEPTEMBER HIGHLIGHTS

Import Prices

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials prices rose 1.3 percent in September after ticking up 0.1 percent in August. The September advance was led by a 2.8 percent increase in unfinished metals prices, a 1.8 percent rise in finished metal prices, and a 1.0 percent gain in chemical prices. Nonfuel industrial supplies and materials rose 11.7 percent over the past year, driven by a 20.4 percent advance in unfinished metals prices.

Finished Goods: Prices for imported finished goods were up overall in September, led by a 0.2 percent increase in automotive vehicles prices and a 0.1 percent advance in the price index for consumer goods. Capital goods prices were unchanged in September as a 0.2 percent increase in capital goods prices excluding computers was offset by a 0.3 percent drop in computers, peripherals, and semiconductors prices.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 0.8 percent in September after a 2.1 percent rise the previous month. The advance for September was driven by an 8.4 percent jump in coffee prices, which rose 36.7 percent over the past year, and a 2.1 percent rise in fish and shellfish prices. A 3.8 percent downturn in vegetable prices somewhat offset the overall advance.

Imports by Locality of Origin: Prices of imports from China fell 0.2 percent in September and also declined 0.2 percent over the past 12 months. The price index for imports from Mexico also fell in September, edging down 0.1 percent. In contrast, import prices from the European Union and from Japan each ticked up 0.1 percent in September. The price index for imports from Canada was unchanged.

Transportation Services: Import air passenger fares fell for the third consecutive month, declining 3.1 percent in September. A 6.4 percent drop in Asian fares was the largest contributor to the overall decrease, and European fares and Latin American/Caribbean fares declined as well. Despite the recent decreases, import air passenger fares rose 16.7 percent over the past year. The price index for import air freight ticked up 0.2 percent in September and rose 21.1 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices rose 0.6 percent in September following a 1.6 percent rise in August. The September advance was primarily led by a 2.6 percent increase in nonferrous metals prices and a 0.9 percent rise in chemicals prices, which more than offset a 1.2 percent decline in fuel prices.

Finished Goods: Finished goods prices were mostly up in September, with consumer goods prices rising 1.0 percent and prices for automotive vehicles ticking up 0.1 percent. The price index for capital goods was unchanged.

Transportation Services: Export air passenger fares fell 7.2 percent in September, led by a 16.4 percent drop in Asian fares. Overall, export air passenger fares rose 23.6 percent for the year ended in September. Export air freight prices increased 0.5 percent in September after a similar 0.6 percent rise in August. The index advanced 3.5 percent over the past year.

Import and Export Price Index data for October 2010 are scheduled for release on Wednesday, November 10, 2010 at 8:30 a.m. (EST).