February 2011 U.S. Import and Export Price Indexes

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U.S. import prices rose 1.4 percent in February, the U.S. Bureau of Labor Statistics reported today, following a similar 1.3 percent advance in January. The price index for U.S. exports increased 1.2 percent in February after rising 1.3 percent the previous month. Higher agricultural and nonagricultural export prices each contributed to the overall advance in February.

Imports

All Imports: Prices for imports rose 1.4 percent in February, continuing a five-month trend of monthly increases greater than 1.0 percent. Import prices advanced 6.9 percent for the year ended in February, driven by a 7.0 percent jump for the index over the past five months. The year-over-year rise in February was the largest 12-month advance since an 8.5 percent increase for the year ended in May 2010. Higher prices for both fuel and nonfuel import prices contributed to the increase in February and over the past year.

Fuel Imports: Fuel prices increased 4.0 percent in February following a 3.5 percent advance the previous month. Rising prices for both petroleum and natural gas factored into the February increase, advancing 3.7 percent and 12.1 percent, respectively. Fuel prices rose 18.6 percent over the past 12 months, led by a 20.6 percent jump in petroleum prices. Despite rising 23.4 percent over the past two months, however, natural gas prices declined 10.9 percent between February 2010 and February 2011.

All Imports Excluding Fuel: Nonfuel import prices advanced 0.3 percent in February after a 0.7 percent increase in January. Higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; and each of the major finished goods categories all contributed to the rise in nonfuel prices in February. The price index for nonfuel imports increased 3.6 percent the past year, the largest 12-month advance since a 4.8 percent increase between October 2007 and October 2008. The current 12-month rise was mostly driven by a 12.9 percent advance for nonfuel industrial supplies and materials prices and a 15.8 percent increase for foods, feeds, and beverages prices.

Exports

All Exports: Export prices rose 1.2 percent in February following a 1.3 percent advance the previous month. The index has risen at least 0.6 percent every month since a 0.2 percent decline in July 2010. The price index for overall exports increased 8.6 percent over the past year, the largest 12-month advance since a 10.2 percent rise for the year ended in July 2008.

Agricultural Exports: Agricultural exports advanced 4.4 percent in February and 33.5 percent over the past 12 months. The price index for agricultural exports is at the highest level since the index was first published in March 1985, and the year-over-year increase in February was the largest since a 39.7 percent surge for the July 2007-08 period. Rising cotton prices, up 15.7 percent in February and 153.5 percent over the past year, had the largest contribution to both the February and 12-month advances for agricultural prices. Prices for corn, wheat, and soybeans, which rose 7.9 percent, 11.0 percent, and 3.4 percent, respectively, in February, also continued an upward trend.

All Exports Excluding Agriculture: Nonagricultural prices increased 0.9 percent in February following a 1.0 percent advance the previous month. Rising prices in February for nonagricultural industrial supplies and materials prices and consumer goods, up 2.6 percent and 0.5 percent, respectively, more than offset a 0.3 percent drop in capital goods prices. The price index for nonagricultural exports increased 6.2 percent for the year ended in February.

SELECTED FEBRUARY HIGHLIGHTS

Import Prices

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 1.3 percent in February following a 2.1 percent rise the previous month. Higher prices for metals and chemicals drove the increases in each month. Unfinished metal prices advanced 1.8 percent in February, while chemical prices rose 1.2 percent.

Finished Goods: Prices for each of the major finished goods categories advanced in February. Consumer goods prices increased 0.2 percent in February, led by a 0.9 percent increase in the price index for cotton apparel and household goods. The price index for capital goods also rose 0.2 percent as higher prices for both computers, peripherals and semiconductors, and capital goods excluding computers contributed to the advance. Prices for automotive vehicles ticked up 0.1 percent in February after rising 0.3 percent in January.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices rose 0.8 percent in February following a 2.5 percent increase the previous month. In February, rising prices for meat, food oils, fruit, and coffee, up 7.2 percent, 5.6 percent, 2.9 percent, and 3.9 percent, respectively, more than offset a 6.4 percent drop in vegetable prices and a 3.9 percent decline in the price index for bakery and confectionery products.

Imports by Locality of Origin: Prices for imports from China continued to rise in February, increasing 0.4 percent for the second consecutive month. Import prices from China have risen 2.0 percent over the past year, the largest 12-month advance since a 2.8 percent increase for the December 2007-08 period. Prices for imports from Japan advanced 0.5 percent for the second consecutive month and rose 3.1 percent for the year ended in February, the largest 12-month increase for the index since a 3.3 percent advance in November 1995.

Transportation Services: Import air passenger fares fell 2.4 percent in February after a similar 2.6 percent drop the previous month. Lower Asian and European fares contributed to the February decline. Import air freight prices advanced 1.7 percent in February, following a 1.6 percent decrease in January.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials advanced 2.6 percent in February after a similar 2.5 percent increase the previous month. The rise was driven by a 3.5 percent advance in fuel prices, a 2.4 percent increase in chemicals prices, and a 15.4 percent jump in steelmaking and ferroalloying material prices.

Finished Goods: Finished goods prices were mixed in February. Capital goods prices fell 0.3 percent, driven by a 1.5 percent drop in the price index for computers, peripherals, and semiconductors. In contrast, consumer goods prices rose 0.5 percent in February, while prices for automotive vehicles were unchanged.

Transportation Services: Export air passenger fares fell 6.0 percent in February, the largest monthly decline since an 8.6 percent drop in September. The February decrease was driven by a 16.8 percent drop in Asian fares. The price index for export air freight rose 1.5 percent in February and 3.8 percent the previous month.

Import and Export Price Index data for March 2011 are scheduled for release on Tuesday, April 12, 2011 at 8:30 a.m. (EDT).