March 2011 U.S. Import and Export Price Indexes

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U.S. import prices rose 2.7 percent in March, the U.S. Bureau of Labor Statistics reported today, following a 1.4 percent advance in February. The March increase was driven by both higher fuel and nonfuel prices. The price index for U.S. exports increased 1.5 percent in March after rising 1.4 percent the previous month.

Imports

All Imports: Import prices continued a six-month upward trend in March, rising 2.7 percent. The increase was the largest one-month advance since a similar 2.7 percent rise in June 2009. Prices of imports rose 9.7 percent for the year ended in March, the largest 12-month rise since April 2010. Rising fuel and nonfuel prices each contributed to the increase over the past year.

Fuel Imports: The price index for import fuel jumped 9.0 percent in March, the largest monthly rise since a 16.0 percent advance in June 2009. Fuel prices increased 28.7 percent for the year ended in March, driven by a 36.6 percent advance over the past six months. Higher petroleum prices drove both the March increase in fuel prices and the rise over the past 12 months, increasing 10.5 percent in March and 31.3 percent over the past year. In contrast, natural gas prices declined 14.0 percent in March and fell 11.6 percent over the past 12 months.

All Imports Excluding Fuel: Nonfuel import prices rose 0.6 percent in March following a 0.5 percent advance the month before. Rising prices for nonfuel industrial supplies and materials, and foods, feeds, and beverages each contributed to the March increase. Import prices, excluding fuel advanced 4.2 percent for the March 2010-11 period, the largest 12-month increase since a 4.8 percent rise for the year ended October 2008. A 14.2 percent increase in nonfuel industrial supplies and materials prices and an 18.9 percent rise in foods, feeds, and beverage prices led the recent 12 month advance in nonfuel prices.

Exports

All Exports: Export prices advanced 1.5 percent in March after rising 1.4 percent in February. The March increase matched a similar 1.5 percent advance in November 2010, and those were the largest increases since July 2008. Prices for overall exports rose 9.5 percent for the year ended in March, the largest 12-month advance since July 2008. Higher prices for both agricultural and nonagricultural exports contributed to both the monthly and 12-month increases in overall export prices.

Agricultural Exports: The price index for agricultural exports rose 2.3 percent in March, led by a 9.2 percent increase in corn prices and a 10.5 percent advance in cotton prices. Agricultural prices rose 34.0 percent over the past year, the largest 12-month increase since a 39.7 percent advance in July 2008. Rising corn and cotton prices, up 77.7 percent and 153.8 percent, respectively, were the largest contributors to the 12-month increase in agricultural prices.

All Exports Excluding Agriculture: Prices for nonagricultural exports advanced 1.3 percent in March, the largest increase since a similar 1.3 percent rise in April 2010. Prices for all of the major goods categories increased in March. A 3.2 percent increase for nonagricultural industrial supplies materials prices was the largest contributor to the overall advance. The price index for nonagricultural exports rose 7.0 percent over the past 12 months.

SELECTED MARCH HIGHLIGHTS

Import Prices

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices increased 2.0 percent in March, led by a 3.8 percent advance in unfinished metals prices. A 6.5 percent advance in iron and steel mill products was the largest factor for the higher metals prices in March. A 1.2 percent increase in chemicals prices in March also contributed to the overall increase in industrial supplies and materials prices.

Finished Goods: Finished goods prices were mixed in March. Consumer goods prices declined 0.2 percent, led by a 3.2 percent decrease in the price index for medicinal, dental, and pharmaceutical products. Capital goods prices edged down 0.1 percent in March, driven by a 0.9 percent decline in the price index for computers, peripherals and semiconductors. In contrast, the price index for automotive vehicles rose 0.2 percent in March.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages advanced 4.2 percent in March, the largest monthly rise since a 4.3 percent increase in July 1994. A 26.8 percent jump in vegetable prices, drove the overall March advance in foods, feeds, and beverages prices.

Imports by Locality of Origin: Import prices from China rose 0.6 percent in March, the largest monthly increase since a 0.8 percent advance in July 2008. Prices for imports from China increased 2.6 percent over the past 12 months, the largest 12 month advance since a 2.8 percent rise between December 2007 and December 2008. The price indexes for imports from Canada, Mexico, the European Union, and Japan also rose in March.

Transportation Services: Import air passenger fares declined 0.2 percent in March. Lower European fares offset increases in Latin American, and Asian fares. Despite the monthly decline, the index was still up 7.6 percent for the year ending in March. Import air freight prices rose 0.2 percent in March, following a 1.8 percent rise in February.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials increased 3.2 percent in March after rising 2.6 percent in February. The March advance was driven by an 8.9 percent increase in fuel prices and a 2.0 percent rise for nonferrous metals prices.

Finished Goods: Capital goods prices rose 0.1 percent in March, led by a 0.9 percent increase in the price index for electric apparatus and parts and a 0.3 percent advance in computers, peripherals and semiconductor prices. Consumer goods prices and prices for automotive vehicles also rose in March, increasing 0.6 percent and 0.4 percent, respectively.

Transportation Services: Export air passenger fares rose 8.7 percent in March and 11.2 percent over the past year. Rising Asian and Latin American/Caribbean fares led both the March and the 12-month increases for the index. Export air freight prices increased 2.9 percent in March following a 2.0 percent advance in February.

Import and Export Price Index data for April 2011 are scheduled for release on Tuesday, May 10, 2011 at 8:30 a.m. (EDT).