April 2011 U.S. Import and Export Price Indexes

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U.S. import prices increased 2.2 percent in April, the U.S. Bureau of Labor Statistics reported today, after rising 2.6 percent the previous month. Higher fuel and nonfuel prices contributed to the advances in each month. Prices for U.S. exports increased 1.1 percent in April following a 1.5 percent advance the previous month.

Imports

All Imports: Import prices rose 2.2 percent in April following a 2.6 percent advance in March, the first time import prices increased by more than two percent in consecutive months since June 2008. The price index for overall imports recorded an increase each month since October and rose 11.1 percent over the past year. The 12-month advance in April was the largest year-over-year increase since an 11.2 percent gain between April 2009 and April 2010.

Fuel Imports: Import fuel prices advanced 6.7 percent in April and accounted for approximately 80 percent of the overall increase in import prices. In April, a 7.2 percent jump in petroleum prices more than offset a 2.7 percent drop in natural gas prices. Prices for import fuel rose 34.8 percent for the year ended in April, driven by a 36.8 percent advance in petroleum prices. In contrast, natural gas prices ticked down 0.1 percent over the past 12 months.

All Imports Excluding Fuel: Nonfuel import prices increased 0.6 percent in April. The price index for nonfuel industrial supplies and materials, up 1.7 percent in April was the largest contributor to both the monthly and yearly advances in nonfuel import prices. Each of the major finished goods categories also rose for the month. Prices for nonfuel imports recorded a second consecutive 12-month increase of 4.3 percent in April, the largest year-over-year advances since a 4.8 percent rise for the year ended in October 2008.

Exports

All Exports: U.S. export prices advanced 1.1 percent in April, after rising 1.5 percent and 1.4 percent, respectively, in March and February. Higher prices for agricultural exports and nonagricultural exports contributed to the increases in each of the three months. Export prices rose 9.6 percent over the past year, matching the 12-month advance in March; those were the largest year-over-year increases since export prices jumped 10.2 percent in July 2008.

Agricultural Exports: Prices for agricultural exports rose 0.6 percent in April, the smallest monthly advance since the index last recorded a decline in July 2010. A 2.6 percent increase in corn prices and a 2.1 percent rise in meat prices more than offset declining prices for nuts and a downturn in cotton prices. Agricultural prices increased 35.3 percent over the past year, the largest 12-month gain since the July 2007-08 period. The increase for the year ended in April was led by a 96.3 percent advance in corn prices and a 142.5 percent jump in cotton prices.

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 1.0 percent in April, led by a 2.5 percent increase in nonagricultural industrial supplies and materials prices. Each of the major finished goods categories also advanced in April. Nonagricultural export prices increased 6.9 percent for the year ended in April, the third consecutive month where the 12-month advance was greater than six percent.

SELECTED APRIL HIGHLIGHTS

Import Prices

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 1.7 percent in April following a 2.0 percent rise the previous month. Both increases were led by higher chemical and unfinished metals prices, which increased 2.4 percent and 1.7 percent, respectively, in April. The rise in chemical prices was driven by a 6.6 percent advance in plastics prices, and the largest contributors to the rise in unfinished metals prices were prices for gold and other precious metals.

Finished Goods: Each of the major finished goods categories increased in April. Prices for consumer goods and automotive vehicles each rose 0.4 percent for the month. Capital goods prices ticked up 0.1 percent, as a 0.5 percent decline in the price index for computers, peripherals, and semiconductors partially offset a 0.4 percent increase in capital goods prices, excluding computers, peripherals, and semiconductors.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices advanced 1.8 percent in April after a 4.2 percent rise in March. The April increase was driven by a 22.8 percent jump in coffee prices.

Imports by Locality of Origin: Prices for imports from China advanced 0.4 percent in April, following a 0.6 percent increase the previous month. Import prices from China rose 2.8 percent over the past year, the largest 12-month increase since a similar 2.8 percent advance in December 2008. Import prices from Japan increased 0.3 percent in April and 3.2 percent over the past 12 months. The price indexes for imports from Canada, Mexico, and the European Union all advanced in April, rising 2.4 percent, 2.5 percent, and 0.8 percent, respectively; each index was led by higher petroleum prices.

Transportation Services: Import air passenger fares rose 1.2 percent in April, the first monthly advance since December. The April increase was led by a 2.8 percent advance in European fares and a 5.4 percent rise in Latin American/Caribbean fares. The overall index for import air passenger fares advanced 4.5 percent for the year ended in April. Import air freight prices rose 1.2 percent in April and 9.0 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 2.5 percent in April following a 3.2 percent rise in March. The April advance was driven by a 3.9 percent increase in fuel prices and a 2.9 percent rise in chemical prices.

Finished Goods: Prices for capital goods rose 0.2 percent in April. Consumer goods prices increased 0.4 percent, led by a 0.5 percent increase in the price index for medicinal, dental, and pharmaceutical prices. Prices for automotive vehicles ticked up 0.1 percent.

Transportation Services: Export air passenger fares advanced 2.4 percent in April, driven by a 10.2 percent jump in European fares. The index for export air passenger fares rose 9.0 percent over the past year. Prices for export air freight increased 2.7 percent in April and 15.5 percent over the past 12 months.

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