March 2012 U.S. Import and Export Price Indexes

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U.S. import prices advanced 1.3 percent in March, the U.S. Bureau of Labor Statistics reported today, after edging down 0.1 percent the previous month. Higher fuel and nonfuel prices contributed to the advance. Prices for U.S. exports rose 0.8 percent in March, following increases of 0.4 percent in February and 0.2 percent in January.

Imports

All Imports: Import prices advanced 1.3 percent in March, the first increase for the index since rising 0.7 percent in November and the largest monthly rise since a 2.6 percent advance in April 2011. Import prices increased 3.4 percent over the past year, the smallest 12-month advance for the index since a similar 3.4 percent rise between November 2008 and November 2009.

Fuel Imports: A 3.8 percent rise in import fuel prices led the March increase in overall import prices. The increase in fuel prices was the first one-month advance since a 3.4 percent rise in November. In March, a 4.3 percent increase in petroleum prices, the largest component of imported fuels more than offset a 14.2 percent drop in natural gas prices. Prices for import fuel rose 7.4 percent for the year ended in March, driven by a 9.6 percent advance in petroleum prices. In contrast, natural gas prices fell 37.8 percent over the past 12 months.

All Imports Excluding Fuel: The price index for nonfuel imports increased 0.5 percent in March, the largest one-month advance since a 0.8 percent rise in April 2011. A 1.7 percent increase in nonfuel industrial supplies and materials prices was the largest contributor to the overall advance, while prices for foods, feeds, and beverages; capital goods; and automotive vehicles rose as well. Nonfuel import prices increased 2.0 percent for the March 2011-12 period, the smallest year-over-year advance since a 1.9 percent rise for the year ended in February 2010.

Exports

All Exports: U.S. export prices increased 0.8 percent in March, the largest monthly advance for the index since a 0.8 percent rise in April 2011. In March, higher prices for nonagricultural goods and agricultural goods each contributed to the advance. Despite recording the largest monthly increase in 11 months, overall export prices rose only 0.9 percent over the past 12 months, the smallest year-over-year advance since a 0.4 percent rise for the November 2008-09 period.

Agricultural Exports: Prices for agricultural exports rose 2.7 percent in March following a 0.6 percent downturn the previous month. An 8.3 percent increase in soybean prices and a 2.6 percent rise in corn prices more than offset a 6.5 percent drop in cotton prices. Prices for fruit, wheat, and nuts also rose, up 4.5 percent, 1.4 percent, and 2.1 percent, respectively. Despite the monthly increase, overall agricultural prices decreased 5.5 percent over the past year.

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 0.5 percent in March, led by a 1.3 percent increase in nonagricultural industrial supplies and materials prices. Each of the major finished goods categories also advanced in March. Nonagricultural prices rose 1.7 percent over the past 12 months.

SELECTED MARCH HIGHLIGHTS

Import Prices

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices advanced 1.7 percent in March after rising 0.9 percent the previous month. The March increase was the largest monthly advance since a 2.0 percent rise in March 2011, and was led by a 3.3 percent increase in unfinished metals prices. The advance in unfinished metals prices was driven by a 4.8 percent rise in gold prices and a 7.8 percent increase in the price index for other precious metals.

Finished Goods: Finished goods prices rose overall in March, with capital goods prices advancing 0.2 percent and prices of automotive vehicles increasing 0.3 percent. The price index for consumer goods was unchanged. The March increase in capital goods prices was led by a 0.4 percent gain in computer prices, while the advance in automotive prices was driven by a 0.5 percent increase in the price index for passenger cars.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 1.8 percent in March following a 2.8 percent decline the previous month. A 14.5 percent advance in vegetable prices and a 5.7 percent increase in fruit prices were the largest contributors to the overall rise.

Imports by Locality of Origin: The price indexes for imports from Canada, the European Union, and Mexico increased 1.2 percent, 0.9 percent, and 1.1 percent, respectively, in March. Higher fuel prices were the primary contributing factor for the increases. In contrast, import prices from China and Japan were each unchanged in March.

Transportation Services: The index for import air passenger fares fell 1.0 percent in March, the first monthly decline since a 0.7 percent drop in November. A 6.6 percent decrease in Asian fares and a 2.4 percent fall in European fares each contributed to the March decline. Import air freight prices rose 2.6 percent in March, the first monthly increase for the index since a 1.1 percent advance in August and the largest rise since a 5.8 percent increase in May.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials increased 1.3 percent in March following a 1.1 percent advance in February. A 2.3 percent rise in fuel prices led the March increase, although higher prices for metals and chemicals also contributed to the overall advance.

Finished Goods: Each of the major finished goods categories recorded increases in March. Capital goods prices rose 0.2 percent for the second consecutive month. Prices for automotive vehicles also advanced 0.2 percent in March following a 0.3 percent increase the previous month, while the price index for consumer goods advanced 0.3 percent, after ticking up 0.1 percent in February.

Transportation Services: Export air passenger fares fell 1.1 percent in March following a 4.5 percent decline the previous month. The March decrease was led by a 3.5 percent decrease in European fares. In contrast, the price index for export air freight rose 1.4 percent after increasing 0.3 percent in February.

Import and Export Price Index data for April 2012 are scheduled for release on Thursday, May 10, 2012 at 8:30 a.m. (EDT).