April 2012 U.S. Import and Export Price Indexes

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U.S. import prices declined 0.5 percent in April, the U.S. Bureau of Labor Statistics reported today, following a 1.5 percent increase in March. The April decrease was driven by lower fuel prices which more than offset a small increase in nonfuel prices. The price index for overall exports rose 0.4 percent in April after a 0.8 percent increase the previous month.

Imports

All Imports: Prices for U.S. imports fell 0.5 percent in April, the first monthly decrease since a 0.4 percent decline in October 2011 and the largest one-month drop since the index decreased 0.6 percent in June 2011. Despite the April decline, import prices rose 0.5 percent over the past year, although that was the smallest 12-month advance since the index last recorded a year-over-year decrease in October 2009.

Fuel Imports: A 2.1 percent drop in fuel prices led the overall decline in import prices in April. The decrease in fuel prices followed a 4.4 percent increase in March and was the largest decline for the index since a similar 2.1 percent decrease in August 2011. A 1.8 percent decline in petroleum prices and a 14.1 percent drop in natural gas prices each contributed to the April decrease in overall fuel prices. Fuel prices also fell over the past 12 months as a 45.3 percent decline in natural gas prices more than offset higher petroleum prices that ticked up 0.1 percent from April 2011 to April 2012. The decrease in overall fuel prices was the first 12-month decline since the index fell 14.2 percent for the year ended in October 2009.

All Imports Excluding Fuel: The price index for nonfuel prices ticked up 0.1 percent in April after rising 0.5 percent the previous month. Higher prices for nonfuel industrial supplies and materials, automotive vehicles, consumer goods, and foods, feeds, and beverages all contributed to the increase in overall nonfuel prices. Capital goods prices were unchanged. Nonfuel prices rose 1.3 percent over the past 12 months.

Exports

All Exports: U.S. export prices increased 0.4 percent in April as agricultural and nonagricultural prices each contributed to the advance. The April rise in overall export prices followed a 1.5 percent increase in the first quarter of 2012. Export prices advanced 0.7 percent for the April 2011-12 period, the smallest year-over- year increase since the index rose 0.4 percent between November 2008 and November 2009. The 12-month increase in April was led by higher nonagricultural prices which more than offset declining agricultural prices over the past year.

Agricultural Exports: Agricultural prices rose 2.0 percent in April after rising 2.5 percent in March. The April advance was led by a 7.4 percent increase in soybean prices. Despite the increases in the past two months, agricultural prices fell 3.1 percent over the past 12 months. That decline was driven by falling cotton, corn, and wheat prices between April 2011 and April 2012.

All Exports Excluding Agriculture: The price index for nonagricultural prices advanced 0.2 percent in April following a 0.5 percent rise the previous month. Rising prices for nonagricultural industrial supplies and materials, as well as automotive vehicles, more than offset lower consumer goods prices. Overall nonagricultural prices increased 1.2 percent for the year ended in April.

SELECTED APRIL HIGHLIGHTS

Import Prices

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices advanced 0.3 percent in April after increasing 1.6 percent in March. In April, a 13.6 percent increase in agricultural products prices and a 1.5 percent advance in chemicals prices more than offset a 2.3 percent decline in unfinished metals prices. The price index for nonfuel industrial supplies and materials rose 1.5 percent over the past year.

Finished Goods: Prices for imported finished goods were up overall in April, led by a 0.4 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 April as a 0.3 percent increase in capital goods prices excluding computers was offset by a 0.5 percent drop in computers, peripherals, and semiconductors prices.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices ticked up 0.1 percent in April following a 1.8 percent increase the previous month. In April, rising prices for vegetables, coffee, and food oils, up 4.7 percent, 1.4 percent, and 1.3 percent, respectively, more than offset a 2.7 percent drop in meat prices and a 4.1 percent decline in the price index for dairy products.

Imports by Locality of Origin: The price index for imports from China fell 0.3 percent in April, the first monthly decrease since the index fell 0.2 percent in June 2010. Despite the monthly decline, import prices from China have risen 2.0 percent over the past year. Import prices from Canada, the European Union, Mexico, and Japan decreased 1.0 percent, 0.1 percent, 0.5 percent, and 0.4 percent, respectively, in April.

Transportation Services: Import air passenger fares rose 0.7 percent in April after falling 1.0 percent in March. Higher European, Latin American/Caribbean, and Asian fares all contributed to the April increase. The index for import air passenger fares advanced 10.3 percent for the year ended in April. Import air freight prices rose 2.3 percent in April and 1.5 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 0.4 percent in April following a 1.2 percent advance in March. The April rise was driven by a 1.5 percent increase in fuel prices and a 0.6 percent rise in chemicals prices.

Finished Goods: Finished goods prices were mixed in April. Automotive vehicles prices rose 0.5 percent, led by a 0.5 percent advance in the price index for parts, engines, bodies and chassis. In contrast, consumer goods prices decreased 0.2 percent in April, while prices for capital goods were unchanged.

Transportation Services: The index for export air passenger fares advanced 1.2 percent in April, driven by a 9.5 percent rise in European fares. Export air passenger fares rose 6.7 percent over the past year. Prices for export air freight increased 0.8 percent in April and 5.1 percent over the past 12 months.

Import and Export Price Index data for May 2012 are scheduled for release on Tuesday, June 12, 2012 at 8:30 a.m. (EDT).