September 2012 U.S. Import and Export Price Indexes

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U.S. import prices advanced 1.1 percent for the second consecutive month in September, the U.S. Bureau of Labor Statistics reported today, after falling the previous four months. The increase in each of the past two months was led by rising fuel prices. The price index for U.S. exports rose 0.8 percent in September following a 1.0 percent advance in August.

Imports

All Imports: Import prices rose 1.1 percent in September following a 1.1 percent advance the previous month. Those were the first monthly increases for the index since a 1.4 percent rise in March. Higher fuel prices were the largest contributor to the September advance in overall import prices, although nonfuel prices increased as well. Despite the recent advances, import prices declined 0.6 percent over the past 12 months, the fifth consecutive month of declining year-over-year changes.

Fuel Imports: The price index for import fuels increased 4.4 percent after rising 5.7 percent in August. The September rise in fuel prices was led by a 4.6 percent increase in petroleum prices. In contrast, natural gas prices fell 0.3 percent. For the year ended in September, import fuel prices decreased 1.3 percent as declining prices prior to the past two months more than offset the increases in August and September. The decrease in fuel prices for the September 2011-12 period was driven by a 32.0 percent drop in natural gas prices, although petroleum prices also fell, edging down 0.1 percent.

All Imports Excluding Fuel: Nonfuel import prices rose 0.2 percent in September, the first monthly advance for the index since a 0.2 percent rise in April, as higher food and finished goods prices more than offset declining prices for nonfuel industrial supplies and materials. The price index for nonfuel imports declined 0.5 percent for the year ended in September.

Exports

All Exports: Prices for overall exports increased for the third consecutive month in September, rising 0.8 percent following advances of 1.0 percent in August and 0.4 percent in July. Rising prices for both agricultural and nonagricultural prices contributed to the September advance. Despite rising 2.2 percent over the past three months, export prices fell 0.5 percent between September 2011 and September 2012.

Agricultural Exports: The price index for agricultural exports increased 1.1 percent in September after rising 5.2 percent and 6.0 percent the previous two months. The 12.7 percent increase for the third quarter of 2012 was the largest quarterly advance since agricultural prices rose 12.7 percent during the fourth quarter of 2010. The September advance was led by a 4.6 percent increase in soybean prices. Prices for export agriculture rose 6.7 percent over the past year, driven by a 24.0 percent jump in prices for soybeans.

All Exports Excluding Agriculture: Nonagricultural prices advanced 0.7 percent in September after a 0.4 percent increase the previous month. Higher prices for both nonagricultural industrial supplies and materials and most of the major finished goods categories contributed to the overall increase in nonagricultural export prices in September. Prices for nonagricultural exports, however, fell 1.5 percent for the September 2011-12 period.

SELECTED SEPTEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China edged down 0.1 percent in September, led by a 0.4 percent drop in the price index for computer and electronics manufacturing. Despite not recording a monthly advance since ticking up 0.1 percent in February, import prices from China rose 0.4 percent over the past year. The price indexes for imports from Canada and Mexico were each driven upward in September by higher fuel prices, rising 1.5 percent and 1.3 percent, respectively. Prices for imports from Japan also rose in September, advancing 0.2 percent. In contrast, import prices from the European Union edged down 0.1 percent.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices declined 0.2 percent in September following a 0.3 percent decrease the previous month. The September decline was led by lower prices for industrial agricultural products which more than offset rising prices for gold and other precious metals.

Finished Goods: Prices for capital goods and automotive vehicles rose in September, advancing 0.2 percent and 0.3 percent, respectively. The increase in capital goods prices followed a 0.1 percent decline in August, and was driven by a 1.0 percent rise in computer prices. The advance in the prices for automotive vehicles was led by a 1.2 percent rise in parts prices. Consumer goods prices remained unchanged in September.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices rose 1.7 percent in September after falling 0.8 percent in August. An 18.9 percent advance in import vegetable prices was the largest contributor to the overall increase in prices.

Transportation Services: Import air passenger fares decreased 1.6 percent in September following declines of 5.5 percent in August and 3.2 percent in July. A 5.4 percent decrease in Asian fares and a 9.1 percent drop in Latin American/Caribbean fares drove the September decline. Lower European fares had been the primary factor for decreasing import air passenger fares in August and July. Import air freight prices increased 0.3 percent in September.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural supplies and materials increased 1.8 percent in September after rising 1.3 percent in August. Both advances were driven by higher fuel prices, although nonferrous metal prices and prices for chemicals each rose in September as well.

Finished Goods: Finished goods prices increased overall in September. Prices for consumer goods advanced 0.2 percent, led by rising prices for medicinal, dental, and pharmaceutical prices. Higher parts prices drove the price index for automotive vehicles up 0.3 percent. However, capital goods prices were unchanged in September.

Transportation Services: Export air passenger prices fell 11.0 percent in September. A 25.9 percent drop in Asian fares and a 10.0 percent decline in European fares each contributed to the decline. In contrast, the price index for export air freight increased 2.7 percent in September.

Import and Export Price Index data for October 2012 are scheduled for release on Friday, November 9, 2012 at 8:30 a.m. (EDT).