January 2013 U.S. Import and Export Price Indexes

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The price index for U.S. imports increased 0.6 percent in January, the U.S. Bureau of Labor Statistics reported today, following declines of 0.5 percent and 0.7 percent the previous two months. The January upturn was primarily led by higher fuel prices. U.S. export prices rose 0.3 percent in January after declining 0.1 percent in December and 0.6 percent in November.

Imports

All Imports: Import prices increased 0.6 percent in January, the first monthly advance since a 0.3 percent rise in October. Higher fuel prices were the largest contributor to the January advance, although nonfuel prices also increased. Despite the January rise, import prices declined 1.3 percent over the past year and have not risen on a 12-month basis since the index increased 0.8 percent between April 2011 and April 2012.

Fuel Imports: Prices for fuel imports rose 2.4 percent in January after falling 2.0 percent in December and 2.2 percent in November. The upturn was the largest monthly increase since a 3.9 percent advance in September. The January rise was led by a 2.9 percent increase in petroleum prices, which more than offset a 6.4 percent decline in natural gas prices. The price index for overall fuel imports decreased 5.2 percent for the year ended in January. A 5.9 percent drop in petroleum prices drove the 12-month decline in fuel prices. In contrast, natural gas prices increased 18.0 percent over the past year, despite the decline in January.

All Imports Excluding Fuel: Nonfuel import prices advanced 0.2 percent in January, following declines of 0.1 percent and 0.2 percent over the previous two months. Higher prices for nonfuel industrial supplies and materials; foods, feeds and beverages; consumer goods; and automotive vehicles all contributed to the January increase in nonfuel import prices. The price index for capital goods recorded no change. Prices for nonfuel imports were unchanged over the past year as rising prices for nonfuel industrial supplies and materials, automotive vehicles, and consumer goods offset decreasing prices for capital goods and foods, feeds, and beverages.

Exports

All Exports: Export prices increased 0.3 percent in January, the first monthly advance since a 0.1 percent uptick in October. Higher nonagricultural prices more than offset declining agricultural prices. The price index for overall exports increased 1.1 percent for the year ended in January and was driven by a 10.7 percent advance in agricultural prices.

Agricultural Exports: The price index for agricultural exports decreased 1.3 percent in January following increases of 0.2 percent in December and 0.5 percent in November. The January downturn was led by lower prices for corn, wheat, and soybeans which fell 8.5 percent, 7.9 percent, and 3.5 percent, respectively. Despite the January drop, agricultural prices rose over the past 12 months, primarily driven by higher soybeans, wheat, and corn prices in the summer of 2012.

All Exports Excluding Agriculture: Prices for nonagricultural exports advanced 0.5 percent in January after decreasing in each of the past two months. Rising prices for capital goods, nonagricultural industrial supplies and materials, and automotive vehicles all contributed to the January increase. Prices for overall nonagricultural exports were unchanged over the past year. Increases of 1.0 percent in the price indexes for capital goods and automotive vehicles were offset by a 1.5 percent decline in nonagricultural industrial supplies and materials prices and a 0.1 percent drop in prices for consumer goods.

SELECTED JANUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China edged down 0.1 percent in January after recording no change the previous month. Import prices from China have not recorded a monthly increase since February 2012, after rising 3.6 percent in 2011. The price index for imports from Japan also declined in January, falling 0.2 percent, the largest one-month decrease since September 2008. In contrast, import prices from the European Union rose 1.1 percent, the largest monthly increase since a 1.2 percent advance in March 2011. Prices for imports from Canada and Mexico also increased in January, rising 0.9 percent and 0.6 percent, respectively.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices advanced 0.4 percent in January following a 0.3 percent rise in December. The January increase was led by a 2.9 percent advance in the price index for building materials which increased 12.5 percent over the past 12 months. Higher lumber prices were the primary contributor to both the increase in January and over the past year.

Finished Goods: The price indexes for automotive vehicles and consumer goods each edged up 0.1 percent in January, and capital goods prices were unchanged. The increase in automotive vehicle prices was led by a 0.5 percent advance in passenger car prices, which more than offset lower parts prices. Consumer goods prices were primarily impacted by prices for medicinal, dental, and pharmaceutical products which rose 1.4 percent and cotton apparel prices which fell 0.8 percent.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 0.5 percent in January, the first monthly advance for the index since a 1.4 percent rise in September. Despite the January upturn, foods, feeds, and beverages prices declined 3.6 percent over the past year.

Transportation Services: Import air passenger fares declined 3.7 percent in January following a 6.8 percent increase in December. The January decrease was primarily led by a 7.7 percent drop in Asian fares. Despite the January downturn, overall import air passenger fares advanced 3.9 percent over the past year. Prices for import air freight increased 0.2 percent in January and 2.9 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices rose 0.3 percent in January after decreasing 0.4 percent the previous month. The increase in January was mostly driven by a 0.9 percent rise in fuels, a 3.4 percent advance in paper prices, and a 0.6 percent rise in chemicals prices. In contrast, nonferrous metals prices fell 1.2 percent.

Finished Goods: Finished goods prices increased overall in January. The price index for capital goods rose 0.8 percent, the largest one-month advance for the index since a similar 0.8 percent rise in January 2012. Prices for automotive vehicles increased 0.3 percent in January, led by higher parts prices and prices for transportation vehicles. Consumer goods prices recorded no change in January.

Transportation Services: Export air passenger fares advanced 9.3 percent in January and 8.4 percent over the past 12 months. The January increase was driven by higher Asian and Latin American/Caribbean fares. The price index for export air freight rose 1.6 percent in January and 2.0 percent over the past year.

Import and Export Price Index data for February 2013 are scheduled for release on Wednesday, March 13, 2013 at 8:30 a.m. (EDT).