February 2013 U.S. Import and Export Price Indexes

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The price index for U.S. imports rose 1.1 percent in February, the U.S. Bureau of Labor Statistics reported today, after increasing 0.6 percent the previous month. The February and January rises were both driven by higher fuel prices. U.S. export prices advanced 0.8 percent in February following a 0.3 percent increase in January.

Imports

All Imports: Import prices increased 1.1 percent in February, the largest monthly advance since a 1.2 percent rise in August 2012. The advance followed a 0.6 percent increase in January, after import prices fell the final quarter of 2012. Despite the February advance, import prices fell 0.3 percent over the past year, and have not recorded a year-over-year increase since April 2012.

Fuel Imports: The price index for import fuel rose 4.9 percent in February after advancing 2.6 percent in January. The February increase was the largest 1-month advance since a 6.1 percent rise in August 2012, and was driven by a 5.2 percent increase in petroleum prices. The increase in petroleum prices followed a 3.0 percent advance the previous month. In contrast, natural gas prices fell for the second consecutive month, declining 2.3 percent in February after a 6.0 percent drop the previous month. Despite the February increase, import fuel prices fell 0.6 percent over the past year, as a 1.4 percent decrease in petroleum prices more than offset a 29.7 percent advance in natural gas prices.

All Imports Excluding Fuel: Nonfuel import prices were unchanged in February following a 0.2 percent increase the previous month. In February, higher prices for foods, feeds, and beverages; consumer goods; and nonfuel industrial supplies and materials offset lower prices for import capital goods. The price index for nonfuel imports was also unchanged over the past 12 months, the third consecutive month the index has recorded no change on a 12-month basis.

Exports

All Exports: Export prices rose 0.8 percent in February, the largest monthly gain since a similar 0.8 percent advance in September 2012. Higher agricultural and nonagricultural prices each contributed to the February increase. The price index for overall exports rose 1.5 percent for the year ended in February, the largest 12- month increase since the index advanced a similar 1.5 percent between October 2011 and October 2012.

Agricultural Exports: Prices for agricultural exports increased 2.0 percent in February after a 1.2 percent decline the previous month. The February rise was led by a 3.8 percent advance in soybean prices and a 4.9 percent increase in corn prices. Higher soybean and corn prices, along with rising wheat prices, also contributed to a 13.4 percent increase in agricultural prices over the past 12 months. Soybean prices rose 23.5 percent for the year ended in February, while corn and wheat prices increased 15.1 percent and 16.6 percent, respectively.

All Exports Excluding Agriculture: Nonagricultural prices advanced 0.6 percent in February following a 0.5 percent increase in January. The February rise was the largest advance since a 0.7 percent increase in September 2012. Rising nonagricultural industrial supplies and materials prices drove the increase in overall nonagricultural prices, although higher prices for capital goods and automotive vehicles also contributed to the increase. Prices for nonagricultural exports were unchanged over the past year.

SELECTED FEBRUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China ticked up 0.1 percent in February, following a 0.2 percent decline the previous month. The upturn in February was the first increase since a 0.1 percent advance in February 2012, and was led by a 0.1 percent rise in computer and electronic equipment manufacturing prices. The price indexes for imports from Canada, Mexico, and the European Union rose in February, advancing 1.5 percent, 1.3 percent, and 0.7 percent, respectively. Higher fuel prices contributed to the increases. In contrast, prices for imports from Japan fell 0.4 percent in February, the largest monthly decline since the index fell 0.6 percent in September 2008.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials rose 0.1 percent in February after a 0.4 percent increase in January. The February increase was led by higher prices for chemicals, selected building materials, unfinished metals, and paper, which more than offset a 0.9 percent decrease in finished metal prices.

Finished Goods: Finished goods prices were mostly flat in February. Prices for capital goods edged down 0.1 percent, and have not recorded a monthly increase since a 0.2 percent advance in September 2012. In contrast, consumer goods prices ticked up 0.1 percent for the second consecutive month. The price index for automotive vehicles was unchanged in February.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 0.6 percent in February after declining 0.1 percent in January. The advance was the first 1-month rise since a 1.4 percent increase in September 2012, and was led by a 2.6 percent rise in the import price index for fish and shellfish.

Transportation Services: Import air passenger fares decreased 1.2 percent in February following a 3.7 percent decline in January. The February drop was driven by a 6.4 percent decrease in Asian fares. Despite the recent declines, import air passenger fares advanced 2.3 percent for the year ended in February. The price index for import air freight fell 0.4 percent in February but rose 3.7 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 1.4 percent in February, the largest monthly rise since a 1.8 percent advance in September 2012. The February rise followed a 0.6 percent advance the previous month, and was driven by a 4.1 percent increase in fuel prices.

Finished Goods: Capital goods prices rose 0.4 percent in February after a 0.7 percent increase the previous month. A 1.4 percent advance in semiconductor prices was the largest contributor to the February rise, and marked the largest 1-month increase since a similar 1.4 percent advance in December 2010. Prices for automotive vehicles also increased in February, advancing 0.2 percent. In contrast, consumer goods prices, down 0.2 percent, fell for the fourth consecutive month.

Transportation Services: Export air passenger fares fell 8.5 percent in February after rising 7.5 percent in January. A turnaround in Asian fares, down 18.0 percent, was the largest contributor to the February decline. Export air passenger fares decreased 1.7 percent over the past year. Export air freight prices fell 0.3 percent in February. Despite the February decline, the index increased 1.5 percent over the past 12 months.

Import and Export Price Index data for March 2013 are scheduled for release on Thursday, April 11, 2013 at 8:30 a.m. (EDT).