March 2013 U.S. Import and Export Price Indexes

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The price index for U.S. imports declined 0.5 percent in March, the U.S. Bureau of Labor Statistics reported today, following increases of 0.6 percent in February and 0.5 percent in January. The March decrease was primarily led by a downturn in fuel prices. U.S. export prices fell 0.4 percent in March after rising 0.7 percent in February.

Imports

All Imports: Import prices fell 0.5 percent in March, the first monthly decline since a 0.6 percent decrease in December 2012. Falling fuel prices were the main contributor to the March drop. The price index for imports decreased 2.7 percent for the 12 months ended in March, the largest year-over-year decline since a 3.3 percent drop between July 2011 and July 2012. Import prices have not risen on a 12-month basis since April 2012.

Fuel Imports: The price index for import fuel decreased 1.9 percent in March following a 2.8 percent increase in February and a 1.8 percent advance in January. The March downturn was driven mostly by a 1.9 percent drop in petroleum prices. Natural gas prices also fell in March, decreasing 1.5 percent. Overall fuel prices declined 9.1 percent for the March 2012-13 period, led by a 10.4 percent drop in petroleum prices, which more than offset a 47.1 percent rise in natural gas prices.

All Imports Excluding Fuel: Prices for nonfuel imports declined 0.2 percent in March after ticking up 0.1 percent in February and advancing 0.2 percent in January. Lower prices for nonfuel industrial supplies and materials, consumer goods, automotive vehicles, and capital goods all contributed to the March decrease in nonfuel import prices. Prices for nonfuel imports fell 0.5 percent over the past 12 months.

Exports

All Exports: Export prices decreased 0.4 percent in March after rising 0.7 percent in February and 0.4 percent in January. Lower prices for agricultural and nonagricultural exports each contributed to the March downturn in overall export prices. Led by higher agricultural prices, prices for exports increased 0.3 percent for the March 2012-13 period, the smallest year-over-year advance since September 2012.

Agricultural Exports: Prices for agricultural exports fell 1.8 percent in March after advancing 2.1 percent in February. The decline in March was driven by a 7.1 percent decrease in fruit prices and a 5.1 percent drop in wheat prices. Notwithstanding the March decline, agricultural prices rose 8.8 percent over the past year, led by higher prices for soybeans, nuts, corn, vegetables, and wheat.

All Exports Excluding Agriculture: The price index for nonagricultural exports fell 0.2 percent in March after increasing 0.6 percent and 0.5 percent the previous two months. In March, falling nonagricultural industrial supplies and materials prices and consumer goods prices led the overall decline. Overall nonagricultural prices decreased 0.7 percent for the year ended in March.

SELECTED MARCH HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China fell 0.2 percent in March, after recording no change the previous month. Import prices from China fell 1.1 percent over the past 12 months, and have not increased on a monthly basis since February 2012. The March 12-month drop was the largest year-over-year decline since a 1.3 percent decrease between February 2009 and February 2010. The price index for imports from Japan also fell 0.2 percent in March following a 0.4 percent drop the previous month. Prices for imports from the European Union decreased 0.7 percent in March, while declining fuel prices drove import prices from Mexico and Canada down, 0.4 percent and 0.2 percent, respectively.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 0.4 percent, the first monthly decline since a 0.5 percent decrease in November 2012. The price index also fell on a year-over-year basis, declining 2.1 percent.

Finished Goods: Each of the major finished goods categories recorded decreases in March. Consumer goods prices fell 0.2 percent, led by a 0.8 percent drop in the price index for medicinal, dental, and pharmaceutical materials. Prices for import automotive vehicles declined 0.3 percent in March, driven by a 0.5 percent drop in passenger car prices. Capital goods prices also fell in March, edging down 0.1 percent.

Foods, Feeds, and Beverages: Prices for import foods, feeds, and beverages rose 1.3 percent in March following a 1.2 percent rise the previous month. The March advance was led by a 7.7 percent increase in vegetable prices and a 3.8 percent rise in fish and shellfish prices.

Transportation Services: Import air passenger fares fell for the third consecutive month, declining 1.6 percent in March. A 4.4 percent drop in European fares led the March decrease, after lower Asian fares had been the primary factor for the decreases in February and January. Despite the recent declines, import air passenger fares rose 1.7 percent over the past 12 months. The price index for import air freight fell 0.6 percent in March, while advancing 0.4 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices fell 0.5 percent after a 1.3 percent increase in February. The March decline was driven by a downturn in fuel oil prices which fell 5.0 percent after rising 6.0 percent the previous month. A 2.6 percent drop in nonferrous metal prices also contributed to the decline.

Finished Goods: Consumer goods prices fell 0.2 percent in March following a 0.3 percent decline the previous month. Prices for consumer goods fell 0.9 percent over the past year, the largest 12-month decline since the index was first published in September 1983. The price indexes for capital goods and automotive vehicles were each unchanged in March after rising 0.4 percent and 0.3 percent, respectively, the previous month.

Transportation Services: Export air passenger fares increased 0.5 percent in March following an 8.2 percent decline in February. Higher Latin American/Caribbean fares and European fares more than offset declining Asian fares. Export air passenger fares edged down 0.1 percent for the year ended in March. Export air freight prices rose 0.3 percent in March and over the past 12 months.

Import and Export Price Index data for April 2013 are scheduled for release on Tuesday, May 14, 2013 at 8:30 a.m. (EDT).