May 2013 U.S. Import and Export Price Indexes

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Prices for U.S. imports declined 0.6 percent in May, the U.S. Bureau of Labor Statistics reported today, after a 0.7 percent drop the previous month. Falling fuel and nonfuel prices contributed to the decreases in both months. U.S. export prices fell 0.5 percent in May following declines of 0.7 percent in April and 0.5 percent in March.

Imports

All Imports: U.S. import prices decreased for the third consecutive month in May, falling 0.6 percent, after declines of 0.7 percent in April and 0.1 percent in March. The 1.4 percent drop in import prices over the past three months followed a 1.4 percent increase for the first two months of 2013. Overall import prices fell 1.9 percent for the year ended in May, and have not recorded a 12-month advance since the index rose 0.8 percent between April 2011 and April 2012.

Fuel Imports: Import fuel prices fell 1.9 percent in May; the decline was the largest contributor to the drop in import prices and followed a 2.5 percent decrease the previous month. For the year, the price index for import fuel decreased 4.4 percent. Both the May decline and the decrease over the past 12 months were led by falling petroleum prices, which more than offset rising natural gas prices. Prices for petroleum declined 2.0 percent in May and 6.2 percent for the May 2012-13 period. In contrast, natural gas prices rose 1.2 percent in May after advancing 7.9 percent in April. Prices for natural gas increased 97.0 percent over the past year, after decreasing 49.0 percent between May 2011 and May 2012.

All Imports Excluding Fuel: The price index for nonfuel imports also fell in May, declining 0.3 percent following drops of 0.2 percent in April and 0.1 percent in March. The decline in nonfuel import prices was led by falling prices for nonfuel industrial supplies and materials, although declining finished goods prices also contributed to the decrease. In contrast, foods, feeds, and beverages prices rose in May. Nonfuel import prices fell 1.1 percent over the past 12 months.

Exports

All Exports: Prices for U.S. exports decreased 0.5 percent in May, driven by lower nonagricultural prices which more than offset higher agricultural prices. The May decrease in export prices marked the first time the index has declined for at least three consecutive months since the end of 2008. The price index for exports fell 0.9 percent over the past year, led by falling nonagricultural prices. In contrast, agricultural prices rose over the same period.

Agricultural Exports: Agricultural exports advanced 1.0 percent in May, after falling 2.3 percent in April. The May increase was driven by rising prices for fruit, soybeans, wheat, and corn. Prices for agricultural exports rose 4.7 percent from May 2012 to May 2013, resulting from a 12.4 percent increase for the third quarter of 2012.

All Exports Excluding Agriculture: Prices for nonagricultural exports fell 0.7 percent in May, the largest monthly decline for the index since a 0.7 percent decrease in November 2012. The May decline was led by a drop in the price index for nonagricultural industrial supplies and materials, although finished goods prices also decreased for the month. Nonagricultural export prices fell over the past 12 months, declining 1.6 percent.

SELECTED MAY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from Japan continued a recent downward trend in May, falling 0.4 percent. The decline followed decreases of 0.6 percent in April, 0.2 percent in March, and 0.5 percent in February. Overall, prices for imports from Japan fell 1.4 percent over the past year, the largest 12- month drop for the index since a 1.5 percent decrease in November 2006. The price index for imports from China also declined in May, falling 0.2 percent. Import prices from China have not recorded a monthly increase since February 2012 and decreased 1.0 percent for the year ended in May. Prices for imports from Canada and the European Union also fell in May, declining 0.9 percent and 0.1 percent respectively, while import prices from Mexico ticked up 0.1 percent.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices declined 1.4 percent in May, driven by a 3.9 percent drop in unfinished metals prices. A 1.1 percent decline in chemical prices and a 1.8 percent fall in the price index for selected building materials also contributed to the decrease.

Finished Goods: Consumer goods prices declined 0.3 percent in May, offsetting a 0.3 percent advance the previous month. The May drop was the largest monthly decrease since the index fell 0.5 percent in October 2010 and was led by lower prices for medicinal, dental, and pharmaceutical products. Prices for automotive vehicles also fell in May, declining 0.2 percent after drops of 0.3 percent in April and 0.2 percent in March. The price index for capital goods recorded no change in May.

Foods, Feeds, and Beverages: The price index for foods, feeds, and beverages increased 0.4 percent in May, after a 0.5 percent decline in April. The May advance was led by a 4.1 percent rise in vegetable prices which had dropped 8.3 percent the previous month.

Transportation Services: Import air passenger fares rose 2.0 percent in May, led by a 3.2 percent advance in Asian fares. The May increase in import air passenger fares followed a 0.3 percent rise in April. The index for import air passenger fares rose 2.6 percent over the past year, driven by a 12.4 percent advance in European fares. Import air freight prices fell 0.3 percent in May and 2.9 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices declined 1.8 percent in May following a 1.0 percent drop the previous month. A 5.5 percent fall in nonferrous metals prices and a 2.3 percent decline in fuel prices drove the May decrease.

Finished Goods: Capital goods prices and prices for automotive vehicles edged down 0.1 percent in May, while consumer goods prices were unchanged. The decrease in capital goods prices was led by a 0.5 percent drop in the price index for computers, peripherals, and semiconductors, while the decline in automotive vehicles prices was driven by a 0.3 percent decrease in passenger car prices.

Transportation Services: Export air passenger fares rose 5.9 percent in May after declining 2.6 percent the previous month. The May increase was led by a 9.1 percent advance in Asian fares and a 4.5 percent rise in European fares. Despite the May advance, export air passenger fares fell 3.7 percent over the past 12 months. Export air freight prices declined 1.1 percent in May and 2.0 percent over the past year.

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