June 2013 U.S. Import and Export Price Indexes

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Prices for U.S. imports decreased 0.2 percent in June, the U.S. Bureau of Labor Statistics reported today, following a 0.7 percent decline in May. In June, a drop in nonfuel prices more than offset increasing fuel prices. The price index for U.S. exports edged down 0.1 percent in June, after a 0.5 percent decrease the previous month.

Imports

All Imports: Import prices fell 0.2 percent in June following decreases of 0.7 percent in May, 0.6 percent in April, and 0.1 percent in March. Unlike the May and April declines where lower fuel prices contributed to the decreases, the June drop resulted solely from lower nonfuel prices. Despite the decline over the past four months, overall import prices rose 0.2 percent for the year ended in June following a 1.9 percent decrease from May 2012 to May 2013.

Fuel Imports: Import fuel prices ticked up 0.1 percent in June following a 1.9 percent drop in May and a 2.4 percent decline in April. The June rise was led by a 0.2 percent advance in petroleum prices, following a 2.0 percent drop the previous month. In contrast, natural gas prices decreased 1.2 percent in June. Prices for import fuel rose 4.6 percent over the past year, after falling 11.5 percent between June 2011 and June 2012. A 2.9 percent rise in petroleum prices and a 93.3 percent advance in natural gas prices each contributed to the 12-month increase in fuel prices.

All Imports Excluding Fuel: In contrast to fuel prices, nonfuel prices continued to decline in June, falling 0.3 percent, after decreases of 0.3 percent in May, 0.2 percent in April, and 0.1 percent in March. In June, lower prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; and each of the major finished goods categories all contributed to the overall decline in nonfuel prices. The price index for nonfuel imports fell 1.0 percent over the past year, primarily driven by a 4.2 percent drop in nonfuel industrial supplies and materials prices.

Exports

All Exports: U.S. export prices edged down 0.1 percent in June following declines of 0.5 percent, 0.7 percent, and 0.5 percent the three previous months. In June, decreasing nonagricultural prices more than offset an increase in the price index for agricultural exports. Overall export prices increased 0.8 percent for the year ended in June, after decreasing 0.9 percent for the year ended in May.

Agricultural Exports: Agricultural prices advanced 0.6 percent in June following a 1.1 percent increase in May. The June rise was led by a 5.3 percent advance in soybean prices, a 2.3 percent increase in corn prices, and a 4.7 percent rise in nut prices. Prices for agricultural exports increased 9.3 percent between June 2012 and June 2013.

All Exports Excluding Agriculture: The price index for nonagricultural exports declined 0.2 percent in June, driven by a 0.5 percent drop in nonagricultural industrial supplies and materials prices. The June decline followed decreases of 0.7 percent in May and 0.5 percent in April. Nonagricultural prices also fell for the year ended in June, declining 0.3 percent.

SELECTED JUNE HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from Japan continued to fall in June, declining 0.5 percent. Prices for imports from Japan have decreased 2.2 percent over the first half of 2013, and have paralleled the drop in the value of the yen compared to the U.S. dollar. The price index for imports from China edged down 0.1 percent for the third consecutive month in June, and has not recorded a monthly advance since February 2012. Import prices from China fell 1.0 percent over the past 12 months. Prices for imports from Mexico, Canada, and the European Union also decreased in June, falling 0.5 percent, 0.2 percent, and 0.1 percent, respectively.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials declined 1.0 percent in June following a 1.3 percent drop in May. In June, a 1.7 percent drop in unfinished metals prices was the largest contributor to the decline. Building materials prices also fell in June, down 3.4 percent, led by lower lumber prices.

Finished Goods: Each of the major finished goods categories recorded decreases in June. Automotive vehicles prices fell 0.3 percent, driven by a 0.6 percent decline in parts prices. The price indexes for consumer goods and capital goods both edged down 0.1 percent.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices declined 1.2 percent in June, after rising 0.4 percent in May. The June decrease was led by a 7.0 percent drop in fruit prices. Lower coffee and vegetable prices also contributed to the decline.

Transportation Services: Import air passenger fares rose 10.7 percent in June following increases of 2.0 percent in May and 0.3 percent in April. The June advance was driven by a 14.6 percent jump in European fares and an 11.4 percent rise in Asian fares. The recent increases led import air passenger fares up 2.9 percent over the past year. In contrast, import air freight prices fell 0.3 percent in June and 3.8 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials decreased 0.5 percent in June, after a 1.7 percent decline the previous month. The drop was driven by a 2.5 percent decrease in nonferrous metals prices; lower chemicals prices were also a contributing factor.

Finished Goods: The major finished goods categories recorded little price movement in June; consumer goods prices fell 0.1 percent, and the price indexes for capital goods and automotive vehicles were both unchanged, after each of the major finished goods categories edged down 0.1 percent in May.

Transportation Services: Export air passenger fares increased 2.1 percent in June following a 6.0 percent advance in May. The June increase was driven by a 16.4 percent rise in European fares. Despite the recent increases, export air passenger fares fell 3.6 percent for the year ended in June. Export air freight prices declined 0.9 percent in June and 1.1 percent over the past year.

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