August 2013 U.S. Import and Export Price Indexes

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Prices for U.S. imports were unchanged in August, the U.S. Bureau of Labor Statistics reported today, after ticking up 0.1 percent in July. In August, higher fuel prices were offset by declining nonfuel prices. U.S. export prices fell 0.5 percent in August following a 0.1 percent decrease the previous month.

Imports

All Imports: Import prices have recorded little change the past 2 months, after decreasing 1.8 percent over the prior 4 months. The recent decline contributed to a 0.4 percent drop in import prices for the year ended in August. The decrease from August 2012 to August 2013 was led by lower nonfuel prices, which more than offset higher fuel prices.

Fuel Imports: The price index for import fuel rose 0.5 percent in August, after advancing 1.8 percent in July. The increases for both months were led by rising petroleum prices, which advanced 0.8 percent in August and 2.7 percent in July. In contrast, natural gas prices fell 9.0 percent in August, after decreasing 22.2 percent the previous month. Overall fuel prices advanced 2.2 percent over the past 12 months, as the price indexes for both petroleum and natural gas rose from August 2012 to August 2013, advancing 1.9 percent and 13.8 percent, respectively.

All Imports Excluding Fuel: Prices for nonfuel imports continued to trend down in August, falling 0.2 percent. The August decrease followed a 0.4 percent drop in July, and was the sixth consecutive monthly decline. Falling prices for nonfuel industrial supplies and materials and finished goods drove the August drop in nonfuel import prices. The price index for nonfuel imports also decreased over the past year, declining 1.0 percent.

Exports

All Exports: Prices for U.S. exports continued to trend down in August, decreasing 0.5 percent. The index for overall export prices has not recorded a monthly advance since a 0.7 percent increase in February. Lower prices for both agricultural and nonagricultural exports contributed to the August decline. Overall export prices fell 1.1 percent for the year ended in August, the largest 12-month drop since the index decreased 1.3 percent between July 2011 and July 2012.

Agricultural Exports: The price index for agricultural exports declined 4.3 percent in August, the largest monthly decrease since the index fell 6.5 percent in October 2011. A 15.9 percent decrease in soybean prices and a 14.5 percent drop in corn prices drove the August decline in agricultural prices. Prices for agricultural exports fell 5.7 percent over the past 12 months, the first year-over-year decline in export agricultural prices since the index fell 5.8 percent for the year ended in June 2012. Lower soybean and corn prices also were the primary contributors to the decline in agricultural prices over the past year.

All Exports Excluding Agriculture: Nonagricultural export prices edged down 0.1 percent in August following a 0.2 percent decline for the previous month. Falling finished goods prices more than offset an increase in the price index for nonagricultural industrial supplies and materials. The price index for nonagricultural exports decreased 0.6 percent over the past 12 months, led by lower prices for nonagricultural industrial supplies and materials and consumer goods.

SELECTED AUGUST HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from Japan edged down 0.1 percent in August, after declining 0.5 percent in July. Prices for imports from Japan decreased 2.6 percent over the past 12 months, paralleling the decline in the value of the yen relative to the U.S. dollar. The 12-month decrease for August was the largest year-over-year drop in the index since a 2.9 percent decline for the year ended in November 2002. Prices for imports from the European Union also fell 0.1 percent in August. The price index for imports from China recorded no change for the third consecutive month in August. Import prices from China have not increased on a monthly basis since a 0.1 percent advance in February 2012, and fell 1.3 percent over the past year. Prices for imports from Canada also were unchanged in August, following a 0.1 percent decline the previous month. In contrast, import prices from Mexico rose 0.3 percent in August.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 0.8 percent in August following a 1.7 percent decline the previous month. Decreasing metals prices were the largest contributor to the drop in both August and July.

Finished Goods: Prices for each of the major finished goods categories edged down 0.1 percent in August. Capital goods prices have not recorded a monthly increase since the index rose 0.2 percent in September 2012, and fell 0.8 percent over the past year. Prices for automotive vehicles also continued a downward trend over the past 5 months as the index decreased 1.4 percent between February and August. The 0.1 percent decline in consumer goods prices in August followed a 0.2 percent decrease in July.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 0.3 percent in August, after a 0.6 percent advance the previous month. The increase was led by a 2.8 percent rise in fish and shellfish prices, which more than offset a 4.4 percent decline in vegetable prices.

Transportation Services: Import air passenger fares declined for the second consecutive month, falling 7.9 percent in August following a 3.9 percent drop in July. The decreases for both months were driven by lower European and Asian fares. The index for import air passenger fares fell 0.5 percent over the past year. Import air freight prices fell 0.3 percent in August and 0.8 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices rose 0.2 percent in August, after declining 0.6 percent in July as higher fuel prices more than offset lower metals prices.

Finished Goods: Prices for each of the major finished goods areas decreased in August. Consumer goods prices fell 0.6 percent, the largest monthly drop since a similar decline in July 2012. The price indexes for capital goods and automotive vehicles each edged down 0.1 percent.

Transportation Services: Export air passenger fares increased 2.6 percent for the second consecutive month in August. The August increase was driven by a 24.7 percent advance in Asian fares. Despite the recent increases, export air passenger fares fell 4.9 percent for the year ended in August. Export air freight prices were unchanged in August and up 2.1 percent over the past year.

Import and Export Price Index data for September 2013 are scheduled for release on Thursday, October 10, 2013 at 8:30 a.m. (EDT).