September 2013 U.S. Import and Export Price Indexes

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U.S. import prices advanced 0.2 percent for the second consecutive month in September, the U.S. Bureau of Labor Statistics reported today. The increase in each of the past two months was led by rising fuel prices. The price index for U.S. exports rose 0.3 percent in September after falling the previous six months.

Imports

All Imports: Import prices rose 0.2 percent in September following a 0.2 percent advance the previous month. Those were the first monthly increases for the index since a 0.9 percent rise in February. Higher fuel prices were the largest contributor to the September advance in overall import prices, although nonfuel prices increased as well. Despite the recent advances, import prices declined 1.0 percent over the past 12 months, the second consecutive month of decreasing year-over-year changes.

Fuel Imports: The price index for import fuel rose 0.6 percent in September, after advancing 1.6 percent in August. In September, a 0.8 percent increase in petroleum prices, the largest component of imported fuels, more than offset a 6.9 percent drop in natural gas prices. Even with the September increase, fuel prices fell 0.2 percent over the past 12 months, led by a 0.4 percent drop in petroleum prices. In contrast, natural gas prices increased 8.3 percent over the past year.

All Imports Excluding Fuel: Nonfuel import prices ticked up 0.1 percent in September, the first advance since a 0.1 percent rise in February. A 0.6 percent increase in nonfuel industrial supplies and materials prices was the largest contributor to the overall advance, while prices for foods, feeds, and beverages rose as well. Despite the September increase, the price index for nonfuel imports fell 1.2 percent over the past year.

Exports

All Exports: Export prices advanced 0.3 percent in September, the largest monthly rise since a 0.7 percent increase in February. Higher nonagricultural and agricultural prices each contributed to the September increase. Between September 2012 and September 2013, however, export prices fell 1.6 percent, the largest year-over-year decline since the index fell 2.1 percent between June 2011 and June 2012.

Agricultural Exports: The price index for agricultural exports increased 0.7 percent in September after declining 4.2 percent and 0.3 percent the previous two months. An 8.7 percent increase in soybean prices more than offset a 3.1 percent decline in corn prices and a 4.0 percent drop in the export price index for nuts. Prices for agricultural exports fell 6.3 percent for the past 12 months. Falling prices for corn, soybeans, and wheat over the past year drove the decline in overall agricultural prices.

All Exports Excluding Agriculture: Nonagricultural export prices advanced 0.3 percent in September after recording no change the previous month. Rising prices for nonagricultural industrial supplies and materials and capital goods drove the September increase. Despite rising 0.2 percent over the past three months, nonagricultural export prices declined 0.9 percent for the September 2012-13 period.

SELECTED SEPTEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China ticked up 0.1 percent in September, after recording no change the previous month. Despite the September upturn, import prices from China declined 1.0 percent over the past 12 months. The price index for imports from the European Union rose 0.4 percent in September, the largest monthly advance for the index since a 0.7 percent increase in February. Prices for imports from Canada and Mexico also advanced in September, each rising 0.1 percent. In contrast, import prices from Japan resumed a downward trend in September after recording no change in August. Prices for imports from Japan fell 0.2 percent in September, and the index decreased 2.8 percent over the past year, the largest 12 month drop for the index since a 2.9 percent drop between November 2001 and November 2002.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials increased 0.6 percent in September following a 0.8 percent drop the previous month. The September turnaround resulted primarily from a 1.9 percent advance in unfinished metal prices, after that index fell 1.1 percent in August. Despite the September upturn, unfinished metal prices decreased 7.1 percent over the past 12 months.

Finished Goods: Prices for the major finished goods categories were mostly unchanged in September. Prices for consumer goods edged down 0.1 percent, led by lower prices for imported televisions and video receivers. The price indexes for capital goods and automotive vehicles each recorded no change in September, after declining 0.1 percent the previous month.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices advanced 0.5 percent in September following a 0.3 percent rise in August. The September increase was driven by a 2.6 percent advance in fish and shellfish prices, and a 3.6 percent rise in vegetable prices.

Transportation Services: Import air passenger fares recorded no change in September, after decreases of 7.9 percent in August and 3.9 percent in July. In September, a 4.7 percent increase in European fares offset lower Asian and Latin American/Caribbean fares. Import air passenger fares advanced 1.1 percent for the year ended in September. Prices for import air freight rose 0.6 percent in September and fell 0.6 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 0.8 percent in September following a 0.3 percent advance the previous month. The September rise was the largest monthly increase since a 1.4 percent advance in February, and was led by higher metals and fuel prices.

Finished Goods: Capital goods prices ticked up 0.1 percent in September, while the price indexes for consumer goods and automotive vehicles were unchanged. Each of the major finished goods indexes recorded declines in August.

Transportation Services: Export air passenger fares fell 10.3 percent in September, the first monthly decline for the index since a 2.6 percent drop in April. The decrease in September drove the index for export air passenger fares down 0.1 percent over the past year. Export air freight prices rose 0.8 percent in September and 0.4 percent over the past 12 months.