October 2013 U.S. Import and Export Price Indexes

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U.S. import prices declined 0.7 percent in October, the U.S. Bureau of Labor Statistics reported today, led by lower fuel prices. The October decrease in overall import prices followed comparatively modest advances in each of the previous 3 months. Prices for U.S. exports fell 0.5 percent in October, after a 0.4 percent increase the previous month.

Imports

All Imports: Prices for overall imports declined 0.7 percent in October, after ticking up between 0.1 percent and 0.2 percent in each of the previous 3 months. The October drop was driven by lower fuel prices as nonfuel import prices were unchanged. Import prices decreased 2.0 percent for the year ended in October, the largest 12-month drop since a 2.7 percent decline between April 2012 and April 2013.

Fuel Imports: Import fuel prices fell 3.4 percent in October, the largest monthly decline since an 8.5 percent decrease in June 2012. The October drop followed increases of 0.4 percent in September, 1.6 percent in August, and 1.7 percent in July. The price index for import fuel decreased 3.8 percent over the past year. Both the October decline and the drop over the past 12 months were driven by lower petroleum prices, which fell 3.6 percent for the month and 4.1 percent for the year ended in October. Higher natural gas prices, up 5.8 percent in October and 8.1 percent over the past 12 months, partially offset declining petroleum prices.

All Imports Excluding Fuel: Nonfuel prices recorded no change in October and declined 1.3 percent over the past 12 months. The drop over the past year was led by a 5.1 percent decrease in the price index for nonfuel industrial supplies and materials. Lower prices for each of the major finished goods categories between October 2012 and October 2013 also contributed to the overall decline in nonfuel import prices.

Exports

All Exports: The price index for overall exports decreased 0.5 percent in October, resuming a downward trend following a 0.4 percent increase the previous month. Prior to September, export prices last advanced in February when the index rose 0.7 percent. Export prices also fell over the past 12 months, declining 2.1 percent, the largest year-over-year decrease since a 2.1 percent drop for the year ended in June 2012. The last time the index fell more than 2.1 percent was a 3.6 percent decline between October 2008 and October 2009.

Agricultural Exports: Agricultural export prices decreased 1.5 percent in October following a 0.6 percent increase the previous month. The October drop was driven by lower prices for corn and soybeans, down 12.5 percent and 6.0 percent, respectively. The price index for agricultural exports fell 6.1 percent over the past year led by a 35.7 percent decline in corn prices, a 13.3 percent drop in soybean prices, and a 13.6 percent decrease in wheat prices.

All Exports Excluding Agriculture: Prices for nonagricultural exports fell 0.4 percent in October, after increasing 0.3 percent in September. Lower prices for nonagricultural industrial supplies and materials and capital goods more than offset rising prices for automotive vehicles. Overall nonagricultural prices declined 1.6 percent from October 2012 to October 2013, driven by lower prices for nonagricultural industrial supplies and materials and consumer goods.

SELECTED OCTOBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China edged down 0.1 percent in October, after ticking up 0.1 percent the previous month. The price index for imports from China decreased 0.9 percent over the past 12 months. Prices for imports from Japan continued to trend down in October, falling 0.2 percent. Import prices from Japan declined 3.2 percent over the past year, the largest 12-month drop since the index fell 3.2 percent between June 2001 and June 2002. In October, the price indexes for imports from Canada and Mexico decreased 1.3 percent and 0.8 percent, respectively, led by lower petroleum prices. In contrast, prices for imports from the European Union increased 0.5 percent.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials ticked up 0.1 percent in October following a 0.6 percent advance in September. Higher prices for iron and steel mill products in October, largely contributed to the increase.

Finished Goods: Consumer goods prices ticked up 0.1 percent in October, after declining 0.2 percent in September. The price index for automotive vehicles, which has not recorded a monthly advance since January, edged down 0.1 percent in October. Prices for import capital goods recorded no change for the second consecutive month in October.

Foods, Feeds, and Beverages: The import price index for foods, feeds, and beverages rose 0.7 percent in October, the largest monthly advance since a 1.6 percent rise in March. The October increase was led by higher vegetable prices and prices for fish and shellfish.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials decreased 0.8 percent in October, after rising 0.9 percent the previous month. The October drop was mostly led by lower fuel prices.

Finished Goods: Finished goods prices were mixed in October. Prices for capital goods declined 0.2 percent, driven by 0.3 percent decreases in both nonelectrical machinery and electrical equipment prices. In contrast, automotive vehicles prices rose 0.4 percent, led by a 0.8 percent advance in passenger car prices that was partially attributable to year-end model changeovers. The export price index for consumer goods was unchanged in October.

Partial Government Shutdown

Some agencies of the federal government were shut down or were operating at reduced staffing levels from October 1, 2013, through October 16, 2013. All data collection was suspended during that time period. Shortly after the shutdown ended, October data collection began. The Bureau of Labor Statistics delayed publication of this release by 2 days to allow for enough time to collect data. The reference period for the survey was not changed. The response rates for the import and export price surveys were at the normal range for the initial release of the data.

Import and Export Price Index data for November 2013 are scheduled for release on Thursday, December 12, 2013 at 8:30 a.m. (EST).