November 2013 U.S. Import and Export Price Indexes

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U.S. import prices declined 0.6 percent for the second consecutive month in November, the U.S. Bureau of Labor Statistics reported today, after rising the previous 3 months. The decrease in each of the past 2 months was led by falling fuel prices. U.S. export prices rose 0.1 percent in November following a 0.6 percent decline in October.

Imports

All Imports: Import prices fell 0.6 percent in November following a 0.6 percent decrease in October. Those were the first monthly declines for the index since a 0.4 percent drop in June. The price index for U.S. imports decreased 1.5 percent over the past 12 months, the third consecutive month of declining year-over- year changes.

Fuel Imports: Fuel prices declined 3.1 percent in November after recording a 2.9 percent decrease in October. The November decline was the largest downturn since an 8.5 percent drop in June 2012. A 3.5 percent decrease in petroleum prices in November more than offset a 9.4 percent advance in natural gas prices. Fuel prices dropped 2.7 percent for the year ended in November, driven by a 2.8 percent decline in petroleum prices. Natural gas prices were unchanged over the past year.

All Imports Excluding Fuel: The price index for nonfuel imports recorded no change in November after rising 0.1 percent in both October and September. For the year ended in November, nonfuel import prices fell 1.2 percent led by a drop in the price index for nonfuel industrial supplies and materials. Most of the major finished goods categories also contributed to the overall 12-month decline as prices for capital goods, consumer goods, and automotive vehicles all fell over the past year. Nonfuel import prices have not recorded a year-over-year increase since a 0.1 percent advance between February 2012 and February 2013.

Exports

All Exports: Prices for overall exports advanced 0.1 percent in November after falling 0.6 percent in October. The increase was driven by higher nonagricultural prices which more than offset a decline in agricultural prices. Despite the November increase, the price index for overall exports fell 1.6 percent over the past year.

Agricultural Exports: The price index for agricultural exports decreased 0.2 percent in November following a 1.4 percent decline the previous month. A 2.9 percent drop in soybean prices and a 3.4 percent fall in wheat prices in November were the largest contributors to the decline. Prices for agricultural exports fell 6.7 percent for the year ended in November. The drop was led by lower prices for corn, soybeans, and wheat.

All Exports Excluding Agriculture: Nonagricultural export prices advanced 0.1 percent in November after a 0.6 percent decline in October. Higher prices for capital goods and consumer goods drove the monthly increase. Prices for nonagricultural exports fell 1.0 percent for the November 2012-13 period driven by a 3.0 percent drop in the price index for nonagricultural industrial supplies and materials.

SELECTED NOVEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China were unchanged in November following a 0.1 percent decrease in October and a 0.1 percent advance in September. Import prices from China fell 0.9 percent over the past year. The price index for imports from Japan continued to trend down in November, declining 0.1 percent. Over the past year, import prices from Japan decreased 3.2 percent. Prices from Canada and Mexico also declined in November, led by lower fuel prices. The price index for imports from Canada fell 0.6 percent following decreases of 2.0 percent and 0.3 percent the 2 previous months. Import prices from Mexico decreased 0.8 percent in November after a 0.8 percent drop in October. In contrast, import prices from the European Union advanced 0.2 percent in November.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices recorded no change in November after ticking up 0.1 percent the previous month. Over the past year, prices for nonfuel industrial supplies and materials fell 4.7 percent, led by a 24.6 percent drop in nonmonetary gold prices.

Finished Goods: Finished goods prices were mostly up in November as capital goods prices increased 0.2 percent and prices for consumer goods ticked up 0.1 percent. Prices for automotive vehicles were unchanged. The November advance in capital goods prices was driven by a 0.4 percent increase in the price index for computers, peripherals, and semiconductors.

Foods, Feeds, and Beverages: Prices for import foods, feeds, and beverages decreased 0.6 percent in November following a 0.6 percent rise in October. The November decline was driven by 1.8 percent drops in fruit prices and vegetable prices.

Transportation Services: Import air passenger fares increased 3.4 percent in November after rising 4.3 percent in October. Higher European and Latin American/Caribbean fares in November more than offset decreasing Asian fares. Import air passenger fares rose 7.9 percent for the year ended in November. Prices for import air freight advanced 1.5 percent in November and decreased 0.1 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials were unchanged in November after falling 1.3 percent in October.

Finished Goods: Finished goods prices increased overall in November. Prices for capital goods advanced 0.2 percent, led by rising prices for computers, peripherals, and semiconductors. Higher prices for medicinal, dental, and pharmaceutical preparatory materials drove the price index for consumer goods up 0.2 percent. Automotive vehicles prices recorded no change in November.

Transportation Services: Export air passenger fares declined 1.2 percent in November following a 2.8 percent decrease the previous month. The monthly decline was driven by lower Latin American/Caribbean and Asian fares. Export air passenger fares fell over the past year, decreasing 2.6 percent. Prices for export air freight were unchanged in November and declined 0.2 percent over the past year.

Import and Export Price Index data for December 2013 are scheduled for release on Tuesday, January 14, 2014 at 8:30 a.m. (EST).