February 2014 U.S. Import and Export Price Indexes

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U.S. import prices increased 0.9 percent in February following a 0.4 percent advance the previous month, the U.S. Bureau of Labor Statistics reported today. The February advance was led by higher fuel prices which more than offset declining nonfuel prices. U.S. export prices rose 0.6 percent in February, after increasing 0.2 percent in January.

Imports

All Imports: Import prices rose for the third consecutive month in February, increasing 0.9 percent. Despite the recent increases, prices for overall imports decreased 1.1 percent for the year ended in February, after declining 0.6 percent from February 2012 to February 2013.

Fuel Imports: The price index for import fuel increased 5.1 percent in February, the largest monthly advance for fuel prices since the index rose 6.1 percent in August 2012. A 4.4 percent increase in petroleum prices and a 22.4 percent jump in natural gas prices both contributed to the overall advance in fuel prices. Natural gas prices have risen 120.5 percent since September 2013. Despite the February increase, import fuel prices fell 0.5 percent over the past year. A 2.6 percent drop in petroleum prices more than offset a 70.6 percent rise in natural gas prices.

All Imports Excluding Fuel: In contrast to fuel prices, nonfuel import prices declined 0.2 percent in February following a 0.3 percent increase in January. Lower prices for capital goods and foods, feeds, and beverages drove the February decline in nonfuel prices, while prices for nonfuel industrial supplies and materials ticked up 0.1 percent and the price indexes for consumer goods and automotive vehicles were unchanged. Nonfuel import prices also declined over the past 12 months, decreasing 1.2 percent. Lower prices over the past year for nonfuel industrial supplies and materials, automotive vehicles, and capital goods all contributed to the decrease in overall nonfuel prices.

Exports

All Exports: Export prices rose 0.6 percent in February, and have not recorded a monthly decline since a 0.6 percent drop in October. The February 2014 increase was the largest monthly advance in export prices since a 0.7 percent rise in February 2013, and higher prices for both agricultural exports and nonagricultural exports contributed to the advance. Despite the recent increases, export prices fell 1.3 percent over the past 12 months.

Agricultural Exports: Prices for agricultural exports advanced 1.7 percent in February, after decreasing 0.4 percent the previous month. Rising prices for fruit, cotton, and corn all contributed to the February increase in agricultural export prices. The price index for agricultural exports fell 6.0 percent for the year ended in February, led by a 10.2 percent decrease in soybean prices, a 32.2 percent drop in corn prices, and a 19.1 percent decline in wheat prices.

All Exports Excluding Agriculture: The price index for nonagricultural exports increased 0.6 percent in February 2014, the largest monthly advance since a 0.6 percent rise in February 2013. Higher prices for nonagricultural industrial supplies and materials and capital goods more than offset lower prices for consumer goods and automotive vehicles. Prices for nonagricultural exports decreased 0.7 percent over the past year.

SELECTED FEBRUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China rose 0.2 percent in February, after edging down 0.1 percent the previous month. Import prices from China declined 0.4 percent over the past year, the smallest 12-month decrease since a 0.3 percent decline between October 2011 and October 2012. Prices for imports from Canada and the European Union also increased in February, rising 2.3 percent and 0.1 percent, respectively. Higher fuel prices contributed to the advances. In contrast, the price index for imports from Japan edged down 0.1 percent in February. Prices for imports from Japan have not recorded a monthly advance since ticking up 0.1 percent in October 2012 and declined 3.2 percent over the past 12 months. Import prices from Mexico recorded no change in February.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials ticked up 0.1 percent for the second consecutive month in February. The February advance was driven by a 1.2 percent increase in unfinished metals prices. The rise in nonfuel prices was partially mitigated by a 1.4 percent drop in chemical prices.

Finished Goods: Import finished goods prices fell overall in February, led by a 0.2 percent drop in capital goods prices. The decline in capital goods prices followed a 0.1 percent increase in January and was the largest monthly decline for the index since a 0.2 percent decrease in April 2013. The price indexes for consumer goods and automotive vehicles both recorded no change in February following a 0.8 percent increase for consumer goods prices and a 0.2 percent decline for automotive vehicles prices.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages fell 0.7 percent in February, after a 0.6 percent advance in January. The February decline was the largest monthly drop for the index since a 1.1 percent decrease in June 2013 and was driven by an 11.4 percent drop in vegetable prices.

Transportation Services: Import air passenger fares advanced 0.3 percent in February following a 6.4 percent decline in January. In February, a 3.2 percent increase in European fares more than offset a 3.4 percent decrease in Asian fares. The index for import air passenger fares rose 6.7 percent for the year ended in February. Import air freight prices fell 0.6 percent in February and advanced 0.5 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials increased 1.5 percent in February, led by a 3.9 percent advance in fuel prices.

Finished Goods: Finished goods prices were mixed in February. Capital goods prices increased 0.2 percent for the second consecutive month; the February advance was driven by a 1.6 percent rise in transportation equipment prices. In contrast, the price indexes for consumer goods and automotive vehicles each declined in February, falling 0.3 percent and 0.2 percent, respectively.

Transportation Services: Export air passenger fares declined 12.8 percent in February, driven by a 21.6 percent drop in Asian fares. The index for export air passenger fares declined 6.5 percent over the past 12 months. Export air freight prices rose 0.2 percent in February and 1.5 percent over the past year.

Import and Export Price Index data for March 2014 are scheduled for release on Thursday, April 10, 2014 at 8:30 a.m. (EDT).