April 2014 U.S. Import and Export Price Indexes

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U.S. import prices fell 0.4 percent in April following a 0.4-percent advance the previous month, the U.S. Bureau of Labor Statistics reported today. Declining fuel prices drove the April decrease. U.S. export prices decreased 1.0 percent in April, after rising 1.0 percent in March.

Imports

All Imports: Import prices declined 0.4 percent in April, after increasing 1.8 percent in the first quarter of 2014. The April drop was the first monthly decrease since the index fell 0.9 percent in November 2013. Import prices also fell 0.3 percent over the past 12 months and have not recorded a year-over-year advance since the index increased 0.9 percent from July 2012 to July 2013.

Fuel Imports: Fuel prices declined 1.7 percent in April, the first decrease for the index since a 4.2-percent drop in November 2013. Falling prices for both petroleum and natural gas contributed to the April drop in import prices. Overall fuel prices advanced 1.3 percent for the year ended in April driven by rising prices for both petroleum and natural gas. Petroleum prices declined 0.7 percent in April following a 5.5 percent increase over the previous 3 months. Prices for petroleum ticked up 0.1 percent over the past year, the first overall advance since a 1.1-percent rise for the year ended in September 2013. The price index for natural gas fell 18.5 percent in April following a 6-month period between September 2013 and March 2014 when the index jumped 157.8 percent. Despite the downturn in April, natural gas prices increased 41.1 percent over the past 12 months.

All Imports Excluding Fuel: The price index for nonfuel imports recorded no change in April, after rising 0.3 percent in March. Prices for nonfuel imports decreased 0.7 percent over the past year led by lower prices for nonfuel industrial supplies and materials, automotive vehicles, and capital goods. The price indexes for foods, feeds, and beverages and consumer goods rose between April 2013 and April 2014, up 4.2 percent and 0.2 percent, respectively.

Exports

All Exports: Export prices fell 1.0 percent in April, after rising in each of the previous 5 months. The April decrease was the largest monthly decline since the index fell 1.7 percent in June 2012, and was led by lower nonagricultural prices which more than offset rising agricultural prices. The price index for overall exports increased 0.1 percent for the year ended in April following a 0.4-percent year-over-year rise the previous month.

Agricultural Exports: Prices for agricultural exports increased 1.4 percent in April following a 2.8-percent rise in March. A 6.0-percent advance in meat prices drove the increase in agricultural prices, although higher prices for soybeans, wheat, and corn also contributed to the overall advance. The price index for agricultural exports increased 2.1 percent over the past 12 months led by higher fruit, meat, and soybeans prices.

All Exports Excluding Agriculture: The price index for nonagricultural exports fell 1.2 percent in April, after rising in each of the previous 5 months. The decrease was driven by a 3.6-percent drop in nonagricultural industrial supplies and materials prices which more than offset rising prices for each of the major finished goods categories. Overall nonagricultural export prices fell 0.1 percent between April 2013 and April 2014, driven by lower prices for nonagricultural industrial supplies and materials and consumer goods.

SELECTED APRIL HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China edged down 0.1 percent for the second consecutive month in April. Import prices from China declined 0.4 percent over the past 12 months. The price index for imports from Japan fell 0.1 percent in April, after rising 0.2 percent in March. Import prices from Canada declined 1.6 percent in April, led by lower fuel prices. In contrast, the price index for imports from the European Union advanced 0.3 percent in April following a 0.2-percent increase the previous month. Import prices from Mexico were unchanged in April after a 1.1-percent rise in March.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 0.1 percent in April, after a 0.6-percent increase in March. The April advance was mostly led by a 3.5- percent rise in fertilizer, pesticides, and insecticides prices, although a 2.0-percent increase in nonmonetary gold prices also contributed to the increase.

Finished Goods: Each of the major finished goods prices increased in April. The price indexes for consumer goods and automotive vehicles each rose 0.2 percent in April, after recording no change the previous month. Capital goods prices ticked up 0.1 percent in April.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages declined 0.7 percent in April following a 3.4-percent advance in March. A 10.7-percent downturn in coffee prices in April, which had increased 10.1 percent in March, more than offset a 3.4-percent April increase in meat prices.

Transportation Services: Import air passenger fares advanced 0.3 percent in April, after a 3.4-percent decrease the previous month. The April increase was led by a 3.2-percent rise in Latin American/Caribbean fares which more than offset lower European and Asian fares. The index for import air passenger fares increased 4.8 percent over the past 12 months. Import air freight prices fell 0.5 percent in April following a 0.2-percent advance in March. Prices for import air freight rose 1.8 percent for the year ended in April.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials fell 3.6 percent in April, the largest monthly decline for the index since a 3.9-percent drop in June 2012. The April 2014 decrease was driven by a 10.4-percent decline in fuel prices.

Finished Goods: Finished goods prices increased for each of the major end-use categories. Capital goods prices advanced 0.1 percent in April, after rising 0.2 percent in March. The price indexes for consumer goods and automotive vehicles each advanced 0.3 percent in April. The rise in consumer goods prices followed a 0.3-percent advance in March while prices for automotive vehicles were unchanged over the same period.

Transportation Services: Export air passenger fares rose 3.2 percent in April, after a 4.1-percent increase the previous month. The April advance was led by a 3.8-percent increase in European fares and a 2.2- percent rise in Asian fares. The index for export air passenger fares advanced 2.7 percent over the past 12 months. Export air freight prices increased 0.2 percent in April and 1.4 percent over the past year.

Import and Export Price Index data for May 2014 are scheduled for release on Thursday, June 12, 2014 at 8:30 a.m. (EDT).