May 2014 U.S. Import and Export Price Indexes

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U.S. import prices ticked up 0.1 percent in May, after a 0.5-percent downturn in April, the U.S. Bureau of Labor Statistics reported today. Higher fuel prices drove the increase in May, after declining fuel prices led the decrease the previous month. The price index for U.S. exports also rose 0.1 percent in May following a 1.0-percent decrease in April.

Imports

All Imports: Prices for U.S. imports resumed an upward trend, increasing 0.1 percent in May, after falling 0.5 percent the previous month. Prior to April, import prices rose 1.9 percent over the first quarter of 2014. Import prices advanced 0.4 percent over the past 12 months, driven by higher fuel prices which more than offset a decline in nonfuel prices.

Fuel Imports: Fuel prices rose 0.5 percent in May following a 2.7-percent drop the previous month. The May increase was led by a 1.1-percent rise in petroleum prices which more than offset a 13.8-percent drop in natural gas prices. The May drop in the price index for natural gas followed a 26.8-percent decline in April. Import fuel prices advanced 3.0 percent over the past year, and both higher petroleum and natural gas prices contributed to the overall increase. Petroleum prices rose 3.0 percent for the year ended in May, and natural gas prices, despite the recent drops, advanced 7.9 percent over the same period.

All Imports Excluding Fuel: Nonfuel import prices were unchanged in May, after ticking up 0.1 percent the previous month. In May, lower foods, feeds, and beverages prices and nonfuel industrial supplies and materials prices offset price increases for capital goods and consumer goods. The price index for nonfuel imports declined 0.2 percent over the past 12 months. A 2.2-percent drop in nonfuel industrial supplies and materials prices, a 0.7-percent decline in automotive vehicles prices, and a 0.3-percent decrease in capital goods prices more than offset higher foods, feeds, and beverages and consumer goods prices over the year.

Exports

All Exports: The price index for U.S. exports ticked up 0.1 percent in May, after decreasing 1.0 percent in April, and increasing 0.9 percent in March and 0.8 percent in February. In May, rising prices for both agricultural exports and nonagricultural exports contributed to the advance. Export prices rose 0.5 percent over the past year, the largest 12-month increase since the index advanced 0.8 percent between June 2012 and June 2013.

Agricultural Exports: Agricultural export prices advanced 0.5 percent in May following a 1.5-percent increase in April. In May, higher prices for wheat, meat, and fruit, up 4.6 percent, 1.6 percent, and 2.6 percent, respectively, drove the overall increase in agricultural export prices. The price index for agricultural exports also rose for the year ended in May, increasing 1.6 percent. Rising prices for meat and fruit more than offset a 19.6-percent drop in corn prices.

All Exports Excluding Agriculture: Prices for nonagricultural exports rose 0.1 percent in May following a 1.4 percent decline in April. In May, nonagricultural industrial supplies and materials prices edged down 0.1 percent, while capital goods prices ticked up 0.1 percent. The price indexes for both automotive vehicles and consumer goods recorded no change. Nonagricultural prices advanced 0.5 percent over the past year led by higher prices for capital goods, nonagricultural industrial supplies and materials, and automotive vehicles.

SELECTED MAY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China increased 0.3 percent in May, the largest monthly advance since a 0.3-percent rise in January 2012. The May increase was driven by a 0.7-percent increase in the index for computer and electronic product manufacturing. Prices for imports from China also rose over the year, increasing 0.5 percent, the first 12-month advance since the index rose 0.3 percent between September 2011 and September 2012. The price index for imports from the European Union increased 0.3 percent in May, after rising 0.6 percent the previous month. In contrast, import prices from Canada, Mexico, and Japan all declined in May. Prices for imports from Canada fell 0.8 percent, led by lower natural gas prices. Import prices from Mexico declined 0.3 percent in May, while the price index for imports from Japan edged down 0.1 percent for the same period.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials decreased 0.1 percent in May, after recording no change in April. The May decline was led by a 2.6-percent drop in gold prices and a 0.4-percent decrease in the price index for import chemicals.

Finished Goods: Each of the major finished goods categories either recorded increases or no change in May. Capital goods prices advanced 0.2 percent in May following a 0.1-percent drop in April. The May rise was led by a 2.7-percent increase in computer prices. Consumer goods prices ticked up 0.1 percent in May and prices for automotive vehicles were unchanged, after each rose 0.2 percent the previous month.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages fell 0.8 percent for the second consecutive month following a 3.5-percent increase in March. The May decline was driven by a 9.3-percent drop in fruit prices.

Transportation Services: The index for import air passenger fares rose 2.1 percent in May, led by an 8.3- percent increase in Asian fares. The May advance in import air passenger fares was the largest monthly increase since a 7.1-percent rise in December 2013. Import air passenger fares rose 5.0 percent for the year ended in May. In contrast, prices for import air freight fell 0.3 percent in May and advanced 1.7 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for export nonagricultural industrial supplies and materials declined 0.1 percent in May, after falling 3.9 percent in April. In May, lower metal and chemical prices were the main contributors to the decrease.

Finished Goods: Export finished goods prices were mostly unchanged in May. Capital goods prices ticked up 0.1 percent for the second consecutive month in May. The price indexes for consumer goods and automotive vehicles each recorded no change in May following 0.3-percent and 0.4-percent advances, respectively, the previous month.

Transportation Services: Export air passenger fares increased 2.6 percent in May. The rise was driven by an 8.3-percent increase in Asian fares. The price index for export air freight rose 6.0 percent in May and 8.7 percent over the past 12 months.

Import and Export Price Index data for June 2014 are scheduled for release on Tuesday, July 15, 2014 at 8:30 a.m. (EDT).