June 2014 U.S. Import and Export Price Indexes

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U.S. import prices advanced 0.1 percent in June following a 0.3-percent rise in May, the U.S. Bureau of Labor Statistics reported today. Higher fuel prices drove the monthly increases for both June and May. Prices for U.S. exports decreased 0.4 percent in June, after ticking up 0.1 percent the previous month.

Imports

All Imports: The price index for overall imports continued to trend up in 2014, ticking up 0.1 percent in June, after advancing 0.3 percent the previous month. U.S. import prices increased 1.9 percent over the first half of 2014, leading import prices up 1.2 percent for the year ended in June. The year-over-year increase in June was the largest 12-month advance for import prices since the index rose 3.5 percent between March 2011 and March 2012.

Fuel Imports: Prices for import fuel increased 1.2 percent in June, after rising 1.6 percent in May. The June increase was led by a 1.4-percent advance in petroleum prices which more than offset a 1.9-percent drop in natural gas prices. Fuel prices advanced 6.2 percent over the past year, the largest year-over-year increase since the index rose 7.7 percent for the year ended in July 2013. A 6.4-percent rise in petroleum prices and a 9.6-percent increase in natural gas prices drove the 12-month advance in overall fuel prices in June. A 12.5- percent decline in nuclear fuel prices partially offset the higher petroleum and natural gas prices over the past 12 months.

All Imports Excluding Fuel: In contrast to fuel prices, nonfuel import prices edged down 0.1 percent in June, after recording no change the 2 previous months. In June, lower foods, feeds, and beverages prices and lower prices for nonfuel industrial supplies and materials led the decline. The price index for nonfuel imports was unchanged over the past year. Lower prices for nonfuel industrial supplies and materials, automotive vehicles, and capital goods offset rising prices for foods, feeds, and beverages and consumer goods.

Exports

All Exports: U.S. export prices fell for the second time in 3 months in June, declining 0.4 percent, after ticking up 0.1 percent in May and falling 1.0 percent in April. In June, lower prices for both agricultural prices and nonagricultural prices contributed to the overall decline. The 1.4-percent drop over the second quarter of 2014 was the largest 3-month decrease since a 1.6-percent drop between February and May 2013. Export prices rose 0.2 percent for the year ended in June.

Agricultural Exports: Agricultural export prices fell 1.8 percent in June, the largest 1-month drop in the index since a 4.2-percent decrease in August 2013. The June decline was driven by an 11.2-percent drop in wheat prices, a 7.5-percent fall in fruit prices, and an 8.1-percent decrease in corn prices. Agricultural prices decreased 1.2 percent over the past year.

All Exports Excluding Agriculture: The price index for nonagricultural exports fell 0.3 percent in June, after ticking up 0.1 percent the previous month. Falling prices for nonagricultural industrial supplies and materials more than offset higher finished goods prices. Despite the June decline, nonagricultural prices increased 0.3 percent over the past 12 months.

SELECTED JUNE HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China were unchanged in June following a 0.3- percent advance in May. Import prices from China also rose over the past 12 months, advancing 0.4 percent between June 2013 and June 2014. The price index for imports from Japan also recorded no change in June, after edging down 0.1 percent in each of the 2 previous months. Prices for imports from Japan declined 1.6 percent for the year ended in June. Import prices from Canada rose 0.6 percent in June, after recording no change the previous month. Higher petroleum prices led the June advance. In contrast, the price indexes for imports from the European Union and Mexico each edged down 0.1 percent in June. The drop followed a 0.4-percent increase in May for import prices from the European Union, and a 0.1-percent decrease for import prices from Mexico.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 0.2 percent for the second consecutive month in June. Lower chemical prices - down 0.7 percent in June and 0.4 percent in May - were the main contributors to the decreases in both months.

Finished Goods: Prices for each of the major finished goods categories recorded no change in June. Capital goods prices previously advanced 0.2 percent in May. The price indexes for consumer goods and automotive vehicles were unchanged for the second consecutive month in June. Consumer goods prices increased 0.7 percent for the year ended in June, and prices for automotive vehicles and capital goods each fell over the same period, down 0.4 percent and 0.1 percent, respectively.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices fell 1.7 percent in June, the largest monthly decline for the index since a 2.8-percent drop in February 2012. The June decrease was driven by lower prices for fruits, vegetables, fish and coffee.

Transportation Services: The index for import air passenger fares advanced 6.9 percent in June, the largest monthly increase since the index rose 7.1 percent in December. The June advance was led by an 8.7-percent increase in European fares and a 5.8-percent rise in Asian fares. The index for import air passenger fares rose 1.4 percent over the past 12 months. Import air freight prices were unchanged in June and advanced 2.3 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices fell 1.0 percent in June following decreases of 0.1 percent in May and 3.9 percent in April. A 1.5- percent drop in fuel prices, a 3.9-percent decline in gold prices, and a 0.6-percent decrease in chemicals prices were the largest contributors to the overall drop in nonagricultural industrial supplies and materials prices in June.

Finished Goods: Prices for each of the major finished goods categories ticked up 0.1 percent in June. The June price uptick for capital goods and automotive vehicles followed advances of 0.2 percent and 0.1 percent, respectively in May. In contrast, consumer goods prices edged down 0.1 percent in May.

Transportation Services: Export air passenger fares advanced 4.1 percent in June, led by a 13.2 percent jump in European fares. Despite the June increase, export air passenger fares fell 0.1 percent over the past year. Export air freight prices were unchanged in June and up 9.6 percent over the past 12 months.

Import and Export Price Index data for July 2014 are scheduled for release on Thursday, August 14, 2014 at 8:30 a.m. (EDT).