September 2014 U.S. Import and Export Price Indexes

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Prices for U.S. imports fell 0.5 percent in September, after declining 0.6 percent in August and 0.3 percent in July, the U.S. Bureau of Labor Statistics reported today. Each of the 3 monthly decreases was led by falling fuel prices. The price index for U.S. exports also declined in September, decreasing 0.2 percent following a 0.5-percent drop in August.

Imports

All Imports: Overall import prices continued a 3-month downward trend in September, falling 0.5 percent. Prices for imports decreased 1.4 percent from June to September, the largest quarterly drop since the index declined 1.4 percent during the final quarter of 2013. In September, fuel prices drove the decrease, although nonfuel prices also declined. The price index for overall imports fell 0.9 percent for the year ended in September, the largest 12-month decrease since the index fell 1.1 percent in February.

Fuel Imports: Prices for import fuel decreased 2.1 percent in September following a 3.1-percent drop in August and a 1.5-percent decline in July. Lower petroleum and natural gas prices contributed to the September decline, falling 2.0 percent and 5.0 percent, respectively. Fuel prices decreased 5.8 percent over the past 12 months, the largest year-over-year decline since the index fell 8.1 percent between April 2012 and April 2013. The decrease in fuel prices over the past year was led by a 6.6-percent drop in petroleum prices which more than offset a 35.6-percent increase in natural gas prices.

All Imports Excluding Fuel: Nonfuel import prices edged down 0.1 percent in September, after recording no change the previous month. In September, lower prices for nonfuel industrial supplies and materials and automotive vehicles more than offset an increase in the price index for foods, feeds, and beverages. Despite the decline, prices for nonfuel imports rose 0.5 percent over the past year. Higher prices for consumer goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages all contributed to the advance.

Exports

All Exports: The price index for exports declined 0.2 percent in September, which continued an overall downward trend for the index since April. In September, lower prices for both agricultural exports and nonagricultural exports contributed to the decline. Export prices decreased 0.2 percent for the year ended in September, the first 12-month decline for the index since a 0.1-percent drop in April.

Agricultural Exports: Agricultural prices declined 0.9 percent in September following declines of 3.0 percent, 1.8 percent, and 1.9 percent over the previous 3 months. In September, the decrease was driven by a 6.2-percent drop in soybean prices, a 2.1-percent decline in meat prices, and a 3.9-percent fall in corn prices. The price index for agricultural exports fell 2.9 percent over the past year, led by lower prices for soybeans and corn.

All Exports Excluding Agriculture: Prices for nonagricultural exports declined 0.2 percent for the second consecutive month in September. Decreasing prices for nonagricultural industrial supplies and materials, consumer goods, and automotive vehicles all contributed to the drop in overall nonagricultural prices. The price index for nonagricultural prices recorded no change for the year ended in September. Each of the major finished goods categories rose over the past 12 months, while nonagricultural industrial supplies and materials prices declined.

SELECTED SEPTEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China edged down 0.1 percent in September, after recording no change in August. The September decline was led by lower prices for computers and electronic equipment. Prices for imports from Japan also decreased 0.1 percent in September, after remaining unchanged the previous month. The price indexes for imports from the European Union, Canada, and Mexico all decreased in September, falling 0.9 percent, 0.7 percent, and 0.4 percent, respectively. Lower fuel prices contributed to these declines.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials decreased 0.2 percent in September, after recording no change the previous month. In September, the decrease was driven by a 0.5-percent drop in unfinished metals prices, which was led by lower prices for gold and other precious metals.

Finished Goods: The price indexes for each of the major finished goods areas were mostly unchanged for the second consecutive month in September. Automotive vehicles prices fell 0.1 percent in September, after ticking up 0.1 percent in August. In September, prices for capital goods were unchanged for the third consecutive month and prices for consumer goods were unchanged for the second consecutive month.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 0.2 percent in September following a 0.6-percent advance in August and a 1.1-percent rise in July. The September advance was driven by a 2.2-percent rise in fish and shellfish prices and a 2.4-percent increase in vegetable prices.

Transportation Services: Import air passenger fares decreased 0.3 percent in September following a 4.3- percent decline in August and a 2.8-percent drop in July. The September fall was led by a 7.2-percent decrease in Asian fares, after the 2 previous monthly declines were driven mostly by lower European fares. Despite the recent drops, the index for import air passenger fares increased 6.3 percent for the year ended in September. Import air freight prices declined 0.5 percent in September, the largest monthly drop since a 0.5- percent decline in April. Prices for import air freight rose 1.3 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials declined 0.5 percent in September following a 0.7-percent drop the previous month. Falling fuel and gold prices contributed to both decreases.

Finished Goods: Capital goods prices ticked up 0.1 percent in September, after recording no change in August. In contrast, the price indexes for consumer goods and automotive vehicles each declined in September, falling 0.2 percent and 0.1 percent, respectively. Consumer goods prices were unchanged the previous month while automotive vehicles prices decreased 0.2 percent.

Transportation Services: Export air passenger fares fell 11.1 percent in September, the largest monthly drop since the index declined 12.5 percent in February. The September decrease was caused by a 23.0- percent decline in Asian fares. Despite the September drop, export air passenger fares increased 2.9 percent over the past 12 months. Export air freight prices edged down 0.1 percent in September and advanced 8.6 percent over the past year.

Import and Export Price Index data for October 2014 are scheduled for release on Friday, November 14, 2014 at 8:30 a.m. (EST).