February 2015 U.S. Import and Export Price Indexes

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U.S. import prices increased 0.4 percent in February following declines of 3.1 percent in January and 2.5 percent in December, the U.S. Bureau of Labor Statistics reported today. An upturn in fuel prices led the February rise. Prices for U.S. exports edged down 0.1 percent in February, after a 1.9-percent drop the previous month.

Imports

All Imports: Import prices advanced 0.4 percent in February, the first monthly rise since a 0.3-percent increase in June 2014, and the largest 1-month advance since the index rose 0.5 percent in March 2014. In February, an upturn in fuel prices more than offset declining nonfuel prices. Despite the February increase, import prices fell 9.4 percent over the past 12 months, the largest year-over-year decrease since the index fell 12.0 percent between September 2008 and September 2009.

Fuel Imports: The price index for import fuel increased 6.5 percent in February, the first advance since a 1.6-percent rise in June 2014. The February increase was the largest monthly advance since the index rose 7.6 percent in April 2011, and followed a 19.5-percent drop in January, the largest 1-month decline since a 22.2-percent drop in December 2008. An 8.1-percent advance in petroleum prices led the February increase in the price index for fuel, more than offsetting a 17.9-percent drop in natural gas prices. Despite the February upturn, fuel prices declined 43.0 percent over the past year. Petroleum prices declined 43.2 percent for the year ended in February, and natural gas prices decreased 52.0 percent over the same period.

All Imports Excluding Fuel: Nonfuel import prices decreased 0.3 percent in February, after a 0.6-percent drop the previous month. The price index for nonfuel imports has not recorded a monthly advance since the index ticked up 0.1 percent in July 2014. In February, decreasing prices for nonfuel industrial supplies and materials; capital goods; automotive vehicles; and foods, feeds, and beverages all contributed to the overall drop in nonfuel prices. In contrast, consumer goods prices increased in February. Nonfuel import prices fell 1.2 percent for the year ended in February.

Exports

All Exports: U.S. export prices edged down 0.1 percent in February, led by lower agricultural prices which more than offset rising nonagricultural prices. The price index for overall exports has not recorded a monthly advance since the index increased 0.1 percent in July 2014. Overall export prices also fell for the year ended in February, declining 5.9 percent, the largest 12-month drop since the index decreased 6.2 percent in August 2009.

Agricultural Exports: The price index for agricultural exports decreased 2.0 percent in February, after a 1.2-percent drop the previous month. A 5.1-percent decline in soybean prices drove the decrease, although lower prices for wheat, fruit, and meat were contributing factors. Agricultural prices fell 9.5 percent over the past 12 months, led by decreasing prices for soybeans, fruit, corn, and wheat.

All Exports Excluding Agriculture: Nonagricultural export prices rose 0.2 percent in February following a 2.0-percent decline in January and 1.0-percent decreases in both December and November. The February increase was the first advance since a 0.2-percent rise in July 2014, and was driven by higher prices for nonagricultural industrial supplies and materials and capital goods. The increases more than offset lower prices for consumer goods and automotive vehicles. Despite the February advance, nonagricultural export prices fell 5.5 percent over the past year, the largest year-over-year decrease since the index fell 6.6 percent in July 2009.

SELECTED FEBRUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China declined 0.2 percent for the second consecutive month in February. The index fell 0.6 percent for the year ended in February, the largest 12- month drop since a 0.7-percent decrease between January 2013 and January 2014. The price index for imports from Japan fell 0.2 percent in February, after declining 0.6 percent in January and 0.5 percent in December. Import prices from Japan have not recorded a monthly advance since the index rose 0.2 percent in March 2014. Prices for imports from the European Union also decreased in February, declining 1.0 percent following a 1.4-percent drop in January. In contrast, higher petroleum prices led the price indexes for imports from Canada and Mexico up in February, 0.2 percent and 0.3 percent, respectively.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials decreased 1.3 percent in February following a 1.2-percent decline the previous month. Falling chemicals prices, down 2.2 percent in February and 2.1 percent in January, led both monthly declines.

Finished Goods: Prices for capital goods fell 0.4 percent in February, after decreasing 0.3 percent in January. The February drop was the largest 1-month decline for the index since a 0.5-percent decrease in March 2009. Automotive vehicle prices also fell in February, declining 0.2 percent following a 0.7-percent decrease the previous month. In contrast, consumer goods prices rose 0.3 percent in February.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices decreased 0.2 percent in February following a 1.6-percent decline the previous month. Lower coffee and vegetable prices contributed to the overall drop in foods, feeds, and beverages prices in February.

Transportation Services: Import air passenger fares fell 2.5 percent in February, after decreasing 6.8 percent the previous month. The index for import air passenger fares decreased 0.6 percent for the year ended in February. Import air freight prices declined 2.2 percent in February, the largest monthly decrease since the index fell 3.3 percent in January 2012. Prices for import air freight decreased 6.7 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices rose 0.7 percent in February following a 5.6-percent drop the previous month. The February rise was the first 1-month advance since the index increased 0.7 percent in July 2014, and was driven by an upturn in export fuel prices.

Finished Goods: The price index for export capital goods rose 0.2 percent for the second consecutive month in February. Both increases were led by higher prices for non-motor vehicle transportation equipment. In contrast, consumer goods prices and prices for automotive vehicles declined in February, down 0.5 percent and 0.3 percent, respectively.

Transportation Services: Export air passenger fares fell 14.3 percent in February, after advancing 0.4 percent in January. The drop was the largest monthly decline for the index since its first publication in January 2001. The index for export air passenger fares decreased 5.9 percent for the year ended in February. Export air freight prices declined 1.7 percent in February, the largest drop since the index fell 2.2 percent in July 2012. Despite the February decline, the index rose 4.2 percent over the past year.

Import and Export Price Index data for March 2015 are scheduled for release on Friday, April 10, 2015 at 8:30 a.m. (EDT).