April 2015 U.S. Import and Export Price Indexes

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U.S. import prices declined 0.3 percent in April, after decreasing 0.2 percent in March and 0.4 percent in February, the U.S. Bureau of Labor Statistics reported today. Falling nonfuel prices in April more than offset higher fuel prices. Prices for U.S. exports fell 0.7 percent in April following a 0.1-percent rise the previous month.

Imports

All Imports: Prices for U.S. imports declined 0.3 percent in March, and have not recorded a monthly advance since the index rose 0.3 percent in June 2014. Overall, import prices fell 11.2 percent between June 2014 and April 2015, and the index decreased 10.7 percent over the past year. Most of the decline since June 2014 resulted from lower fuel prices, as nonfuel prices declined 2.2 percent over the period.

Fuel Imports: The price index for import fuel increased 0.7 percent in April, after rising 1.2 percent the previous month. The March advance was the first monthly increase in fuel prices since the index rose 1.6 percent in June 2014. In April, a 1.0-percent advance in petroleum prices more than offset a 7.0-percent drop in natural gas prices. Despite the recent increases, fuel prices declined 46.1 percent for the year ended in April. Both a 47.0-percent decrease in petroleum prices and a 45.2-percent drop in natural gas prices contributed to the overall year-over-year decline in fuel prices.

All Imports Excluding Fuel: Nonfuel import prices declined 0.4 percent for the second consecutive month in April. Prices for nonfuel imports last recorded a monthly advance when the index edged up 0.1 percent in July 2014. In April, lower prices for nonfuel industrial supplies and materials; capital goods; foods, feeds, and beverages; and consumer goods all contributed to the decline in nonfuel prices. The price index for automotive vehicles recorded no change. The price index for nonfuel imports declined 2.3 percent over the past 12 months. Each of the major finished goods categories decreased over that period.

Exports

All Exports: U.S. export prices fell 0.7 percent in April, the largest 1-month drop since a 1.7-percent decline in January. The April drop followed a 0.1-percent rise in March which was the first monthly advance since a 0.1-percent increase in July 2014. Lower prices in April for both agricultural exports and nonagricultural exports contributed to the overall drop in export prices. The price index for exports declined 6.3 percent over the past year.

Agricultural Exports: Agricultural export prices decreased 0.8 percent in April, after falling 1.7 percent in March. The April drop was driven by a 2.4-percent decline in meat prices, a 1.7-percent decrease in soybean prices, and a 2.7-percent fall in fruit prices. The price index for agricultural exports has not recorded a monthly advance since the index ticked up 0.1 percent in November 2014. The index decreased 15.6 percent for the year ended in April, the largest 12-month decline since the index fell 16.7 percent between September 2008 and September 2009.

All Exports Excluding Agriculture: The price index for nonagricultural exports declined 0.7 percent in April following advances of 0.2-percent and 0.1-percent the previous 2 months. The April decline was led by declining prices for nonagricultural industrial supplies and materials, capital goods, and consumer goods. In contrast, prices for automotive vehicles ticked up 0.1 percent in April. Nonagricultural export prices decreased 5.3 percent over the past 12 months.

SELECTED APRIL HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China edged down 0.1 percent for the third consecutive month in April. Prices for imports from China also declined over the past year, falling 0.6 percent, the largest year-over-year drop since the index fell 0.7 percent for the year ended January 2014. The price index for imports from Japan decreased 0.5 percent in April, and has not recorded a monthly advance since the index rose 0.2 percent in March 2014. Import prices from the European Union and Canada also declined in April, falling 0.5 percent and 0.1 percent, respectively. In contrast, prices for imports from Mexico advanced 0.2 percent in April.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials decreased 0.9 percent in April following a 1.3-percent decline the previous month. The April drop was driven by a 6.4-percent decrease in iron and steel mill products and a 0.7-percent decline in chemical prices.

Finished Goods: Prices for the major finished goods categories were mostly down in April. The price index for capital goods fell 0.3 percent, led by lower prices for computers, peripherals, and semiconductors as well as industrial and service machinery. Consumer goods prices also fell in April, edging down 0.1 percent. Prices for automotive vehicles recorded no change in April.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices fell 0.9 percent in April, after declining 0.7 percent in March. Lower prices for fish and shellfish, food oils, and vegetables contributed to the April decrease.

Transportation Services: Import air passenger fares fell 2.9 percent in April following a 2.4-percent decrease in March and a 2.5-percent decline in February. Lower European fares drove the drops in April and March, and falling Asian fares led the decrease in February. The index for import air passenger fares declined 2.7 percent for the year ended in April. Import air freight prices rose 0.5 percent in April and decreased 1.1 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials declined 1.6 percent in April, after rising 0.5 percent the previous month. The April decrease was driven by falling fuel prices, which decreased 5.6 percent in April following a 4.0-percent increase in March.

Finished Goods: Prices for both capital goods and consumer goods declined 0.3 percent in April, after recording little change the previous month. In March, prices for capital goods were unchanged and consumer goods prices edged down 0.1 percent. The price index for automotive vehicles ticked up 0.1 percent for the second consecutive month in April.

Transportation Services: Export air passenger fares fell 3.6 percent in April, after rising 0.9 percent the previous month. Lower Latin American/Caribbean fares, Asian fares, and European fares all contributed to the April decline. The index for export air passenger fares declined 13.3 percent over the past year. Prices for export air freight rose 0.9 percent in April and increased 4.6 percent over the past 12 months.

Import and Export Price Index data for May 2015 are scheduled for release on Thursday, June 11, 2015 at 8:30 a.m. (EDT).