May 2015 U.S. Import and Export Price Indexes

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U.S. import prices increased 1.3 percent in May following declines in each of the previous 10 months, the U.S. Bureau of Labor Statistics reported today. The May advance was driven by an increase in fuel prices. The price index for U.S. exports rose 0.6 percent in May, after a 0.7-percent decrease in April.

Imports

All Imports: U.S. import prices advanced 1.3 percent in May, after decreasing 0.2 percent in April and March, and 0.4 percent in February. The May increase was the first monthly rise since the index advanced 0.3 percent in June 2014 and the largest 1-month increase since the index rose 1.4 percent in March 2012. Despite the May increase, prices for imports decreased 9.6 percent over the past year, and have not recorded a 12-month rise since the index advanced 0.9 percent between July 2013 and July 2014.

Fuel Imports: Prices for import fuel rose 11.8 percent in May following a 1.3-percent advance in April and a 1.4-percent increase in March. The May rise was the largest monthly advance since the index increased 16.0 percent in June 2009. A 12.7-percent jump in petroleum prices in May led the advance in overall fuel prices. The price index for import natural gas declined 0.2 percent in May. Despite the May increase, fuel prices fell 40.0 percent over the past year. A 40.6-percent drop in petroleum prices and a 41.9-percent decrease in natural gas prices both contributed to the overall decline.

All Imports Excluding Fuel: The price index for nonfuel imports recorded no change in May, after decreasing 0.3 percent the previous month. Nonfuel import prices have not increased on a monthly basis since the index ticked up 0.1 percent in July 2014. In May, rising prices for foods, feeds, and beverages offset lower prices for capital goods; nonfuel industrial supplies and materials; and automotive vehicles. Prices for nonfuel imports fell 2.2 percent for the year ended in May. Decreasing prices for finished goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages all contributed to the overall 12- month decline.

Exports

All Exports: Prices for U.S. exports increased 0.6 percent in May following a 0.7-percent drop the previous month. The May advance was the largest rise for the index since a 0.9-percent increase in March 2014. In May, rising nonagricultural prices more than offset lower agricultural prices. Despite the May upturn, the price index for overall exports declined 5.9 percent over the past 12 months.

All Exports Excluding Agriculture: Nonagricultural export prices rose 0.7 percent in May, after falling 0.7 percent in April. The May increase in nonagricultural export prices was led by higher prices for nonagricultural industrial supplies and materials and automotive vehicles which more than offset lower prices for capital goods and consumer goods. Nonagricultural export prices fell 4.6 percent for the year ended in May.

Agricultural Exports: The price index for agricultural exports declined 1.0 percent in May, continuing the downward trend over the past 12 months. In May, falling wheat and corn prices more than offset higher prices for fruit and nuts. Agricultural export prices fell in every month over the past year except for a 0.1- percent uptick in November 2014, decreasing 16.8 percent over that period. The 12-month drop in May was the largest year-over-year decline since a 22.5-percent drop between July 2008 and July 2009.

SELECTED MAY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China declined 0.3 percent in May, after recording no change in April. The May decline was driven by a 0.7-percent drop in the price index for computer and electronic products, and was the largest 1-month decline since the index decreased 0.6 percent in May 2013. Import prices from Japan continued to trend down in May, declining 0.1 percent following a 0.5-percent drop in April. Prices for imports from Japan have not recorded a monthly increase since the index rose 0.2 percent in March 2014. In May, the price indexes for imports from Canada, the European Union, and Mexico advanced 2.2 percent, 0.7 percent, and 0.5 percent, respectively, led by rising fuel prices.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices edged down 0.1 percent in May following a 0.8-percent drop in April. In May, a 3.6-percent decline in iron and steel products and a 5.9-percent drop in lumber prices drove the decrease in nonagricultural industrial supplies and materials prices.

Finished Goods: Prices for import finished goods were mostly down in May. Capital goods prices declined 0.2 percent, after a 0.3-percent drop the previous month. The May decrease was led by a 1.2-percent drop in computer prices. Automotive vehicles prices edged down 0.1 percent in May following no change in April. Prices for consumer goods recorded no change in May.

Foods, Feeds, and Beverages: In contrast to the other major import categories, the price index for import foods, feeds, and beverages rose 0.3 percent in May, after declining 1.0 percent the previous month. In May, a 9.1-percent advance in vegetable prices more than offset lower prices for fish and shellfish.

Transportation Services: Import air passenger fares rose 1.9 percent in May following decreases in each of the previous 4 months. The May advance was driven by higher European and Asian fares. Despite the increase, import air passenger fares fell 2.9 percent over the past year. Import air freight prices declined 0.4 percent in May and 0.2 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials increased 2.4 percent in May, the largest monthly advance since the index rose 3.3 percent in March 2011. The May advance in nonagricultural industrial supplies and materials prices was driven by an 8.3-percent rise in fuel prices.

Finished Goods: Export finished goods prices were mixed in May. The price indexes for capital goods and for consumer goods each edged down 0.1 percent following larger decreases the previous month. In April, consumer goods prices fell 0.4 percent and prices for capital goods declined 0.2 percent. In contrast, automotive vehicle prices rose 0.2 percent in May, after recording no change the previous month.

Transportation Services: Export air passenger fares advanced 3.0 percent in May following a 3.6-percent drop the previous month. The May increase was led by a 9.1-percent rise in Asian fares and a 4.3-percent advance in European fares. Export air passenger fares decreased 12.9 percent for the year ended in May. The price index for export air freight declined 0.5 percent in May and 2.0 percent over the past year.

Import and Export Price Index data for June 2015 are scheduled for release on Tuesday, July 14, 2015 at 8:30 a.m. (EDT).