July 2015 U.S. Import and Export Price Indexes

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

U.S. import prices declined 0.9 percent in July, after recording no change the previous month, the U.S. Bureau of Labor Statistics reported today. Both fuel prices and nonfuel prices contributed to the July decrease. The price index for U.S. exports fell 0.2 percent in July following a 0.3-percent drop in June.

Imports

All Imports: Import prices fell 0.9 percent in July, the first monthly decline since the index decreased 0.2 percent in April and the largest 1-month drop since a 3.2-percent decline in January. A downturn in fuel prices in July drove much of the overall decrease, although a continued downward trend in nonfuel prices also supported the drop. The price index for overall imports decreased 10.4 percent for the year ended in July, and has not recorded a 12-month advance since the index rose 0.9 percent in July 2014.

Fuel Imports: Prices for import fuel declined 5.7 percent in July, after rising 16.3 percent between February and June. The July drop was led by a 5.9-percent drop in petroleum prices that followed a 1.6- percent increase the previous month. Natural gas prices also reversed direction in July, falling 2.0 percent, after recording a 2.4-percent advance in June. Fuel prices declined 42.7 percent over the past year. The price indexes for petroleum and natural gas also fell between July 2014 and July 2015, decreasing 43.4 percent and 42.8 percent, respectively.

All Imports Excluding Fuel: The price index for nonfuel imports fell 0.3 percent in July and has not recorded a monthly advance since the index ticked up 0.1 percent in July 2014. In July 2015, lower prices for nonfuel industrial supplies and materials, consumer goods, and capital goods all contributed to the overall decrease. Prices for nonfuel imports also declined over the past 12 months, falling 2.6 percent. The drop was the largest year-over-year decrease since the index fell 3.1 percent for the 12 months ended in October 2009. Lower prices over the past year for finished goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages all contributed to the 12-month decline for nonfuel import prices in July.

Exports

All Exports: U.S. export prices fell 0.2 percent in July as decreasing nonagricultural prices more than offset an upturn in agricultural prices. The July drop followed a 0.3-percent decrease in June and a 0.5-percent increase in May. The price index for exports also declined over the past year, falling 6.1 percent, and has not recorded a 12-month increase since the index rose 0.4 percent in August 2014.

All Exports Excluding Agriculture: The price index for nonagricultural exports decreased 0.4 percent in July, after declining 0.2 percent the previous month. Falling prices for each of the major finished goods categories and nonagricultural industrial supplies and materials contributed to the July decrease. Nonagricultural exports fell 5.1 percent over the past 12 months, driven by a 13.6-percent decrease in the price index for nonagricultural industrial supplies and materials.

Agricultural Exports: Prices for agricultural exports increased 0.8 percent in July following a 1.6-percent decline in June. The July advance is the first monthly rise since the index ticked up 0.1 percent in November 2014, and the largest 1-month increase since the index rose 1.5 percent in April 2014. The July upturn was led by an 8.8-percent rise in soybean prices, a 7.0-percent advance in wheat prices, and a 10.7-percent increase in corn prices. The price index for agricultural exports fell 14.6 percent over the past year.

SELECTED JULY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China fell 0.2 percent in July following a 0.1- percent drop the previous month. Import prices from China have not recorded a monthly increase since the index advanced 0.1 percent in December, and the index declined 1.2 percent over the past 12 months. The price index for imports from Japan declined 0.3 percent in July, after a 0.5-percent drop in June. Prices for imports from Japan fell 3.0 percent for the year ended in July. Import prices from Canada, Mexico, and the European Union also decreased in July, led by falling prices for fuel. In July, prices for imports from Canada declined 1.7 percent, import prices from Mexico decreased 0.8 percent, and the price index for imports from the European Union edged down 0.1 percent.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices declined 0.8 percent in July following a 0.4-percent decrease the previous month. Falling metals prices, which decreased 3.4 percent in July and 1.4 percent in June, drove the decline in each month.

Finished Goods: Both consumer goods prices and capital goods prices fell in July, while the price index for automotive vehicles recorded no change. Consumer goods prices declined 0.3 percent led by lower prices for household goods and medicinal, dental, and pharmaceutical materials. Prices for capital goods decreased 0.2 percent driven by lower prices for computers, peripherals, and semiconductors.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages recorded no change in July, after decreasing 0.7 percent in June.

Transportation Services: Import air passenger fares fell 4.1 percent in July following an 8.9-percent increase in June and a 1.9-percent rise in May. The July downturn was led by a 6.9-percent decline in European fares and a 3.2-percent decrease in Asian fares. The index for import air passenger fares fell 2.4 percent for the year ended in July. Import air freight prices decreased 3.1 percent in July, after declining 0.8 percent in June. The July drop was led by lower Asian air freight prices and was the largest monthly decline since the index fell 3.3 percent in January 2012. Prices for import air freight decreased 5.9 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices declined 1.1 percent in July following a 0.3-percent drop the previous month. The July decrease was driven by lower prices for metals, fuel, and chemicals.

Finished Goods: Each of the major finished goods categories recorded declines in July. Consumer goods prices and prices for automotive vehicles each fell 0.2 percent. The price index for capital goods edged down 0.1 percent.

Transportation Services: Export air passenger fares increased 3.1 percent in July, led by a 4.0-percent advance in European fares. The rise in overall export air passenger fares is the largest monthly increase since the index advanced 8.3 percent in December 2014. Despite the July rise, export air passenger fares fell 15.5 percent over the past 12 months. Export air freight prices rose 0.4 percent in July and fell 0.9 percent over the past year.

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