September 2015 U.S. Import and Export Price Indexes

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Prices for U.S. imports edged down 0.1 percent in September, after a 1.6-percent decrease in August, the U.S. Bureau of Labor Statistics reported today. The continued downward trend in nonfuel import prices more than offset an advance in fuel prices. The price index for U.S. exports declined 0.7 percent in September, following a 1.4-percent drop the previous month.

Imports

All Imports: U.S. import prices fell 0.1 percent in September, following declines of 1.6 percent in August and 1.0 percent in July. Unlike the decreases the 2 previous months where falling fuel and nonfuel prices each contributed to the decline, the September drop was entirely driven by lower nonfuel prices. The price index for overall imports decreased 10.7 percent between September 2014 and September 2015 and has not recorded a 12-month increase since the index rose 0.9 percent for the year ended July 2014.

All Imports Excluding Fuel: The price index for nonfuel imports continued to trend downward in September, decreasing 0.3 percent following a 0.4-percent drop the previous month. Falling prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; and capital goods more than offset a rise in consumer goods prices. Nonfuel import prices have not recorded a monthly advance since the index rose 0.1 percent in July 2014 and have declined 3.1 percent over the past year.

Fuel Imports: In contrast, prices for import fuel advanced 1.4 percent in September, after declining 11.1 percent in August and 6.4 percent in July. Both petroleum prices and natural gas prices contributed to the increase in September. Petroleum prices rose 1.1 percent, following an 11.8-percent decline in August and a 6.6-percent drop in July. The price index for natural gas advanced 9.3 percent in September, the largest monthly increase for the index since an 11.1-percent rise in December 2014. Despite the September advance, overall fuel prices declined 44.7 percent over the past 12 months. The drop was led by a 46.1- percent decrease in petroleum prices for the year ended in September, although a 27.3-percent drop in natural gas prices over the same period also factored into the overall decline.

Exports

All Exports: Prices for U.S. exports fell 0.7 percent in September, following a 1.4-percent drop the previous month. Falling agricultural and nonagricultural export prices each contributed to the September and August declines. The price index for overall exports fell 7.4 percent over the past year, the largest year- over-year decrease for the index since an 8.3-percent drop for the 12 months ended July 2009.

Agricultural Exports: Agricultural export prices declined 1.1 percent in September, after falling 2.5 percent in August. The decrease was mostly the result of an 8.3-percent drop in soybean prices, although a 4.3-percent decline in nut prices also contributed to falling export agricultural prices. The price index for agricultural exports decreased 13.5 percent for the year ended in September. Declining prices for meat, soybeans, and wheat over the past year primarily drove the drop.

All Exports Excluding Agriculture: Prices for nonagricultural exports declined 0.6 percent in September, following a 1.3-percent drop the previous month. The September decrease was led by declining prices for nonagricultural industrial supplies and materials, consumer goods, and automotive vehicles. Overall nonagricultural prices fell 6.7 percent over the past year, the largest 12-month drop for the index since the index was first published in March 1985.

SELECTED SEPTEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China declined 0.2 percent in September and 1.3 percent over the past 12 months. The price index for imports from Japan recorded no change in September and has not increased on a monthly basis since the index rose 0.2 percent in March 2014. Prices for imports from Japan decreased 3.2 percent between September 2014 and September 2015. Import prices from the European Union declined 1.0 percent in September, the largest 1-month drop since a 1.6-percent decrease in January. The price indexes for imports from Canada and Mexico also fell in September, decreasing 0.4 percent and 0.1 percent, respectively.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials fell 0.9 percent in September, following a 1.9-percent drop the previous month. Lower prices for chemicals, metals, and building materials led the decrease.

Finished Goods: Prices for the major finished goods categories were mixed in September. Import capital goods prices edged down 0.1 percent for the month and fell 2.3 percent over the past year. In contrast, prices for consumer goods ticked up 0.1 percent, after declines of 0.1 percent in August and 0.3 percent in July. The price index for automotive vehicles recorded no change in September.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices declined 0.8 percent in September, after rising 0.3 percent in August. Falling prices for food oils, feedstuff, fruit, fish, and coffee all contributed to the overall drop in September.

Transportation Services: Import air passenger fares declined 4.5 percent in September, following a 5.1- percent drop the previous month. The September decrease was driven by lower Asian and Latin American/Caribbean fares which more than offset rising European fares. Overall import air passenger fares fell 7.2 percent for the year ended in September. The price index for import air freight declined 2.0 percent for the second consecutive month in September. Import air freight prices decreased 10.4 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: In September, the price index for nonagricultural industrial supplies and materials fell 1.8 percent, after decreasing 3.7 percent in August. Both monthly declines were led by lower fuel prices which decreased 5.3 percent in September and 8.4 percent in August.

Finished Goods: Finished goods prices were mostly down in September. The price index for consumer goods declined 0.2 percent, following 0.4-percent decreases in August and July. Automotive vehicle prices also fell in September, declining 0.1 percent. Prices for capital goods recorded no change in both September and over the past year.

Transportation Services: Export air passenger fares decreased 10.8 percent in September, the largest monthly decline since the index fell 13.5 percent in February. The September drop was driven by a 23.2- percent decrease in Asian fares. Overall export air passenger fares fell 16.3 percent over the past 12 months. Export air freight prices declined 0.8 percent in September and 2.1 percent over the past year.

Import and Export Price Index data for October 2015 are scheduled for release on Tuesday, November 10, 2015 at 8:30 a.m. (EST).