October 2015 U.S. Import and Export Price Indexes

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U.S. import prices declined 0.5 percent in October, after falling 0.6 percent the previous month, the U.S. Bureau of Labor Statistics reported today. Lower prices for both fuel and nonfuel imports contributed to the October decrease. Prices for U.S. exports fell 0.2 percent in October, following a 0.6-percent drop in September.

Imports

All Imports: Overall import prices decreased 0.5 percent in October, continuing a downward trend for the index in 2015. Prices for U.S. imports previously decreased 0.6 percent in September, 1.8 percent in August, and 0.9 percent in July. The price index for overall imports declined 10.5 percent between October 2014 and October 2015, after decreasing 2.1 percent for the year ending in October 2014.

Fuel Imports: Import fuel prices decreased 2.0 percent in October, following a 5.4-percent decline the previous month. In October, both a 2.1-percent drop in petroleum prices and a 2.5-percent decrease in natural gas prices contributed to the overall drop in import fuel prices. Fuel prices declined 46.6 percent over the past 12 months. Prices for petroleum fell 48.0 percent for the year ending in October, while natural gas prices decreased 30.3 percent over the same period.

All Imports Excluding Fuel: Nonfuel import prices also continued to decline in October, falling 0.3 percent, after a 0.2-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 October, lower prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; automotive vehicles; and capital goods all contributed to the overall decrease in nonfuel import prices. Nonfuel import prices declined 3.2 percent over the past year, the largest 12-month drop for the index since a 4.2-percent decrease between September 2008 and September 2009.

Exports

All Exports: The price index for U.S. exports declined 0.2 percent in October, following decreases of 0.6 percent in September and 1.4 percent in August. Lower prices for both agricultural exports and nonagricultural exports factored into the overall decrease in October. Overall export prices also declined over the past 12 months, decreasing 6.7 percent after a 0.7-percent decline for the year ending in October 2014.

Agricultural Exports: Prices for agricultural exports edged down 0.1 percent in October, after decreasing 1.3 percent the previous month. A 2.7-percent decline for meat prices led the October decrease, although lower prices for vegetables and nuts also contributed. In contrast, prices for wheat and corn rose in October, partially offsetting the declines. Agricultural export prices fell 11.8 percent over the past year, driven by declining prices for meat, soybeans, and wheat.

All Exports Excluding Agriculture: Nonagricultural export prices decreased 0.3 percent in October, following a 0.5-percent drop in September. In October, the decline was driven by lower prices for nonagricultural industrial supplies and materials, consumer goods, and automotive vehicles. The price index for nonagricultural exports declined 6.1 percent for the year ending in October.

SELECTED OCTOBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China edged down 0.1 percent in October, after falling 0.2 percent in September. Prices for imports from China have not recorded a monthly increase since the index ticked up 0.1 percent in December, and the index fell 1.4 percent over the past 12 months. Driven by lower fuel prices, the price indexes for imports from Canada and Mexico also declined in October, falling 1.0 percent and 0.5 percent, respectively. In contrast, import prices from the European Union ticked up 0.1 percent in October, while prices for imports from Japan recorded no change.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices decreased 1.0 percent in October, following a 0.9-percent drop in September. The October decline was led by a 5.9- percent decrease in fertilizer prices and a 2.9-percent fall in the price index for industrial organic chemicals. Nonfuel industrial supplies and materials prices fell 10.4 percent over the past year, the largest 12-month decline since the index decreased 11.3 percent in October 2009.

Finished Goods: Prices for the major finished goods categories were mostly down in October. Automotive vehicles prices declined 0.3 percent while prices for capital goods decreased 0.1 percent. The drop in automotive vehicles prices was driven by a 3.1-percent decline in transport vehicles prices and was the largest monthly decrease since the index fell 0.4 percent in February. In contrast, consumer goods prices ticked up 0.1 percent in October.

Foods, Feeds, and Beverages: The price index for foods, feeds, and beverages decreased 1.0 percent in October, after a 0.7-percent decline the previous month. The October drop was led by an 8.0-percent decrease in meat prices and a 4.3-percent decline in vegetable prices.

Transportation Services: Import air passenger fares rose 5.2 percent in October, the first monthly advance since the index increased 8.9 percent in June. The index decreased 4.5 percent in September, 5.1 percent in August, and 4.1 percent in July. Despite the October upturn, import air passenger fares decreased 4.7 percent over the past 12 months. Import air freight prices advanced 6.5 percent in October, while the index declined 2.6 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials decreased 0.7 percent in October, following a 1.6-percent decline the previous month. Both decreases were led by falling fuel prices, which decreased 1.5 percent in October and 5.0 percent in September.

Finished Goods: Finished goods prices declined in October. Both the price indexes for consumer goods and automotive vehicles edged down 0.1 percent. Capital goods prices recorded no change for the second consecutive month in October.

Transportation Services: Export air passenger fares advanced 0.5 percent in October, after decreasing 10.6 percent in September. The October rise was driven by a 5.6-percent increase in Latin American/Caribbean fares. Despite the October increase, export air passenger fares fell 13.1 percent over the past year. The price index for export air freight declined 0.3 percent in October and 1.7 percent over the past 12 months.

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