November 2015 U.S. Import and Export Price Indexes

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Prices for U.S. imports fell 0.4 percent in November following a 0.3-percent decline in October, the U.S. Bureau of Labor Statistics reported today. A decrease in import fuel prices drove the November decline in the price index for overall imports. U.S. export prices declined 0.6 percent in November, after a 0.2-percent decrease the previous month.

Imports

All Imports: Overall import prices decreased 0.4 percent in November, after falling 0.3 percent in October and 1.1 percent in September. Import prices have trended down throughout 2015, declining each month with the exception of May and June. Prices for imports fell 9.4 percent for the year ended in November, and have not increased on a 12-month basis since the index rose 0.9 percent in July 2014.

Fuel Imports: Fuel prices resumed a downward trend in November, declining 2.5 percent following a 0.1- percent uptick the previous month. The price index for import fuel decreased 24.9 percent between June and September. A 2.5-percent drop in petroleum prices and a 4.6-percent decline in natural gas prices both contributed to the November decline in overall import fuel prices. Prices for overall fuel fell 43.2 percent over the past 12 months, after decreasing 15.9 percent between November 2013 and November 2014. Petroleum prices declined 44.5 percent over the past year, while prices for natural gas fell 32.3 percent.

All Imports Excluding Fuel: The price index for nonfuel imports also decreased in November, falling 0.2 percent following 0.3-percent declines in each of the previous 4 months. Lower prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; and automotive vehicles all factored into the November decline in nonfuel import prices. Prices for nonfuel imports decreased 3.2 percent for the year ended in November. Prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; and each of the major finished goods categories all fell over the past 12 months.

Exports

All Exports: Prices for U.S exports declined 0.6 percent in November, following a 0.2-percent decline in October and a 0.6-percent decrease in September. Lower prices for both agricultural and nonagricultural exports contributed to the November decline in overall export prices. The price index for overall exports only recorded 1 monthly advance over the past year and declined 6.3 percent between November 2014 and November 2015.

Agricultural Exports: Agricultural prices decreased 1.1 percent in November, after rising 0.1 percent the previous month. In November, the decline was led by a 6.6-percent drop in nut prices and a 2.4-percent decrease in soybean prices which more than offset a 4.0-percent advance in fruit prices. Prices for agricultural exports fell 12.8 percent over the past year. A 24.5-percent decrease in meat prices was the primary factor for the 12-month drop in overall agricultural prices.

All Exports Excluding Agriculture: The price index for nonagricultural exports decreased 0.6 percent in November, following a 0.3-percent drop in October. In November, falling prices for nonagricultural industrial supplies and materials, capital goods, and automotive vehicles more than offset higher consumer goods prices. Nonagricultural prices fell 5.7 percent over the past year.

SELECTED NOVEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China declined 0.3 percent in November, matching a 0.3-percent decrease in May. Those were the largest monthly drops since the index fell 0.6 percent in May 2013. Import prices from China decreased 1.5 percent over the past 12 months, the largest year-over-year drop since the index declined 1.7 percent for the year ended in January 2010. The price indexes for imports from Canada, the European Union, and Mexico all fell in November declining 0.5 percent, 0.4 percent, and 0.3 percent, respectively. All were led by lower fuel prices. Prices for imports from Japan recorded no change for the second consecutive month in November.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 0.9 percent in November, after declining 1.0 percent in October. Both declines were driven by lower prices for unfinished metals and chemicals. Prices for nonfuel industrial supplies and materials fell 10.5 percent over the past year, the largest 12-month decrease since the index fell 11.3 percent between October 2008 and October 2009.

Finished Goods: The price indexes for capital goods and automotive vehicles each edged down 0.1 percent in November, following declines of 0.2 percent and 0.3 percent, respectively, the previous month. Capital goods prices fell 2.3 percent on a 12-month basis for the second consecutive month, the largest year-over- year declines since the index fell 2.4 percent in December 2002.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages declined 0.5 percent in November, after falling 1.1 percent in October. Both decreases were driven by lower vegetable prices.

Transportation Services: Import air passenger fares increased 3.7 percent in November, following a 5.2- percent rise the previous month. The November advance was led by a 5.1-percent increase in European fares which more than offset a 0.7-percent drop in Asian fares. Overall import air passenger fares fell 2.2 percent over the past 12 months despite the recent increases. Import air freight prices rose 0.8 percent in November and fell 1.5 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices decreased 1.6 percent in November, following a 0.7-percent drop the previous month. Falling prices for fuel, metals, and chemicals drove the November decline.

Finished Goods: Finished goods prices were mixed in November. Capital goods prices edged down 0.1 percent for the fourth consecutive month in November and have not recorded a monthly advance since the index rose 0.2 percent in February. Prices for automotive vehicles fell 0.2 percent. The last time the index fell more than 0.2 percent was a 0.3-percent drop in August 2012. In contrast, consumer goods prices ticked up 0.1 percent in November.

Transportation Services: Export air passenger fares declined 0.8 percent in November, following a 1.4- percent decrease in October and an 11.5-percent drop in September. The November decline was driven by a 1.0-percent decrease in Asian fares. Export air passenger fares fell 11.9 percent for the year ended in November. Export air freight prices rose 0.4 percent in November and decreased 1.1 percent over the past 12 months.

Import and Export Price Index data for December 2015 are scheduled for release on Thursday, January 14, 2016 at 8:30 a.m. (EST).