April 2016 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.

The price index for U.S. imports rose 0.3 percent in April following a 0.3-percent increase in March, the U.S. Bureau of Labor Statistics reported today. The increases in both April and March were led by higher fuel prices. U.S. export prices increased 0.5 percent in April, after recording no change the previous month. Both agricultural and nonagricultural export prices contributed to the April advance.

Imports

All Imports: The consecutive 0.3-percent increases in April and March were the first monthly advances since the index ticked up 0.1 percent in June 2015 and the largest increases since a 1.1-percent rise in May 2015. Higher fuel prices drove the April advance although nonfuel prices also contributed to the overall increase in import prices. Import prices declined 5.7 percent over the past year, the smallest over-the-year drop since the index fell 5.6 percent in December 2014.

Fuel Imports: Prices for fuel imports advanced 3.3 percent in April following a 7.6-percent rise in March. The increases were the first monthly advances since the index rose 1.5 percent in June 2015 and the largest 1-month increases since a 10.8-percent advance in May 2015. The April rise was driven by a 4.1-percent advance in petroleum prices which more than offset a 10.5-percent drop in natural gas prices. Despite the recent increases, the price index for import fuel declined 36.4 percent over the past 12 months. A 37.4- percent decrease in petroleum prices and a 38.9-percent drop in natural gas prices both contributed to the overall fall in import fuel prices for the year ended in April.

All Imports Excluding Fuel: Nonfuel import prices rose 0.1 percent, the first monthly advance since the index ticked up 0.1 percent in July 2014. The last time nonfuel import prices advanced by more than 0.1 percent was a 0.3-percent increase in March 2014. In April, higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; and automotive vehicles more than offset falling consumer goods and capital goods prices. Despite the April increase, nonfuel import prices fell 2.0 percent between April 2015 and April 2016.

Exports

All Exports: Prices for U.S. exports rose 0.5 percent in April, the first monthly advance for the index since a 0.5-percent increase in May 2015. Those advances are the largest 1-month rises since the index increased 0.9 percent in March 2014. The price index for U.S. exports fell 5.0 percent for the year ended in April, the smallest 12-month decline since the index decreased 5.0 percent from January 2014 to January 2015.

Agricultural Exports: Agricultural export prices increased 0.5 percent in April, after decreasing 2.3 percent the previous month. The April advance was led by a 4.4-percent rise in soybean prices which more than offset lower prices for fruit and meat. Despite the April upturn, agricultural prices decreased 9.7 percent over the past 12 months.

All Exports Excluding Agriculture: The price index for nonagricultural prices also advanced 0.5 percent in April following a 0.3-percent rise in March. Both monthly increases were driven by higher prices for nonagricultural industrial supplies and materials and capital goods. Nonagricultural prices decreased 4.6 percent for the year ended in April. Falling prices for nonagricultural industrial supplies and materials as well as each of the major finished goods categories all contributed to the overall decline.

SELECTED APRIL HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China edged down 0.1 percent in April, after consecutive 0.2-percent decreases in March and February. Prices for imports from China have not recorded a monthly increase since the index ticked up 0.1 percent in December 2014. The index fell 1.9 percent over the past year, the largest 12-month decrease since the index fell 2.4 percent for the year ended in November 2009. In contrast, led by higher prices for fuel and metals, the price indexes for imports from Canada, the European Union, and Mexico all rose in April. Prices for imports from Canada increased 1.4 percent, from the European Union 0.3 percent, and from Mexico 0.2 percent. Prices for imports from Japan recorded no change for the second consecutive month in April.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials rose 0.6 percent in April, after a 0.6-percent increase in March. In April, higher prices for metals and building materials led the increase in overall nonfuel industrial supplies and materials prices.

Finished Goods: Finished goods prices were mostly down in April. Consumer goods prices fell 0.3 percent, driven by lower prices for household goods. Prices for automotive vehicles ticked up 0.1 percent, led by rising auto parts prices. In contrast, capital goods prices edged down 0.1 percent in April. Falling prices for computers, peripherals, and semiconductors were the largest contributor.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages increased 1.3 percent in April following a 0.4-percent decline in March. The April advance was led by a 3.4-percent rise in fish prices and a 4.4-percent increase in meat prices.

Transportation Services: Import air passenger fares advanced 3.5 percent in April following a 5.4-percent decrease the previous month. In April, the rise was led by a 5.1-percent increase in European fares and a 3.8-percent advance in Asian fares. Despite the April rise, import air passenger fares declined 0.2 percent over the past 12 months. Import air freight prices rose 2.0 percent in April, the largest monthly advance since the index increased 5.0 percent in October 2015. The price index for import air freight fell 10.6 percent for the year ended in April.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials increased 1.4 percent in April following a 0.7-percent rise in March. Higher prices for fuel, metals, and chemicals all factored into the April advance.

Finished Goods: Finished goods prices were mixed in April. Capital goods prices advanced 0.4 percent, the largest monthly increase since the index rose 0.7 percent in January 2013. In contrast, consumer goods prices edged down 0.1 percent. The price index for automotive vehicles recorded no change in April.

Transportation Services: Export air passenger fares decreased 6.0 percent in April, after rising 7.7 percent in March. The April drop was driven by an 11.4-percent decline in European fares. The index for export air passenger fares fell 7.1 percent over the past year. Export air freight prices recorded no change in April and declined 3.1 percent over the past 12 months.

Import and Export Price Index data for May 2016 are scheduled for release on Tuesday, June 14, 2016 at 8:30 a.m. (EDT).