September 2016 U.S. Import and Export Price Indexes

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Prices for U.S. imports increased 0.1 percent in September, the U.S. Bureau of Labor Statistics reported today, following a 0.2-percent decline the previous month. The September advance was led by higher fuel prices. U.S. export prices rose 0.3 percent in September, after decreasing 0.8 percent in August.

Imports

All Imports: U.S. import prices resumed an upward trend in September, increasing 0.1 percent, after a 0.2- percent decline in August. Prior to August, import prices had risen in each of the previous 5 months, advancing 3.1 percent between February and July. Despite those increases, import prices continue to decline on a 12-month basis, falling 1.1 percent between September 2015 and September 2016. The 1.1 percent decrease was the smallest drop on an over-the-year basis since the index fell 0.3 percent in August 2014.

Fuel Imports: Import fuel prices rose 1.1 percent in September, after a 2.4-percent drop in August and a 2.1-percent decline in July. The September advance was led by a 1.2-percent increase in petroleum prices, although a 0.8-percent rise in natural gas prices also contributed to the overall advance. The September rise in natural gas prices followed a 10.3-percent advance in August and a 28.0-percent increase in July. Prices for import fuel fell 2.9 percent for the year ended in September.

All Imports Excluding Fuel: The price index for nonfuel imports recorded no change in September, after edging down 0.1 percent the previous month. In September, higher prices for capital goods; foods, feeds, and beverages; and automotive vehicles offset lower nonfuel industrial supplies and materials prices. Nonfuel prices declined 0.7 percent over the past year, driven by lower prices for nonfuel industrial supplies and materials, and each of the major finished goods categories.

Exports

All Exports: The price index for overall exports increased 0.3 percent in September, as rising nonagricultural prices more than offset declining agricultural prices. The advance followed a 0.8-percent drop the previous month and resumed an upward trend dating back to April. U.S. export prices fell 1.5 percent for the year ended in September, the smallest 12-month decline since the index decreased 0.7 percent in October 2014.

Agricultural Exports: Agricultural prices fell 1.0 percent in September, after a 3.5-percent drop the previous month. A 6.8-percent decrease in nut prices, a 2.2-percent decline in soybean prices, and a 4.2- percent decrease in corn prices more than offset higher prices for vegetables and fruit. The price index for agricultural exports declined 3.2 percent over the past 12 months. Lower prices for nuts, corn, and wheat drove the 12-month decrease in agricultural prices.

All Exports Excluding Agriculture: Prices for nonagricultural exports increased 0.4 percent in September following a 0.6-percent decrease in August. Rising prices for both nonagricultural industrial supplies and materials and finished goods contributed to the September increase in nonagricultural prices. Despite the September advance, nonagricultural export prices decreased 1.4 percent over the past year. Both nonagricultural industrial supplies and materials as well as finished goods decreased between September 2015 and September 2016.

SELECTED SEPTEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China recorded no change in September, after declining 0.2 percent in August. Import prices from China have not risen on a monthly basis since the index ticked up 0.1 percent in December 2014, and prices for imports from China fell 1.7 percent for the year ended in September. The price index for imports from Japan rose 0.1 percent in September and last recorded a monthly decline when the index edged down 0.1 percent in January. Import prices from Japan advanced 0.9 percent over the past 12 months. Prices for imports from the European Union and from Mexico each increased 0.2 percent in September and import prices from Canada ticked up 0.1 percent.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices declined 0.6 percent following a 0.3-percent advance the previous month. Both the September decrease and August increase were driven by unfinished metal prices which fell 1.7 percent in September, after rising 1.5 percent the previous month.

Finished Goods: Finished goods prices were mostly up in September. Automotive vehicles prices advanced 0.2 percent. Capital goods prices also rose, increasing 0.1 percent, the first monthly advance since the index ticked up 0.1 percent in June 2014. The price index for consumer goods recorded no change in September.

Foods, Feeds, and Beverages: Prices for import foods, feeds, and beverages advanced 0.6 percent in September, after declining 0.9 percent in August. The September increase was led by a 9.1-percent rise in vegetable prices.

Transportation Services: Import air passenger fares rose 4.2 percent in September, after falling 6.0 percent in August and 3.9 percent in July. The September upturn was driven by a 10.0-percent advance in European fares. Despite the September rise, import air passenger fares declined 0.8 percent over the past year. The price index for import air freight increased 1.2 percent in September and declined 3.2 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices rose 1.3 percent in September, after decreasing 1.3 percent the previous month. Fuel prices were the largest contributor to both months, advancing 5.5 percent in September following a 4.9-percent decrease the previous month.

Finished Goods: Each of the major finished goods indexes either increased or recorded no change in September. The price indexes for consumer goods and automotive vehicles each rose, advancing 0.2 percent and 0.1 percent, respectively. Prices for export capital goods recorded no change in September following a 0.1-percent decline in August and a 0.2-percent drop in July.

Transportation Services: Export air passenger fares decreased 11.1 percent in September following a 4.6- percent increase the previous month. The September drop was the largest monthly decline since the index decreased 13.5 percent in February and was led by a 24.7-percent fall in Asian fares. The index for export air passenger fares declined 6.6 percent for the year ended in September. Export air freight prices recorded no change in September and fell 2.0 percent over the past year.

Import and Export Price Index data for October 2016 are scheduled for release on Tuesday, November 15, 2016 at 8:30 a.m. (EST).