November 2016 U.S. Import and Export Price Indexes

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U.S. import prices fell 0.3 percent in November, the U.S. Bureau of Labor Statistics reported today, following increases of 0.4 percent and 0.1 percent the 2 previous months. The drop in November was primarily led by decreasing fuel prices. U.S. export prices also declined in November, edging down 0.1 percent, after a 0.2-percent increase the previous month.

Imports

All Imports: The price index for U.S. imports declined 0.3 percent in November, the largest monthly decrease since the index fell 0.5 percent in February. Prior to November, import prices had trended up since February, with the only decline coming in August when the index fell 0.2 percent. Despite rising throughout much of 2016, import prices remained down on a 12-month basis, declining 0.1 percent between November 2015 and November 2016. The last over-the-year advance in import prices was a 0.9-percent increase in July 2014.

Fuel Imports: Fuel prices declined 3.9 percent in November, the largest monthly drop in the index since a 6.8-percent decrease in February. In November, a 4.7-percent decline in petroleum prices more than offset a 10.6-percent advance in natural gas prices. Natural gas prices increased 68.4 percent over the past 5 months. Import fuel prices advanced 2.7 percent for the year ended in November; a 2.4-percent increase in petroleum prices and a 13.6-percent rise in natural gas prices each contributed to the overall increase in fuel prices.

All Imports Excluding Fuel: Prices for nonfuel imports edged down 0.1 percent for the second consecutive month in November. Declining prices for finished goods and nonfuel industrial supplies more than offset higher foods, feeds, and beverages prices. Nonfuel prices declined 0.3 percent over the past year, after decreasing 3.2 percent between November 2014 and November 2015. The drop over the past year was driven by a 1.6-percent decline in capital goods prices and a 0.6-percent decrease in the price index for import consumer goods.

Exports

All Exports: The price index for overall exports edged down 0.1 percent in November, after increasing 0.2 percent in October and 0.3 percent in September. In November, declining nonagricultural prices led the overall decrease. U.S. export prices also fell over the past 12 months, decreasing 0.3 percent. Export prices have not risen on a 12-month basis since the index rose 0.4 percent between August 2013 and August 2014.

Agricultural Exports: Agricultural prices increased for the second consecutive month in November, rising 0.6 percent following a 0.5-percent advance in October. In November, the increase was driven by an 11.5- percent rise in vegetable prices. Despite the recent advances, the price index for agricultural exports fell 1.2 percent for the year ended in November. Lower prices for nuts, corn, and wheat all contributed to the drop in agricultural prices over the past year.

All Exports Excluding Agriculture: Prices for nonagricultural exports declined 0.1 percent in November following a 0.2-percent advance the previous month. In November, decreasing prices for nonagricultural industrial supplies and materials, and consumer goods led the overall decline. Nonagricultural goods also fell over the past 12 months, decreasing 0.3 percent following a 5.8-percent decline for the year ended in November 2015.

SELECTED NOVEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China declined 0.2 percent in November, after recording no change in October. Import prices from China have not increased on a monthly basis since a 0.1-percent rise in December 2014; the index decreased 1.5 percent over the past year. In contrast, the price index for imports from Japan rose 0.2 percent for the second consecutive month in November. Prices for imports from Japan have not decreased on a monthly basis since the index edged down 0.1 percent in January; import prices from Japan advanced 1.3 percent over the past 12 months. The indexes for imports from Canada, the European Union, and Mexico all fell in November, led in part by lower fuel prices. Import prices from Canada declined 0.8 percent and prices for imports from the European Union and Mexico each decreased 0.1 percent.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices edged down 0.1 percent in November following a 0.6-percent decline in October. The November decrease was driven by a 5.1-percent decline in other agricultural products prices and a 2.1-percent drop in prices for iron and steel mill products.

Finished Goods: Each of the major finished goods price indexes fell in November. Capital goods prices declined for the second consecutive month in November led by a 0.4-percent decrease in the price index for computers, peripherals, and semiconductors. Prices for consumer goods and automotive vehicles each fell 0.1 percent in November.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices rose 1.5 percent in November. A 5.5- percent advance in fruit prices was the largest contributor to the overall increase.

Transportation Services: Import air passenger fares declined 2.7 percent in November following a 6.3- percent advance the previous month. In November, the downturn was led by a 5.0-percent drop in Asian fares and a 1.2-percent decrease in European fares. The index for import air passenger fares also decreased over the past year, falling 6.0 percent. Import air freight prices declined 0.4 percent in November and 1.3 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials fell 0.4 percent in November following a 1.0-percent increase in October. The decrease in November was led by a 2.7-percent decline in fuel prices.

Finished Goods: Export consumer goods prices fell 0.2 percent in November, after a 0.5-percent decrease the previous month. The November decline was driven by lower prices for medical, dental, and pharmaceutical materials. The price indexes for capital goods and automotive vehicles each recorded no change in November.

Transportation Services: Export air passenger fares declined 0.6 percent in November as a 1.2-percent decrease in Latin American/Caribbean fares and a 0.5-percent drop in Asian fares more than offset a 1.9- percent advance in European fares. Export air passenger fares declined 3.2 percent for the year ended in November. The price index for export air freight declined 0.1 percent in November and 1.4 percent over the past year.

Import and Export Price Index data for December 2016 are scheduled for release on Thursday, January 12, 2017 at 8:30 a.m. (EST).