January 2017 U.S. Import and Export Price Indexes

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U.S. import prices advanced 0.4 percent in January, the U.S. Bureau of Labor Statistics reported today, following a 0.5-percent increase in December. For both months, a rise in fuel prices more than offset declining nonfuel prices. Prices for U.S. exports advanced 0.1 percent in January, after rising 0.4 percent the previous month.

Imports

All Imports: Import prices increased 0.4 percent in January following a 0.5-percent advance in December. The price index for overall imports has trended up since March 2016 and rose 3.7 percent over the past year. The advance between January 2016 and January 2017 was the largest 12-month rise since the index increased 5.1 percent in February 2012.

Fuel Imports: Prices for import fuel rose 5.8 percent in January following an increase of 6.6 percent in December. In January, higher prices for both petroleum and natural gas contributed to the overall rise in fuel prices. Petroleum prices rose 5.2 percent and natural gas prices increased 12.2 percent in January, after both indexes advanced in the previous month. Import fuel prices increased 57.6 percent over the past 12 months, the largest over-the-year rise since the index advanced 61.7 percent in March 2010. Petroleum prices rose 60.9 percent for the year ended in January and natural gas prices advanced 45.0 percent over the same period.

All Imports Excluding Fuel: In contrast to fuel prices, import nonfuel prices decreased 0.2 percent in January, after edging down 0.1 percent in December and November. The price index for nonfuel imports has not recorded a monthly increase since a 0.3-percent rise in July 2016. The January drop was led by lower prices for foods, feeds, and beverages and each of the major finished goods categories, which more than offset higher prices for nonfuel industrial supplies and materials. Nonfuel import prices recorded no change over the past 12 months.

Exports

All Exports: Export prices ticked up 0.1 percent in January, following a 0.4-percent increase in December. Rising prices for nonagricultural exports more than offset falling agricultural prices in each of the 2 months. With the exception of a 0.8-percent drop in August 2016, export prices have trended up since April 2016 and rose 2.3 percent for the year ended in January. The 2.3-percent rise was the largest 12-month advance since the index increased 2.6 percent between January 2011 and January 2012.

Agricultural Exports: Export agricultural prices edged down 0.1 percent in January, after declining 0.2 percent in December. The recent downturn followed increases of 0.7 percent and 0.5 percent in November and October, respectively. In January, falling prices for soybeans more than offset higher prices for corn. Despite the recent drops, agricultural export prices rose 0.8 percent for the year ended in January.

All Exports Excluding Agriculture: The price index for nonagricultural exports ticked up 0.1 percent in January, after rising 0.4 percent the previous month. In January, the advance was led by increasing prices for nonagricultural industrial supplies and materials and automotive vehicles. In contrast, consumer goods and capital goods prices declined in January. Nonagricultural exports also advanced over the past year, rising 2.4 percent between January 2016 and January 2017.

SELECTED JANUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China fell 0.1 percent in January, after recording no change in December and fell 1.7 percent over the past 12 months. The price index for imports from China has not recorded a monthly increase since the index rose 0.1 percent in December 2014. Import prices from Japan declined 0.3 percent in January, the first decrease for the index since a 0.1-percent drop in January 2016 and the largest decline since the index fell 0.3 percent in August 2015. Prices for imports from Mexico and the European Union also fell in January, declining 1.3 percent and 0.1 percent, respectively. In contrast, import prices from Canada advanced 1.8 percent in January, driven by higher fuel prices.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials increased 0.7 percent in January following a 0.6-percent rise in December. Both advances were led by higher unfinished metal prices.

Finished Goods: Each of the major finished goods price indexes declined in January. Prices for automotive vehicles fell 0.5 percent, driven by a 1.2-percent drop in the price index for non-engine parts. Capital goods and consumer goods prices also decreased in January, each edging down 0.1 percent.

Foods, Feeds, and Beverages: Prices for import foods, feeds, and beverages declined 1.3 percent in January, after decreasing 1.5 percent the previous month.

Transportation Services: Import air passenger fares fell 1.7 percent in January following a 1.3-percent rise in December. The January downturn was driven by an 8.5-percent decline in Asian fares and an 11.7- percent drop in Latin American/Caribbean fares. The index for import air passenger fares decreased 4.9 percent for the year ended in January. Import air freight prices also declined in January, falling 1.8 percent. The price index for import air freight increased 5.0 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Export nonagricultural industrial supplies and materials prices advanced 0.7 percent in January, after a 2.1-percent rise the previous month. Both increases were primarily led by rising fuel prices.

Finished Goods: Export finished goods prices were mixed in January. The price index for consumer goods decreased 1.0 percent for the second consecutive month. Those were the largest monthly declines for the index since the index fell 1.4 percent in June 1991. In January, the drop was driven by a 3.5-percent decline in medicinal, dental, and pharmaceutical materials prices. Capital goods prices also fell in January, edging down 0.1 percent. In contrast, automotive vehicle prices rose 0.4 percent in January.

Transportation Services: Export air passenger fares increased 0.8 percent in January, and have not recorded a monthly decline since the index fell 11.1 percent in September 2016. The January advance was led by a 10.1-percent rise in Asian fares. The index for export air passenger fares rose 0.9 percent for the year ended in January. Export air freight prices increased 0.6 percent in January and declined 1.8 percent over the past year.

Import and Export Price Index data for February 2017 are scheduled for release on Thursday, March 9, 2017 at 8:30 a.m. (EST).