February 2017 U.S. Import and Export Price Indexes

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Prices for U.S. imports advanced 0.2 percent in February, the U.S. Bureau of Labor Statistics reported today, led by higher nonfuel import prices which more than offset lower fuel prices. The February rise in import prices followed a 0.6-percent increase the previous month. U.S. export prices rose 0.3 percent in February, after advancing 0.2 percent in January.

Imports

All Imports: Import prices rose for the third consecutive month in February, increasing 0.2 percent, after a 0.6-percent advance in January and a 0.4-percent rise in December. The increase in February was driven by rising nonfuel prices, unlike the previous 2 months when higher fuel prices led the advances. The price index for imports also rose over the past year, increasing 4.6 percent. That rise was the largest 12-month advance in import prices since a 5.1-percent increase in February 2012.

Fuel Imports: Prices for import fuel fell 0.7 percent in February, the first downturn since a 1.1-percent drop in November and the second monthly decline since the index fell in August. Prior to February, import fuel prices increased 7.2 percent in January and 5.8 percent in December. In February, prices for both petroleum and natural gas contributed to the overall decrease, falling 0.7 percent and 1.3 percent, respectively. Despite the downturn, the price index for import fuel increased 68.9 percent between February 2016 and February 2017, the largest over-the-year advance for the index since a 72.0-percent rise in February 2010. Petroleum prices increased 73.3 percent and natural gas prices rose 51.7 percent for the year ended in February 2017.

All Imports Excluding Fuel: In contrast to fuel prices, nonfuel import prices rose 0.3 percent in February, the first monthly advance since a 0.3-percent increase in July. The last time nonfuel import prices rose by more than 0.3 percent was a 0.4-percent increase in March 2012. The February upturn was led by rising prices for nonfuel industrial supplies and materials; consumer goods; and foods, feeds, and beverages. Nonfuel import prices also increased 0.5 percent over the past year, the largest 12-month advance for the index since a 0.7-percent rise in August 2014.

Exports

All Exports: Prices for U.S. exports advanced 0.3 percent in February and have not recorded a monthly decline since the index fell 0.8 percent in August. In February, rising prices for both agricultural exports and nonagricultural exports contributed to the overall advance. Export prices increased 3.1 percent over the past 12 months, the largest over-the-year rise since the index advanced 3.6 percent between December 2010 and December 2011.

Agricultural Exports: The price index for agricultural exports increased 1.4 percent in February, after ticking up 0.1 percent the previous month. The February rise was the largest monthly advance since the index increased 2.5 percent in June. In February, the increase in agricultural prices was driven by a 24.3- percent rise in vegetable prices. Higher prices for soybeans and corn also contributed to the overall advance. Prices for agricultural exports increased 1.6 percent for the year ended in February.

All Exports Excluding Agriculture: Nonagricultural export prices increased 0.3 percent in February following advances of 0.2 percent in January and 0.4 percent in December. The February rise was led by increasing prices for capital goods and nonagricultural industrial supplies and materials, which more than offset lower consumer goods prices. The price index for nonagricultural exports advanced 3.3 percent over the past year, the largest 12-month increase since the index rose 4.0 percent in December 2011.

SELECTED FEBRUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China ticked up 0.1 percent in February, the first monthly advance for the index since a 0.1-percent rise in December 2014. The last time the index rose by more than 0.1 percent was a 0.3-percent increase in May 2014. Despite the monthly upturn, prices for imports from China fell 1.5 percent over the past 12 months. The price indexes for imports from Canada and Mexico also advanced in February, increasing 0.6 percent and 0.4 percent, respectively. In contrast, import prices from the European Union declined 0.2 percent in February, after rising 0.5 percent the previous month. Prices for imports from Japan recorded no change following a 0.4-percent drop in January.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials increased 1.5 percent in February, after a 0.6-percent rise in January. The February advance was led by a 3.9-percent increase in unfinished metals prices. Higher prices for chemicals and building materials also contributed to the February increase.

Finished Goods: Finished goods prices were up in February. Consumer goods prices advanced 0.2 percent for the second consecutive month. Despite the recent upturn, prices for consumer goods declined 0.7 percent over the past year. The price indexes for capital goods and automotive vehicles each recorded no change in February, after both indexes decreased the previous month.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices rose 1.0 percent in February following a 1.4-percent drop in January. Meat, fruit, and vegetable prices led the overall increase, after each index recorded declines the previous month.

Transportation Services: Import air passenger fares fell 0.8 percent in February following a 1.7-percent decrease in January. The February decline was driven by lower Asian fares that more than offset advancing European and Latin American/Caribbean fares. The index for import air passenger fares decreased 4.2 percent for the year ended in February. Import air freight prices edged down 0.1 percent in February and rose 7.0 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials advanced 0.3 percent in February, after rising 0.6 percent in January. The February increase was led by higher metals and chemicals prices, which more than offset a downturn in fuel prices.

Finished Goods: Export finished goods prices were mixed in February. Prices for export capital goods rose 0.3 percent for the second consecutive month in February. The last time the index increased by more than 0.3 percent was a 0.7-percent rise in January 2013. Both the February and January 2017 rises were driven by higher prices for transportation equipment. In contrast, consumer goods prices fell 0.2 percent in February and automotive vehicles prices recorded no change.

Transportation Services: Export air passenger fares declined 12.4 percent in February following a 0.5- percent rise in January. The February drop was led by lower Asian and Latin American/Caribbean fares. Despite the February decrease, export air passenger fares increased 1.8 percent over the past 12 months. The price index for export air freight prices advanced 1.0 percent in February and fell 0.8 percent over the past year.

Import and Export Price Index data for March 2017 are scheduled for release on Wednesday, April 12, 2017 at 8:30 a.m. (EDT).