June 2017 U.S. Import and Export Price Indexes

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U.S. import prices declined 0.2 percent in June, the U.S. Bureau of Labor Statistics reported today, after a 0.1-percent decrease in May. Lower fuel prices drove the drop in June, which more than offset higher nonfuel prices. The price index for U.S. exports fell 0.2 percent in June following a 0.5-percent decline in May.

Imports

All Imports: Import prices declined 0.2 percent in June. For the second consecutive month the decline was driven by lower fuel prices. Despite the monthly decrease in June, the price index for U.S. imports rose 1.5 percent over the past 12 months. The last over-the-year decline in import prices was a 0.2-percent decrease for the 12-month period ended in October.

Fuel Imports: The price index for fuel imports fell for a fourth consecutive month, declining 2.1 percent in June, after decreasing 4.6 percent over the previous 3 months. The main contributor to the drop was a 2.2- percent decline in petroleum prices. Natural gas prices also fell in June, decreasing 1.0 percent. Despite the recent drops, import fuel prices advanced 6.3 percent over the 12-month period ended in June. The import price index for petroleum increased 4.5 percent over the past year and natural gas prices rose 58.6 percent.

All Imports Excluding Fuel: Prices for nonfuel imports ticked up 0.1 percent in June after recording no change in May. The index for nonfuel imports has not recorded a monthly decline since a 0.1-percent dip in January. Higher import prices for foods, feeds, and beverages and capital goods more than offset lower prices for automotive vehicles, consumer goods, and nonfuel industrial supplies and materials. Prices for nonfuel imports advanced 1.0 percent over the past 12 months and the index has not recorded a 12-month decline since a 0.2-percent decrease in November. Rising prices for nonfuel industrial supplies and materials and foods, feeds, and beverages more than offset decreasing prices for capital goods and automotive vehicles over the 12-month period ended in June. Consumer goods prices recorded no change over the past year.

Exports

All Exports: Prices for U.S. exports fell for a second consecutive month in June, declining 0.2 percent. Falling prices for agricultural exports drove the decrease as nonagricultural export prices recorded no change. U.S. export prices increased over the past year, advancing 0.6 percent. The price index for U.S. exports has not recorded a 12-month decline since a 0.2-percent fall in November.

Agricultural Exports: The price index for agricultural exports decreased 1.5 percent in June following a 1.6-percent drop in May. Falling prices for vegetables, soybeans, and fruit drove the June decrease, more than offsetting higher prices for meat. Prices for agricultural exports recorded a 3.9-percent decline over the 12-month period ended in June, the first over-the-year decrease since the index fell 0.3 percent for the year ended in December. Lower export prices for soybeans, fruit, and corn led the decrease in agricultural prices between June 2016 and June 2017.

All Exports Excluding Agriculture: Nonagricultural export prices recorded no change in June following a 0.4-percent decline in May. Advancing prices for nonagricultural industrial supplies and materials and consumer goods were offset by decreasing prices for automotive vehicles. Export prices for capital goods recorded no change in June. The price index for nonagricultural exports increased 1.1 percent over the past 12 months as higher prices for nonagricultural industrial supplies and materials and capital goods more than offset falling prices for consumer goods. Automotive vehicle prices recorded no change over the past year.

SELECTED JUNE HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China declined 0.1 percent in June. The price index for imports from China fell 1.0 percent over the past 12 months and has not recorded a 12-month increase since advancing 0.1 percent in October 2014. The price index for imports from Japan decreased 0.1 percent in June and increased 1.0 percent over the past year. Import prices fell 0.9 percent from Canada and decreased 0.2 percent from Mexico in June, after advancing 0.8 percent and 0.3 percent, respectively, the previous month. The price index for imports from the European Union rose 0.4 percent in June.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials decreased 0.2 percent in June, after falling 0.4 percent the previous month. A 0.8-percent drop in chemical prices and a 1.0-percent decrease in prices for building materials more than offset higher prices for gold and other precious metals.

Finished Goods: Major finished goods prices were mostly up in June. Import prices for capital goods increased 0.2 percent, after recording no change over the previous 3 months. The increase in capital goods prices was driven by a 0.4-percent advance in prices for computers, peripherals, and semiconductors. Prices for automotive vehicles fell 0.2 percent following increases of 0.1 percent in May and 0.5 percent in April. In contrast, consumer goods prices declined 0.1 percent.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages advanced 0.9 percent in June following a 1.0-percent rise in May and a 0.4-percent increase in April. Import prices for vegetables led the overall advance in June, rising 6.7 percent. Prices for meat imports also contributed to the overall advance in foods, feeds, and beverages prices, increasing 2.1 percent.

Transportation Services: Import air passenger fares advanced 3.7 percent in June. The increase was largely driven by a 10.9-percent rise in Asian fares and a 4.2-percent advance in European fares. Import air passenger fares declined 3.8 percent over the past 12 months. Import air freight prices fell 0.8 percent in June. Despite the decline, the index increased 11.8 percent over the past year, the largest 12-month advance since the index for import air freight rose 13.7 percent in September 2011.

Export Prices

Nonagricultural Industrial Supplies and Materials: Export prices for nonagricultural industrial supplies and materials rose 0.1 percent in June following a 1.4-percent decline in May. The June increase was driven by a 1.7-percent advance for other petroleum products and a 2.8-percent rise in nonmonetary gold prices.

Finished Goods: Price movements for major finished goods exports were mixed in June. Export consumer goods prices rose for the fourth consecutive month, advancing 0.2 percent led by a 0.4-percent increase for manufactured durable goods. The price index for export automotive vehicles fell 0.1 percent in June, after recording no change in May. Export prices for capital goods recorded no change in June.

Transportation Services: Export air passenger fares rose 4.9 percent in June, the largest monthly advance since a 7.9-percent rise in December. European fares drove the increase in June, advancing 7.7 percent. Export air passenger fares rose 2.3 percent for the year ended in June. Export air freight prices increased 0.4 percent in June and rose 4.3 percent over the past year, the largest 12-month increase since a 4.4-percent advance in April 2015.

Import and Export Price Index data for July 2017 are scheduled for release on Tuesday, August 15, 2017 at 8:30 a.m. (EDT).