July 2017 U.S. Import and Export Price Indexes

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Prices for U.S. imports edged up 0.1 percent in July, the U.S. Bureau of Labor Statistics reported today, led by higher fuel prices which more than offset lower prices for nonfuel imports. The July increase in import prices followed declines in each of the 2 previous months. U.S. export prices advanced 0.4 percent in July, after decreasing 0.2 percent in June.

Imports

All Imports: Import prices advanced 0.1 percent in July, after a 0.2-percent decrease in June and a 0.1- percent drop in May. The price index for U.S. imports rose over the past year, increasing 1.5 percent. Prices for U.S. imports have risen on an over-the-year basis for 9 consecutive months; the last decrease was a 0.2- percent drop in October 2016.

Fuel Imports: Fuel prices rose 0.5 percent in July following declines of 2.6 percent in June, 0.9 percent in May, and 0.4 percent in April. The July increase was the first monthly advance since the index rose 0.3 percent in February. A 0.7-percent rise in petroleum prices contributed to the advance in July, more than offsetting a 5.0-percent drop in natural gas prices. Import fuel prices increased 8.9 percent over the past year, driven by an 8.3-percent rise in petroleum prices and a 20.4-percent advance in natural gas prices. Import fuel prices have not recorded a 12-month decline since a 3.7-percent fall for the period ended September 2016.

All Imports Excluding Fuel: In contrast, nonfuel import prices edged down 0.1 percent in July, the first monthly decrease since a 0.1-percent drop in January. The last time nonfuel import prices fell more than 0.1 percent on a monthly basis was a 0.2-percent decline in June 2016. Lower prices for nonfuel industrial supplies and materials and automotive vehicles more than offset price increases for foods, feeds, and beverages and capital goods. Consumer goods prices recorded no change in July. Nonfuel import prices advanced 0.7 percent over the past year; the index has not decreased on a 12-month basis since falling 0.2 percent in November. The over-the-year increase was driven by rising prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; and consumer goods, which more than offset declining automotive vehicles prices.

Exports

All Exports: The price index for U.S. exports advanced 0.4 percent in July, matching a 0.4-percent rise in December 2016. The increases are the largest monthly advances since a 0.8-percent rise in June 2016. Rising prices for both agricultural and nonagricultural exports contributed to the July increase. Prices for U.S. exports rose 0.8 percent over the past year, continuing an upward trend; U.S. export prices have not recorded an over-the-year decrease since falling 0.2 percent in November 2016.

Agricultural Exports: Export agricultural prices advanced 2.1 percent in July, after dropping 1.4 percent in June and 1.6 percent in May. The July increase was the largest advance since the index rose 2.5 percent in June 2016. Increasing prices for wheat, soybeans, meat, and fruit contributed to the monthly advance, more than offsetting lower vegetables prices. Despite the monthly rise, agricultural prices recorded an overall 1.4- percent decline for the year ended in July. Price decreases for soybeans and fruit led the yearly decline, despite higher prices for meat exports over the past 12 months.

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 0.3 percent in July. Export prices for nonagricultural industrial supplies and materials; capital goods; and consumer goods increased, driving the monthly advance despite lower prices for automotive vehicles exports. Nonagricultural export prices increased 1.0 percent over the year ended in July, led by higher prices for nonagricultural industrial supplies and materials and capital goods. Export prices for consumer goods and automotive vehicles fell over the past 12 months.

SELECTED JULY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China ticked up 0.1 percent in July, after falling 0.2 percent over the previous 3 months. Import prices from China declined 0.9 percent over the past 12 months, continuing a trend of 12-month price decreases since the index rose 0.1 percent in October 2014. The price index for imports from Japan fell 0.3 percent in July and increased 0.4 percent over the past year. Prices for imports from Canada advanced 0.6 percent in July. In contrast, the price indexes for imports from the European Union and Mexico fell 0.2 percent and 0.1 percent, respectively.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials declined 0.4 percent in July, after recording no change in June. Lower prices for nonmonetary gold, other precious metals, and chemicals drove the decrease, despite higher building materials prices.

Finished Goods: Prices for the major finished goods categories were mixed in July. The price index for import capital goods rose 0.1 percent, driven by higher prices for nonelectrical machinery. Automotive vehicles prices fell 0.2 percent for the second consecutive month. Import prices for consumer goods recorded no change in July.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices increased in July, rising 0.6 percent. Import prices for vegetables and feedstuff rose, driving the monthly advance despite lower prices for imported fruit.

Transportation Services: The price index for import air passenger fares declined 2.8 percent in July. Asian fares led the drop, decreasing 6.5 percent after a 10.9-percent rise in June. European fares also contributed to the monthly decrease in July, falling 6.1 percent. Latin American/Caribbean fares rose 2.0 percent in July. The index for import air passenger fares fell 2.6 percent over the past year. Import air freight prices increased 10.3 percent in July, the largest increase since the index was first published in December 2005. The index rose 22.1 percent over the past 12 months. The over-the-year advance was the largest since a 22.4-percent increase for the year ended in June 2010.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials increased 0.5 percent in July, after declining 0.1 percent in June. A 1.0-percent rise in prices for petroleum and a 1.1-percent advance in prices for chemicals drove the increase.

Finished Goods: Export finished goods prices were mostly up in July. Prices for capital goods edged up 0.1 percent for the third consecutive month. Industrial engines prices drove the July increase, rising 0.9 percent. The price index for consumer goods rose 0.2 percent in July. Automotive vehicles export prices edged down 0.1 percent in July, led by a 0.3-percent drop in parts and accessories prices.

Transportation Services: Export air passenger fares rose 4.9 percent in July, following a 4.8-percent increase in June. Price increases for Latin American/Caribbean and European fares contributed to the July advance. The export air passenger fares index rose 4.3 percent over the past 12 months. Prices for export air freight dropped 2.5 percent in July. Despite the monthly decrease, the export air freight price index rose 3.1 percent between July 2016 and July 2017.

Import and Export Price Index data for August 2017 are scheduled for release on Tuesday, September 19, 2017 at 8:30 a.m. (EDT).