February 2018 U.S. Import and Export Price Indexes

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U.S. import prices increased 0.4 percent in February, the U.S. Bureau of Labor Statistics reported today, after rising 0.8 percent in January. In February, higher nonfuel prices more than offset declining prices for imported fuel. Prices for U.S. exports rose 0.2 percent in February following a 0.8-percent advance the previous month.

Imports

All Imports: The price index for U.S. imports rose 0.4 percent in February, the seventh consecutive monthly increase, after advancing 0.8 percent in January. The last time the index declined on a monthly basis was a 0.2-percent drop in July 2017. Import prices advanced 3.5 percent for the 12-month period ended in February, matching the 12-month rise in November. Those were the largest annual increases since the index rose 3.6 percent for the 12-month period ended April 2017.

Fuel Imports: The price index for fuel imports declined 0.6 percent in February, the first monthly decline since July. Prior to February, the index for fuel imports rose 29.1 percent between July 2017 and January 2018. Both petroleum and natural gas prices contributed to the decline in overall fuel prices in February. Petroleum prices fell 0.5 percent and prices for natural gas decreased 3.0 percent. Despite the February decline, the price index for fuel imports rose 17.4 percent over the past 12 months. Petroleum prices increased 18.3 percent for the year ended in February and prices for natural gas advanced 17.9 percent over the same period.

All Imports Excluding Fuel: The price index for nonfuel imports advanced 0.5 percent in February, after rising 0.5 percent the previous month. The last time the index increased by more than 0.5 percent was a 0.8- percent advance in April 2011. Prices for capital goods; consumer goods; nonfuel industrial supplies and materials; foods, feeds, and beverages; and automotive vehicles all contributed to the February advance. The price index for nonfuel imports increased 2.1 percent over the past 12 months, the largest over-the-year rise since the index advanced 2.4 percent for the year ended February 2012. The primary contributor to the 12- month advance in February was higher prices for nonfuel industrial supplies and materials.

Exports

All Exports: U.S. export prices increased 0.2 percent in February after rising 0.8 percent in January. The last time the index declined on a monthly basis was a 0.1-percent decrease in June 2017. In February, higher prices for both nonagricultural and agricultural exports contributed to the increase in overall export prices. The price index for U.S. exports increased 3.3 percent over the past 12 months.

Agricultural Exports: The price index for agricultural exports rose 0.6 percent in February, after ticking up 0.1 percent the previous month. The February advance was the largest increase since the index rose 2.0 percent in October and was driven by higher prices for corn and soybeans, which increased 7.2 percent and 2.5 percent, respectively. Prices for agricultural exports rose 0.8 percent over the past year. Rising meat prices were the primary contributor to the advance in agricultural prices for the year ended in February.

All Exports Excluding Agriculture: Nonagricultural export prices advanced 0.2 percent in February following a 0.8-percent rise in January. The price indexes for nonagricultural industrial supplies and materials, consumer goods, capital goods, and automotive vehicles all contributed to the monthly increase. Over the past 12 months prices for nonagricultural exports advanced 3.6 percent, which matched the 12- month increase in January. Those were the largest 12-month rises since a 4.0-percent advance for the year ended December 2011.

SELECTED FEBRUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China increased 0.2 percent in February, the first monthly advance since the index rose 0.3 percent in November. The price index for imports from China increased 0.3 percent for the 12-month period ended in February, the largest 12-month advance since the index rose 0.4 percent for the year ended June 2014. Import prices from Japan advanced 0.2 percent in February, after a 0.5-percent rise in January. Despite the increase, prices for imports from Japan declined 0.1 percent over the past 12 months. The last time the index advanced on a 12-month basis was an increase of 0.5 percent in July 2017. Import prices from Canada increased 0.2 percent in February and prices for imports from the European Union rose 0.7 percent. In contrast, the import price index from Mexico decreased 0.5 percent in February, the largest monthly drop since the index fell 1.2 percent in January 2017.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices increased 0.9 percent in February following a 1.8-percent advance in January. The rise in February was driven by higher prices for chemicals and iron and steel mill products.

Finished Goods: Prices for each of the finished goods categories increased in February. Prices for capital goods advanced 0.6 percent, led by rising prices for computers, peripherals, and semiconductors. The price indexes for consumer goods and automotive vehicles also rose in February, increasing 0.5 percent and 0.2 percent, respectively.

Foods, Feeds, and Beverages: Import prices for foods, feeds, and beverages rose 1.1 percent in February after advancing 0.8 percent the previous month. The February increase was driven by higher prices for vegetables, which advanced 4.3 percent.

Transportation Services: Import air passenger fares rose 0.9 percent in February, after decreasing 3.2 percent in January. The February advance was led by a 1.9-percent rise in European fares and a 4.6-percent increase in Latin American/Caribbean fares, which more than offset lower Asian fares. Import air passenger fares rose 4.2 percent over the past year. Import air freight prices increased 1.6 percent in February and 11.4 percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials rose 0.3 percent in February. The advance was driven by a 1.5-percent increase in chemicals prices and a 2.0-percent rise in the price index for nonferrous metals.

Finished Goods: Prices for each of the major finished goods categories increased in February. Consumer goods prices advanced 0.3 percent, led by higher prices for medicinal, dental, and pharmaceutical preparatory materials. The price indexes for capital goods and automotive vehicles each ticked up 0.1 percent in February.

Transportation Services: Export air passenger fares decreased 8.9 percent in February, the largest decline since the index fell 11.6 percent in February 2017. The decreases were driven by lower Asian and Latin American/Caribbean fares which more than offset higher European fares. Despite the monthly decreases, export air passenger fares rose 1.2 percent for the year ended in February. Prices for export air freight increased 0.2 percent in February and 7.1 percent over the past year.

Import and Export Price Index data for March are scheduled for release on Thursday, April 12, 2018 at 8:30 a.m. (EDT).