September 2019 U.S. Import and Export Price Indexes

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U.S. import prices increased 0.2 percent in September, the U.S. Bureau of Labor Statistics reported today, following a 0.2-percent decline the previous month. The advance in September was driven by higher fuel prices; prices for nonfuel goods edged down 0.1 percent. The price index for U.S. exports fell 0.2 percent in September, after decreasing 0.6 percent in August.

Imports

Prices for U.S. imports advanced 0.2 percent in September, after decreasing 0.2 percent in August and unchanged in July. The price index for U.S. imports has not recorded an increase larger than 0.2 percent since the index rose 0.6 percent in March. U.S. import prices declined 1.6 percent from September 2018 to September 2019. (See table 1.)

Fuel Imports: Import fuel prices rose 2.1 percent in September following a 1.9-percent decline in August. Higher prices for petroleum drove the September increase, more than offsetting lower natural gas prices. The price index for import petroleum advanced 2.3 percent in September, after declining 2.3 percent the previous month. In September, natural gas prices fell 3.7 percent, resuming a downward trend after the rise in August. Fuel prices decreased 5.1 percent over the past year. Prices for import petroleum fell 5.8 percent from September 2018 to September 2019. Natural gas prices declined 10.4 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports edged down 0.1 percent in September following two consecutive months unchanged. Foods, feeds, and beverages prices declined 0.8 percent; in contrast, nonfuel industrial supplies and materials prices rose 0.5 percent. The price index for nonfuel imports declined 1.1 percent over the past 12 months, led by price decreases for capital goods and nonfuel industrial supplies and materials.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials increased 0.5 percent in September, after falling 0.3 percent in August and rising 0.2 percent in July. The increase in September was driven by higher prices for nonferrous metals and lumber, which more than offset price decreases for chemicals.

Finished Goods: Prices for imported finished goods were unchanged in September. Consumer goods prices were unchanged following a 0.1-percent increase in August. Lower prices for household goods were offset by price increases for coins, gems, jewelry, and collectibles. The price index for automotive vehicles was unchanged for the second consecutive month, after decreasing 0.2 percent in July. Prices for capital goods were unchanged in September, after edging down 0.1 percent the previous month.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages fell 0.8 percent in September following a 0.5-percent drop in August. A 7.6-percent decrease in fruit prices, which more than offset higher coffee prices, drove the September decline.

Exports

The price index for U.S. exports declined 0.2 percent in September following a 0.6-percent drop in August and a 0.2-percent advance in July. Price declines for agricultural and nonagricultural exports each contributed to the September decrease. U.S. export prices fell 1.6 percent from September 2018 to September 2019. (See table 2.)

Agricultural Exports: Agricultural export prices declined 1.8 percent in September, after falling 2.3 percent in August. Lower prices for corn, meat, wheat, and soybeans each contributed to the decline, more than offsetting higher fruit prices. Despite the decrease in September, agricultural export prices advanced 0.2 percent over the past year.

All Exports Excluding Agriculture: Prices for nonagricultural exports edged down 0.1 percent in September following a 0.3-percent drop the previous month. Price declines for nonagricultural industrial supplies and materials, consumer goods, and automotive vehicles drove the September decrease. Capital goods prices were unchanged in September. The price index for nonagricultural exports decreased 1.9 percent from September 2018 to September 2019. Lower nonagricultural industrial supplies and materials prices more than offset price increases for capital goods, consumer goods, and automotive vehicles over the past year.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials declined 0.3 percent in September following a 1.0-percent drop in August. The price index for nonagricultural industrial supplies and materials fell 6.5 percent over the past 12 months, the largest decrease since declining 7.7 percent over the period ended July 2016.

Finished Goods: Prices for export finished goods were mostly down in September. Consumer goods prices fell 0.3 percent, after edging down 0.1 percent in August. Prices for automotive vehicles declined for the third consecutive month in September, falling 0.1 percent. Capital goods prices were unchanged for the month; higher nonelectrical machinery and transportation equipment prices offset lower prices for electrical generating equipment in September.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Import prices from China decreased 0.2 percent in September, after falling 0.1 percent the previous month. Prices for imports from China have not increased on a monthly basis since ticking up 0.1 percent in May 2018. The price index for imports from China declined 1.8 percent over the past year, the largest 12-month drop since a 1.9-percent decrease from January 2016 to January 2017. Prices for imports from Japan were unchanged in September following an increase of 0.1 percent in August. The last time the index rose more than 0.1 percent was a 0.2-percent advance in July 2018. Import prices from Japan increased 0.2 percent over the past 12 months. Prices for imports from the European Union decreased 0.1 percent in September, after declining 0.2 percent in August. Import prices from Mexico declined 0.2 percent for the second consecutive month in September. The price index for imports from Canada advanced 0.6 percent in September following a 0.6-percent increase in August. Import prices from Canada rose 5.9 percent over the past year. (See table 7.)

Exports by Locality of Destination: The price index for exports to China decreased 0.2 percent in September following declines of 1.5 percent in August, 0.3 percent in July, and 0.2 percent in June. Export prices to China fell 2.0 percent over the past year. Prices for exports to Japan ticked up 0.1 percent in September, after a 0.7-percent drop in August. Export prices to the European Union edged down 0.1 percent in September and increased 1.5 percent over the past 12 months. The price indexes for exports to Canada and Mexico declined 0.2 percent and 0.5 percent, respectively, in September. (See table 8.)

Terms of Trade Indexes: Terms of Trade indexes are based on country, region, or grouping and measure the change in the purchasing power of exports relative to imports. The U.S. terms of trade with China were unchanged in September following a 1.4-percent drop in August. In September, lower export prices to China offset price decreases for imports from China. The index for U.S. terms of trade with China fell 0.2 percent over the past 12 months. U.S. terms of trade with Japan increased 0.1 percent in September, after a 0.7- percent decline in August and a 0.6-percent rise in July. The U.S. terms of trade with Japan decreased 0.5 percent over the year ended in September. The index for U.S. terms of trade with the European Union was unchanged for the second consecutive month in September. U.S. terms of trade with Mexico fell 0.2 percent in September and 1.0 percent over the past 12 months. The U.S. terms of trade with Canada decreased 0.7 percent in September and declined 6.1 percent over the past year. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 9.1 percent in September, after falling 8.2 percent in August and declining 9.9 percent in July. In September, higher European fares more than offset lower Latin American/Caribbean and Asian fares. Import air passenger fares fell 7.4 percent over the 12 months ended in September. Import air freight prices decreased 0.3 percent in September. The price index for import air freight fell 8.4 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares declined 5.2 percent in September following a drop of 3.1 percent in August. Lower Asian and Latin American/Caribbean fares more than offset higher European fares in September. Export air passenger fares decreased 3.2 percent from September 2018 to September 2019. Export air freight prices fell 1.2 percent for the second consecutive month in September, the largest monthly drops since decreasing 6.2 percent in December 2017. Prices for export air freight declined 1.2 percent over the past 12 months.

Import and Export Price Index data for October are scheduled for release on Friday, November 15, 2019 at 8:30 a.m. (EST).