November 2019 U.S. Import and Export Price Indexes

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U.S. import prices rose 0.2 percent in November, the U.S. Bureau of Labor Statistics reported today, following a 0.5-percent decrease in October. The November increase was driven by higher fuel prices, which more than offset lower nonfuel prices. The price index for U.S. exports rose 0.2 percent in November, after declining 0.1 percent in October.

Imports

Prices for U.S. imports increased 0.2 percent in November, after decreasing 0.5 percent in October and rising 0.1 percent in September. The U.S. import price index declined 1.3 percent from November 2018 to November 2019. The 12-month decrease was the smallest over-the-year decline since the index fell 0.9 percent during the period ended May 2019. (See table 1.)

Fuel Imports: Import fuel prices rose 2.6 percent in November following a 2.5-percent drop the previous month. The November advance was the largest monthly increase since the index rose 3.6 percent in May. The 48.5-percent increase in natural gas prices and the 1.1-percent rise in petroleum prices each contributed to the November advance in fuel prices. Fuel prices rose 0.8 percent over the past year. Prices for import petroleum increased 1.4 percent for the year ended in November and natural gas prices declined 10.0 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports edged down 0.1 percent in November following 3 consecutive monthly decreases. Falling prices for capital goods and foods, feeds, and beverages led the November decline in nonfuel prices. The price index for nonfuel imports decreased 1.4 percent over the past 12 months. Lower prices for finished goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages all contributed to the overall 12-month decrease in nonfuel prices.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials were unchanged in November, after decreasing 0.7 percent in October.

Finished Goods: Imported finished goods prices were mixed in November. Capital goods prices decreased 0.3 percent, led by a 1.1-percent drop in the price index for computers, peripherals, and semiconductors. In contrast, prices for automotive vehicles ticked up 0.1 percent in November and consumer goods prices were unchanged.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices fell 0.3 percent for the second consecutive month in November. The 6.2-percent decrease in fruit prices drove the November decline.

Exports

The price index for U.S. exports rose 0.2 percent in November following a 0.1-percent drop in October and a 0.3-percent decrease in September. Higher agricultural prices led the November increase. Overall export prices declined 1.3 percent over the past year; price decreases for nonagricultural exports more than offset rising agricultural prices. (See table 2.)

Agricultural Exports: Agricultural export prices increased 2.2 percent in November, after rising 1.7 percent the previous month. A 3.4-percent advance in soybean prices drove the November increase. Agricultural export prices rose 2.5 percent from November 2018 to November 2019. Higher prices for soybeans, nuts, dairy, and corn all contributed to the over-the-year advance.

All Exports Excluding Agriculture: Prices for nonagricultural exports were unchanged in November following 0.2-percent declines in October and September. The price index for nonagricultural exports fell 1.6 percent during the 12 months ended in November. Lower prices for nonagricultural industrial supplies and materials led the November over-the-year decrease.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials was unchanged in November following a 0.5-percent drop in October. Nonagricultural industrial supplies and materials prices fell 5.7 percent over the past year led by a 12.1-percent decline in export fuel prices.

Finished Goods: Prices for export finished goods were mostly unchanged in November. Consumer goods prices edged up 0.1 percent over the past month, and prices for capital goods and automotive vehicles were unchanged. The price increase for consumer goods was driven primarily by a 0.2-percent increase in prices for manufactured nondurable goods.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Prices for imports from China decreased 0.1 percent in November, after falling 0.1 percent in each of the previous 2 months; import prices from China have not increased on a monthly basis since advancing 0.1 percent in May 2018. The price index for imports from China declined 1.7 percent over the past year. Import prices from Japan edged up 0.1 percent in November following no change in October. The price index for imports from Japan increased 0.3 percent over the past 12 months. Prices for imports from the European Union rose 0.1 percent in November, after decreasing 0.1 percent the previous month. The price index for imports from Canada advanced 1.1 percent in November following a 1.2-percent decrease in October. Import prices from Canada rose 11.1 percent over the past year, the largest 12-month advance since the period ended July 2018. Prices for imports from Mexico declined 0.6 percent in November following a 0.1-percent drop in October. (See table 7.)

Exports by Locality of Destination: Prices for exports to China increased 0.3 percent in November, after falling 0.2 percent in October. Export prices to China fell 1.7 percent over the past year. Prices for exports to Japan were unchanged in November following a 0.5-percent advance the previous month. The price index for exports to Japan rose 0.2 percent over the past year. Prices for exports to the European Union were unchanged in November after falling 0.3 percent in October. Over the 12 months ended November 2019, prices for exports to the European Union rose 0.7 percent. The price indexes for exports to Canada and Mexico both increased 1.0 percent in November, the largest monthly advance for each index since March 2019. (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 increased 0.4 percent in November, after edging down 0.1 percent in October. In November, higher export prices to China and lower import prices from China both contributed to the U.S. terms of trade increase. The index for U.S. terms of trade with China was unchanged from November 2018 to November 2019. U.S. terms of trade with Japan decreased 0.1 percent in November following a 0.4-percent advance in October. The U.S. terms of trade with Japan fell 0.2 percent over the past 12 months. The index for U.S. terms of trade with the European Union decreased 0.1 percent in November, after declining 0.2 percent the previous month. U.S. terms of trade with Canada fell 0.1 percent in November and decreased 10.0 percent over the past year. The index for U.S terms of trade with Mexico rose 1.6 percent in November, the largest monthly advance since the index was first published in December 2017. The U.S. terms of trade with Mexico rose 0.9 percent over the 12 months ended November 2019. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 2.7 percent in November following a 3.4-percent advance in October. Higher European fares drove the November rise. Import air passenger fares fell 3.0 percent over the 12 months ended in November. Import air freight prices increased 2.1 percent in November and fell 8.2 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares rose 3.3 percent in November, after a 2.1-percent decrease the previous month. Higher Asian and European fares each contributed to the increase. Export air passenger fares fell 0.5 percent from November 2018 to November 2019. Export air freight prices declined 0.2 percent in November following a 0.4-percent increase in October. Prices for export air freight declined 1.5 percent over the past 12 months.

Import and Export Price Index data for December are scheduled for release on Thursday, January 16, 2020 at 8:30 a.m. (EST).