November 2020 U.S. Import and Export Price Indexes

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Prices for U.S. imports ticked up 0.1 percent in November, the U.S. Bureau of Labor Statistics reported today, after edging down 0.1 percent in October. Higher fuel prices in November more than offset lower nonfuel prices. U.S. export prices also rose in November, increasing 0.6 percent following advances of 0.2 percent in October and 0.6 percent in September.

Coronavirus (COVID-19) Pandemic Impact on November 2020 Import and Export Price Index Data

The Bureau of Labor Statistics did not make changes to either the collection method or estimation methodology for the November release of U.S. Import and Export Price Indexes. Survey response rates for November were 5.6-percentage points lower than those in November 2019. A small number of indexes that are normally published were not published in November. Additional information is available at www.bls.gov/covid19/import-export-price-indexes-covid19-impacts-november-2020.htm.

Imports

The price index for U.S. imports increased 0.1 percent in November following a 0.1-percent decline the previous month. Import prices advanced 4.4 percent from April to September prior to the downturn in October. Despite the recent increases, prices for U.S. imports decreased 1.0 percent from November 2019 to November 2020. (See table 1.)

Fuel Imports: Prices for import fuel increased 4.3 percent in November following a 0.9-percent decline in October and a 4.7-percent drop in September. Higher prices for both natural gas and petroleum contributed to the November advance. Natural gas prices increased 49.1 percent, after declining 14.7 percent the previous month. The November advance was the largest monthly rise since the index increased 62.4 percent in November 2018. The price index for import petroleum advanced 2.1 percent in November following declines of 0.1 percent in October and 6.1 percent in September. Despite the November rise, import fuel prices fell 24.6 percent over the past year. A 27.0-percent drop in petroleum prices for the year ended in November more than offset a 27.5-percent increase in natural gas prices.

All Imports Excluding Fuel: Nonfuel import prices declined 0.3 percent in November, the first time the index fell on a monthly basis since a 0.5-percent decrease in April. In November, lower prices for foods, feeds, and beverages; nonfuel industrial supplies and materials; and automotive vehicles more than offset higher prices for capital goods. Prices for nonfuel imports rose on a 12-month basis, increasing 1.6 percent from November 2019 to November 2020.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials decreased 0.4 percent in November, after advancing 9.6 percent from May to October. The November decline was led by a 9.3-percent drop in selected building materials prices which more than offset higher prices for unfinished metals and chemicals.

Finished Goods: Finished goods prices were mixed in November. The price index for capital goods ticked up 0.1 percent, automotive vehicles prices declined 0.1 percent, and prices for consumer goods were unchanged.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices declined 2.2 percent in November following a 0.1-percent increase in October. In November, the decrease was driven by an 11.0-percent drop in fruit prices and an 11.5-percent decline in vegetable prices.

Exports

Prices for U.S. exports increased 0.6 percent in November and have not recorded a monthly decline since decreasing 3.5 percent in April. Higher prices for both agricultural exports and nonagricultural exports contributed to the November rise. Despite increases in each of the last 6 months, export prices fell 1.1 percent from November 2019 to November 2020. (See table 2.)

Agricultural Exports: Agricultural export prices advanced 3.7 percent in November following increases of 3.4 percent in October and 2.7 percent in September. The November rise was the largest monthly increase since the index advanced 3.8 percent in December 2018. The increase in November was driven by 7.6- percent advances in prices for both soybeans and corn. Higher prices for dairy products and eggs, vegetables, wheat, fruit, meat, and cotton also contributed to the overall advance in November. Prices for agricultural exports rose 4.4 percent for the year ended in November, the largest 12-month advance since the index increased 5.3 percent in June 2018.

All Exports Excluding Agriculture: The price index for nonagricultural exports increased 0.3 percent in November, after edging down 0.1 percent the previous month. In November, higher prices for nonagricultural industrial supplies and materials; automotive vehicles; and nonagricultural foods more than offset lower prices for consumer goods and capital goods. Despite the monthly advance, prices for nonagricultural exports decreased 1.7 percent for the year ended in November and have not recorded an over-the-year increase since January 2020.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials advanced 1.3 percent in November following a 0.4-percent drop in October. The November rise was led by 1.8-percent increases in fuel prices and chemicals prices.

Finished Goods: Finished goods prices were mixed in November. Prices for consumer goods decreased 0.8 percent, the largest decline since the index fell 1.0 percent in January 2017. Capital goods prices fell 0.2 percent in November, after edging down 0.1 percent the previous month. The November decline was the largest since a 0.2-percent drop in October 2019 and was driven by lower prices for industrial and service machinery and computers, peripherals, and semiconductors. In contrast, prices for automotive vehicles advanced 0.2 percent in November following a 0.3-percent advance in October.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Prices for imports from China ticked up 0.1 percent in November following no change in each of the previous 2 months. The November advance was driven by higher prices for plastics and rubber products. The price index for imports from China rose 0.4 percent over the past year, the largest 12-month advance since the index increased 0.4 percent in September 2018. Import prices from Japan advanced 0.1 percent in November, after a 0.3-percent rise in October. Prices for imports from Japan increased 0.2 percent for the year ended in November. In contrast, import prices from the European Union decreased 0.2 percent and prices for imports from Mexico fell 0.9 percent in November. The price index for imports from Canada was unchanged in November following a 0.1-percent increase in October and a 0.1- percent drop in September. (See table 7.)

Exports by Locality of Destination: Prices for exports to China rose 1.5 percent in November, after increasing 0.8 percent the previous month. The November advance was the largest rise since the index increased 3.0 percent in June. Export prices to China advanced 2.7 percent from November 2019 to November 2020. The price index for exports to Japan advanced 0.2 percent in November and 0.2 percent over the past 12 months. Prices for exports to the European Union decreased 0.2 percent in November following a 0.4-percent decline in October. Export prices to the European Union also fell over the past year, decreasing 1.5 percent. The price index for exports to Canada increased 1.1 percent in November and prices for exports to Mexico advanced 0.5 percent. (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 1.4 percent in November following a 0.8-percent rise in October. The November advance was the largest monthly increase since the index rose 3.0 percent in June. The U.S. terms of trade with Japan ticked up 0.1 percent in November following 3 consecutive 0.7-percent advances in October, September, and August. In November, higher export prices to Japan more than offset increasing import prices from Japan. The index for U.S. terms of trade with the European Union was unchanged in November, after declining 0.5 percent in October and September. The U.S. terms of trade with Canada and Mexico each advanced in November, rising 1.1 percent and 1.4 percent, respectively. (See table 9.)

Import and Export Services

Imports: Import air passenger fares declined 0.3 percent in November, after increasing 3.9 percent in October and 4.4 percent in September. In November, higher Asian fares more than offset lower European fares. Overall import air passenger fares fell 14.9 percent over the past 12 months. Import air freight prices rose 10.6 percent in November following a 4.1-percent advance the previous month. The November increase was the largest 1-month rise since a 26.2-percent increase in May and a 39.9-percent advance in June. The price index for import air freight increased 69.7 percent over the past year. (See table 10.)

Exports: Export air passenger fares rose 14.5 percent in November, the largest advance since the index was first published on a monthly basis in December 2000. The November advance was driven by a 46.5-percent increase in Asian fares. Overall export air passenger fares also increased 14.5 percent from November 2019 to November 2020, the largest 12-month advance since the index rose 15.6 percent for the year ended February 2012. Prices for export air freight increased 3.4 percent in November, after declining 6.7 percent the previous month. Despite the November rise, export air freight prices decreased 2.2 percent over the past 12 months.

U.S. Import and Export Price Index data for December are scheduled for release on Thursday, January 14, 2021 at 8:30 a.m. (ET).