March 2021 U.S. Import and Export Price Indexes

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Prices for U.S. imports rose 1.2 percent in March, after increasing 1.3 percent the previous month, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices contributed to the advances for both months. U.S. exports also increased in March, rising 2.1 percent, following a 1.6-percent advance in February and a 2.6-percent increase in January.

Coronavirus (COVID-19) Pandemic Impact on March 2021 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 March 2021 release of U.S. Import and Export Price Indexes. Survey response rates for March 2021 were 0.4-percentage points higher than those in March 2020. Additional information is available at www.bls.gov/covid19/import-export-price-indexes-covid19-impacts-march-2021.htm.

Imports

U.S. import prices advanced 1.2 percent in March, 1.3 percent in February, and 1.4 percent in January; the 4.1-percent increase from December to March was the largest 3-month rise for import prices since the index advanced 5.8 percent in May 2011. The price index for U.S. imports increased 6.9 percent from March 2020 to March 2021, the largest over-the-year advance in the index since a 6.9-percent rise for the year ended January 2012. (See table 1.)

Fuel Imports: Import fuel prices rose 6.3 percent in March, after increases of 11.7 percent in February, 8.4 percent in January, and 7.3 percent in December. The increases over the past 4 months were mostly driven by higher petroleum prices. Prices for import petroleum advanced 6.7 percent in March following a 32.3- percent rise from November to February. The price index for natural gas also increased in March, advancing 3.6 percent following an 18.0-percent increase the previous month. Import fuel prices rose 54.3 percent for the year ended in March, the largest 12-month advance for the index since a 68.9-percent increase in February 2017. The price indexes for petroleum and natural gas also rose on a 12-month basis in March, increasing 53.9 percent and 91.0 percent, respectively.

All Imports Excluding Fuel: Prices for nonfuel imports rose 0.8 percent in March following increases of 0.5 percent in February and 0.9 percent in January. The March advance was driven by higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; and consumer goods. Nonfuel import prices rose 3.8 percent from March 2020 to March 2021, the largest 12-month increase since the index advanced 4.8 percent in October 2011.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 3.9 percent in March, after advancing 1.5 percent in February. The March increase was led by higher prices for metals, building materials, and chemicals.

Finished Goods: Prices for most of the major finished goods categories increased in March. The price indexes for capital goods and consumer goods ticked up 0.1 percent for the second consecutive month and automotive vehicle prices recorded no change.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices rose 2.0 percent in March, after a 1.4- percent increase the previous month. In March, an 11.0-percent advance in fruit prices and a 7.7-percent rise in food oil prices more than offset a 7.0-percent drop in vegetable prices.

Exports

Prices for U.S. exports increased 2.1 percent in March, after rising 1.6 percent in February and 2.6 percent in January. The 6.5-percent advance from December to March was the largest 3-month increase since the index was first published in September 1983. In March, higher prices for agricultural and nonagricultural exports both contributed to the advance in export prices. The price index for U.S. exports rose 9.1 percent from March 2020 to March 2021, the largest over-the-year increase since a 9.4-percent advance in September 2011. (See table 2.)

Agricultural Exports: Agricultural export prices rose 2.4 percent in March following increases of 2.8 percent in February and 6.0 percent in January. The March advance was driven by higher prices for meat, soybeans, fruit, and cotton. Prices for agricultural exports advanced 20.5 percent over the past 12 months, the largest over-the-year rise since the index increased 22.7 percent in September 2011. The 12-month increase was primarily driven by rising prices for soybeans, corn, meat, and fruit.

All Exports Excluding Agriculture: The price index for nonagricultural exports advanced 2.0 percent in March, after rising 5.1 percent from November to February. The March increase was led by higher prices for nonagricultural industrial supplies and materials; consumer goods; capital goods; and nonagricultural foods. Nonagricultural export prices increased 7.9 percent over the past 12 months, the largest over-the-year advance for the index since a 7.9-percent rise in September 2011.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 5.2 percent in March following a 3.5-percent advance the previous month. The March rise was primarily driven by an 8.1-percent increase in fuel prices and a 6.2-percent advance in chemical prices.

Finished Goods: Prices for the major finished goods categories were mostly up in March. Consumer goods prices rose 0.6 percent, the largest monthly increase since the index advanced 0.7 percent in September 2020. In March, the rise was led by higher prices for medicinal, dental, and pharmaceutical materials. Prices for capital goods ticked up 0.1 percent in March, after increasing 0.4 percent in each of the 2 previous months. Automotive vehicle prices recorded no change in March following a 0.1-percent advance in February.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Prices for imports from China increased 0.4 percent in March, after rising 1.1 percent from November to February. Import prices from China increased over the past year, rising 1.8 percent. The March 12-month advance was the largest over-the-year increase since a 1.8-percent rise in April 2012. Prices for imports from Japan increased 0.2 percent in March and have not recorded a monthly decline since July 2020. The price index for imports from Japan advanced 0.9 percent for the year ended in March. Import prices from Canada rose 3.6 percent in March, after increasing 14.0 percent from November to February. The advances in each of the past 4 months were led by higher fuel prices and drove prices for imports from Canada up 30.2 percent over the past 12 months. Import prices from Mexico rose 0.8 percent in March following a 0.7-percent increase in February and a 0.8-percent advance in January. Prices for imports from the European Union also rose in March, increasing 1.1 percent. (See table 7.)

Exports by Locality of Destination: The price index for exports to China increased 3.5 percent in March, after a 0.9-percent advance the previous month. The March rise was the largest 1-month increase since the index was first published in December 2017, and contributed to an 11.8-percent advance from March 2020 to March 2021. Prices for exports to Japan rose 1.2 percent in March following a 5.2-percent increase over the 3 previous months. Export prices to Japan advanced 11.0 percent for the year ended in March, the largest 12-month rise since the index was first published in December 2017. The price index for exports to Canada increased 1.1 percent in March, after advancing 1.5 percent in February and 2.1 percent in January. Prices for exports to the European Union and Mexico also rose in March, increasing 1.2 percent and 2.1 percent, respectively. (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 index for U.S. terms of trade with China increased 3.1 percent in March, the largest 1-month advance since the index was first published in December 2017. In March, increasing export prices to China more than offset rising import prices from China. U.S. terms of trade with China advanced 9.8 percent for the year ended in March, the largest 12- month increase since the index was first published in December 2017. The index for U.S. terms of trade with Japan rose 1.1 percent in March and 10.0 percent over the past 12 months, the largest over-the-year advance since the index was first published in December 2017. U.S. terms of trade with the European Union and Mexico increased in March, rising 0.2 percent and 1.3 percent, respectively. In contrast, the index for U.S. terms of trade with Canada fell 2.4 percent in March. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 3.6 percent in March, after a 1.9-percent increase in February and a 5.6-percent drop in January. The March decline was led by lower Asian fares which more than offset higher European fares. The index for import air passenger fares decreased 6.2 percent for the year ended in March, the smallest 12-month drop since the index fell 4.7 percent from December 2018 to December 2019. Import air freight prices increased 1.8 percent in March following a 0.7-percent advance the previous month. Prices for import air freight also rose over the past year, increasing 71.6 percent. (See table 10.)

Exports: The index for export air passenger fares declined 1.5 percent in March, after falling 4.7 percent in February. In March, lower European, Asian, and Latin American/Caribbean fares all contributed to the decrease. Despite the recent declines, export air passenger fares rose 16.7 percent for the year ended in March, the largest 12-month advance since the index increased 18.1 percent in August 2011. Export air freight prices increased 2.0 percent in March and 1.7 percent over the past 12 months.

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