May 2021 U.S. Import and Export Price Indexes

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Prices for U.S. imports increased 1.1 percent in May, after a 0.8-percent advance the previous month, the U.S. Bureau of Labor Statistics reported today. Higher prices for fuel and nonfuel imports contributed to both the May and April rises. U.S. export prices increased 2.2 percent in May following a 1.1-percent advance in April.

Coronavirus (COVID-19) Pandemic Impact on May 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 May 2021 release of U.S. Import and Export Price Indexes. Survey response rates for May 2021 were 3.5-percentage points lower than those in May 2020. Additional information is available at www.bls.gov/covid19/import-export-price-indexes-covid19-impacts-may-2021.htm.

Imports

U.S. import prices continued to trend up in May, rising 1.1 percent following increases of 0.8 percent in April, 1.5 percent in March, and 1.2 percent in February. Prices for U.S. imports have not recorded a decline since the index edged down 0.1 percent in October. The price index for U.S. imports advanced 11.3 percent for the year ended in May, the largest 12-month rise since a 12.7-percent increase from September 2010 to September 2011. (See table 1.)

Fuel Imports: Prices for import fuel rose 4.0 percent in May following a 1.6-percent advance in April. The price index for import fuel rose 109.6 percent for the year ended in May. Price increases for petroleum and natural gas drove both the May increase and the 12-month advance. Petroleum prices increased 3.8 percent in May, after rising 2.2 percent the previous month. Prices for import petroleum advanced 114.8 percent over the past 12 months. The price index for natural gas rose 7.8 percent in May following a 10.4-percent drop in April. Natural gas prices increased 64.1 percent from May 2020 to May 2021.

All Imports Excluding Fuel: The price index for imports excluding fuel rose 0.9 percent in May, after rising 0.7 percent the previous month. The May increase was led by higher prices for nonfuel industrial supplies and materials, consumer goods, and automotive vehicles. Nonfuel import prices rose 6.0 percent over the past year, the largest 12-month advance since the index increased 6.1 percent in September 2008.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices rose 4.9 percent in May following a 2.8-percent advance in April. The May increase was driven by higher prices for selected building materials, unfinished metals, and chemicals.

Finished Goods: Prices for most of the major finished goods categories increased in May. Consumer goods prices rose 0.2 percent, led by higher prices for other household goods; medicinal, dental, and pharmaceutical materials; and televisions and video receivers. Prices for automotive vehicles also advanced in May, ticking up 0.1 percent. Capital goods prices recorded no change in May.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices decreased 0.4 percent in May, after rising 2.3 percent the previous month. The May decline was driven by lower fruit and vegetable prices.

Exports

Prices for U.S. exports continued to rise in May, increasing 2.2 percent, after advances of 1.1 percent in April, 2.5 percent in March, and 1.6 percent in February. U.S. export prices have not recorded a monthly drop since a 3.5-percent decrease in April 2020. In May, higher prices for nonagricultural and agricultural exports both contributed to the overall advance. The price index for U.S. exports rose 17.4 percent from May 2020 to May 2021, the largest over-the-year increase in the series, which was first published in September 1983. The 12-month advance in May topped the previous high of 14.9 percent recorded the previous month. (See table 2.)

Agricultural Exports: The price index for agricultural exports rose 6.1 percent in May following a 0.6- percent increase the previous month. The May advance was the largest 1-month rise since the index increased 7.6 percent in November 2010. In May, the advance was driven by an 11.1-percent rise in soybean prices, a 27.5-percent increase in corn prices, and an 18.8-percent advance in wheat prices. Prices for agricultural exports rose 33.6 percent over the past 12 months, the largest over-the-year increase since the index advanced 33.9 percent from April 2010 to April 2011.

All Exports Excluding Agriculture: Nonagricultural export prices advanced 1.7 percent in May, after rising 1.2 percent in April. The May increase was driven by higher prices for nonagricultural industrial supplies and materials and consumer goods, which more than offset lower prices for automotive vehicles and nonagricultural foods. Prices for nonagricultural exports rose 15.7 percent over the past year, the largest 12-month advance in the series, which was first published in March 1985.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials rose 4.1 percent in May and 47.1 percent over the past year. The increase in May was led by a 5.5-percent advance in fuel prices and a 4.8-percent rise in chemical prices.

Finished Goods: Prices for the major finished goods categories were mixed in May. Consumer goods prices increased 0.6 percent following advances of 0.1 percent in April and 0.7 percent in March. In contrast, prices for automotive vehicles declined 0.3 percent in May, led by lower prices for nonengine parts. The price index for capital goods was unchanged in May, after increasing 1.3 percent from December to April.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Prices for imports from China increased 0.5 percent in May, after advancing 0.3 percent to 0.4 percent in each of the previous 5 months. The May rise was the largest monthly increase since the index advanced 0.6 percent in March 2011. Import prices from China rose 2.7 percent over the past year, the largest 12-month increase since the index advanced 3.3 percent from February 2011 to February 2012. The price index for imports from Japan rose 0.4 percent in May following a 0.5-percent increase in April. Prices for imports from Japan advanced 2.4 percent for the year ended in May, the largest over-the-year rise since a 2.4-percent increase in November 2011. Import prices from Canada advanced 4.5 percent in May. The price indexes for imports from the European Union and Mexico also rose in May, advancing 0.6 percent and 0.2 percent, respectively. (See table 7.)

Exports by Locality of Destination: Export prices to China increased 2.4 percent in May following advances of 0.9 percent in April and 3.5 percent in March. Prices for exports to China rose 17.7 percent over the past 12 months, the largest over-the-year increase since the index was first published in December 2017. The price index for exports to Japan advanced 3.3 percent in May, after a 0.3-percent rise the previous month. The May increase was the largest 1-month advance since the index rose 4.4 percent in June 2020. Export prices to Japan increased 19.7 percent for the year ended in May, the largest 12-month advance since the index was first published in December 2017. Prices for exports to Canada and the European Union also rose in May, increasing 1.2 percent and 1.1 percent, respectively. The price index for exports to Mexico advanced 7.8 percent in May and 28.1 percent over the past year. Both increases were the largest recorded since the index was first published in December 2017. (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 rose 2.0 percent in May following advances of 0.6 percent and 3.1 percent the previous 2 months. Despite the largest increase in import prices from China since March 2011, the rise in export prices to China drove U.S. terms of trade with China up in May. The index for U.S. terms of trade with Japan rose 3.0 percent in May, the largest monthly advance since a 4.1-percent increase in June 2020. U.S. terms of trade with Mexico rose 7.5 percent, the largest monthly advance since the index was first published in December 2017. The index for U.S. terms of trade with the European Union increased 0.6 percent in May. In contrast, U.S. terms of trade with Canada fell 3.1 percent in May and have not recorded a monthly rise since November 2020. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 5.0 percent in May, primarily driven by higher Asian fares, which rose 14.9 percent. The index for import air passenger fares also advanced over the past year, rising 13.5 percent, the largest 12-month increase since the index advanced 13.6 percent in February 2011. Prices for import air freight advanced 5.1 percent in May, after increasing 7.6 percent in April. Import air freight prices also rose over the past 12-months, increasing 6.3 percent. The advance was the lowest over-the-year rise since a 3.3-percent increase in March 2020. (See table 10.)

Exports: Export air passenger fares fell 1.8 percent in May following a 0.2-percent advance the previous month. The May decline was led by lower Latin American/Caribbean and Asian fares, which more than offset higher European fares. Despite the decrease, export air passenger fares rose 25.2 percent over the past year. Export air freight prices fell 0.2 percent in May, after declining 2.5 percent in April. Prices for export air freight advanced 0.5 percent over the past 12 months.

U.S. Import and Export Price Index data for June are scheduled for release on Thursday, July 15, 2021 at 8:30 a.m. (ET).