June 2021 U.S. Import and Export Price Indexes

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U.S. import prices advanced 1.0 percent in June following a 1.4-percent increase in May, the U.S. Bureau of Labor Statistics reported today. Rising prices for fuel and nonfuel imports contributed to both the June and May advances. Prices for U.S. exports increased 1.2 percent in June, after rising 2.2 percent the previous month.

Imports

The price index for U.S. imports advanced 1.0 percent in June, after increases of 1.4 percent in May, 0.8 percent in April, and 1.5 percent in March. Prices for overall imports rose 11.2 percent for the year ended in June. The June 12-month advance followed an 11.6-percent increase from May 2020 to May 2021, the largest over-the-year rise since September 2011. (See table 1.)

Fuel Imports: Prices for import fuel advanced 4.7 percent in June following a 5.5-percent increase the previous month. Higher prices for petroleum and natural gas contributed to both advances. The price index for import petroleum rose 4.6 percent in June, after increasing 5.4 percent in May. Natural gas prices advanced 8.1 percent in June following a 7.9-percent rise the previous month. Prices for import fuel increased 85.1 percent from June 2020 to June 2021. The price indexes for petroleum and natural gas rose 87.7 percent and 72.3 percent, respectively, over the same period.

All Imports Excluding Fuel: Nonfuel import prices rose 0.7 percent in June, after advances of 0.9 percent in May, 0.8 percent in April, and 0.9 percent in March. In June, higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; consumer goods; and capital goods all contributed to the increase in nonfuel import prices. Prices for nonfuel imports rose 6.5 percent over the past 12 months, the largest over-the-year advance since the index increased 6.6 percent in August 2008.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 1.9 percent in June following a 4.9-percent advance in May. The June increase was led by higher prices for selected building materials, chemicals, and finished metals.

Finished Goods: Prices for most of the major finished goods categories advanced in June. Consumer goods prices rose 0.4 percent, the largest 1-month increase since the index advanced 0.5 percent in February 2018. The price index for capital goods rose 0.2 percent in June and has not recorded a monthly decline since falling 0.3 percent in November 2019. Automotive vehicle prices recorded no change in June.

Foods, Feeds, and Beverages: Prices for import foods, feeds, and beverages increased 1.9 percent in June following a 0.3-percent drop in May. The June rise was led by a 9.3-percent advance in meat prices.

Exports

U.S. export prices increased 1.2 percent in June, after rising 6.0 percent from February to May. The price index for U.S. exports has not recorded a monthly decline since a 3.5-percent drop in April 2020. In June, higher prices for both agricultural and nonagricultural exports contributed to the overall advance in export prices. Prices for U.S. exports increased 16.8 percent from June 2020 to June 2021. The over-the-year advance in June followed a 17.5-percent rise for the year ended in May, which was the largest 12-month increase since the overall export price series was first published in September 1983. (See table 2.)

Agricultural Exports: Prices for agricultural exports advanced 1.5 percent in June following a 6.1-percent rise the previous month. Agricultural export prices have not recorded a monthly decline since a 2.2-percent decrease in August 2020. In June, a 10.6-percent advance in meat prices more than offset lower prices for corn, wheat, and soybeans. Prices for agricultural exports increased 33.5 percent over the past 12 months, primarily driven by higher soybean and corn prices.

All Exports Excluding Agriculture: The price index for nonagricultural exports advanced 1.1 percent in June, after rising 1.8 percent in May and 1.2 percent in April. In June, higher prices for nonagricultural industrial supplies and materials; capital goods; consumer goods; automotive vehicles; and nonagricultural foods all contributed to the increase in nonagricultural export prices. Prices for nonagricultural exports advanced 15.0 percent over the past year.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 2.1 percent in June following a 4.3-percent rise the previous month. Both increases were primarily driven by higher fuel prices, which advanced 4.5 percent in June and 6.1 percent in May. The price index for nonagricultural industrial supplies and materials rose 41.7 percent for the year ended in June.

Finished Goods: Prices for each of the major finished goods categories increased in June. The price index for export capital goods advanced 0.4 percent for the month and increased 1.7 percent over the past year. The 12-month rise was the largest over-the-year advance since the index increased 1.9 percent for the year ended September 2018. Export consumer goods prices rose 1.0 percent in June, the largest monthly advance since a 1.2-percent increase in June 2011. Prices for automotive vehicles rose 0.1 percent in June, after declining 0.3 percent in May.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Import prices from China rose 0.4 percent for the sixth time in the past 7 months in June. The price index for imports from China advanced 3.1 percent over the past year, the largest 12-month increase since the index rose 3.3 percent for the year ended February 2012. Prices for imports from Japan declined 0.2 percent in June, after 0.3-percent and 0.5-percent increases in May and April, respectively. The June decrease was the first 1-month drop since the index edged down 0.1 percent in July 2020. Despite the decrease, import prices from Japan rose 1.8 percent from June 2020 to June 2021. The price index for imports from Canada advanced 3.1 percent in June following a 5.1-percent increase the previous month. Prices for imports from Mexico and the European Union also rose in June, advancing 0.5 percent and 0.1 percent, respectively. (See table 7.)

Exports by Locality of Destination: Prices for exports to China rose 0.7 percent in June, after advancing 1.7 percent in May. The price index for exports to China has not recorded a monthly decline since the index fell 1.2 percent in September 2020. Prices for exports to China rose 14.3 percent over the past year. Export prices to Japan advanced 1.2 percent in June following a 3.2-percent rise the previous month. Prices for exports to Japan increased 15.8 percent for the year ended in June. Export prices to Canada rose 0.9 percent in June, after a 1.3-percent increase in May and 1.4-percent advances in April and March. Prices for exports to Canada advanced over the past 12 months, rising 14.9 percent. Export prices to Mexico increased 1.3 percent in June and export prices to the European Union rose 1.1 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. U.S. terms of trade with China advanced 0.3 percent in June following a 1.3-percent rise the previous month. The index for U.S. terms of trade with China increased 11.0 percent over the past year. U.S. terms of trade with Japan advanced 1.4 percent in June, after a 2.9-percent rise in May. In June, both higher export prices to Japan and lower import prices from Japan contributed to the increase. The index for U.S. terms of trade with the European Union advanced 1.0 percent in June, the largest monthly rise for the index since a 1.3-percent increase in June 2020. U.S. terms of trade with Mexico also advanced in June, increasing 0.8 percent following a 7.4-percent advance the previous month. In contrast, the index for U.S. terms of trade with Canada declined 2.3 percent in June, after a 3.5-percent drop in May. U.S. terms of trade with Canada decreased 18.9 percent from June 2020 to June 2021. (See table 9.)

Import and Export Services

Imports: Import air passenger fares advanced 9.6 percent in June, after increasing 5.0 percent the previous month. The June rise was the largest advance since September 2018 and was driven by higher European and Asian fares. Import air passenger fares rose 16.3 percent for the year ended in June, the largest over-the-year advance since the index increased 16.7 percent from September 2009 to September 2010. Prices for import air freight rose 2.8 percent in June following a 5.4-percent increase in May and a 7.5-percent advance in April. Import air freight prices rose 12.8 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares rose 7.8 percent in June, after declining 1.8 percent the previous month. The June increase was the largest monthly advance since January 2021 and was led by higher Latin American/Caribbean, Asian, and European fares. Export air passenger fares increased 26.9 percent for the year ended in June. In contrast, export air freight prices decreased 0.5 percent in June and 2.2 percent over the past 12 months.

U.S. Import and Export Price Index data for July are scheduled for release on Friday, August 13, 2021 at 8:30 a.m. (ET).