September 2021 U.S. Import and Export Price Indexes

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Prices for U.S. imports increased 0.4 percent in September, after decreasing 0.3 percent the previous month, the U.S. Bureau of Labor Statistics reported today. The advance in September was driven by higher fuel prices. U.S. export prices ticked up 0.1 percent in September following advances of 0.4 percent in August and 1.1 percent in July.

Imports

U.S. import prices advanced 0.4 percent in September following a 0.3-percent drop in August and a 0.3- percent increase in July. The September rise was the largest 1-month increase since the index rose 1.1 percent in June. In September, the advance was led by higher fuel prices; nonfuel prices were unchanged. The price index for U.S. imports increased 9.2 percent over the past 12 months. (See table 1.)

Fuel Imports: Prices for import fuel increased 3.7 percent in September, after decreasing 3.0 percent the previous month. The advance was primarily led by higher petroleum prices; natural gas prices also rose. Petroleum prices increased 3.9 percent in September following a 3.2-percent decline in August. The price index for natural gas advanced 3.2 percent in September following a 0.7-percent downturn in August and a 36.6-percent rise from April to July. Import fuel prices increased 68.7 percent from September 2020 to September 2021, driven by a 70.5-percent advance in petroleum prices and a 61.7-percent rise in natural gas prices.

All Imports Excluding Fuel: The price index for nonfuel imports was unchanged in September, after edging down 0.1 percent in August and ticking up 0.1 percent in July. In September, lower prices for nonfuel industrial supplies and materials offset higher prices for foods, feeds, and beverages; consumer goods; and automotive vehicles. Despite nonfuel import prices recording no change over the past 3 months, the index advanced 5.0 percent for the year ended in September.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 1.3 percent in September following 0.6-percent advances in each of the previous 2 months. The September increase was led by higher prices for vegetables, fruit, fish and shellfish, and coffee.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 0.9 percent in September, after decreases of 1.4 percent in August and 1.3 percent in July. The declines in each of the past 3 months were driven by lower building material prices.

Finished Goods: Prices for the major finished goods categories were mostly up in September. Consumer goods prices rose 0.2 percent, after rising 0.3 percent in August, led by higher prices for other household goods and televisions. The price index for automotive vehicles ticked up 0.1 percent, driven by higher prices for non-engine parts and accessories. Prices for capital goods were unchanged in September.

Exports

Prices for U.S. exports rose 0.1 percent in September, continuing the upward trend dating back to last year. The price index for U.S. exports has not recorded a monthly decline since the index fell 3.5 percent in April 2020. In September, higher prices for nonagricultural exports more than offset lower prices for agricultural exports. U.S. export prices advanced 16.3 percent over the past year. (See table 2.)

Agricultural Exports: The price index for agricultural exports declined 1.7 percent in September following a 0.9-percent advance in August and a 1.7-percent drop in July. The September and July decreases are the largest 1-month declines since the index fell 2.2 percent in August 2020. In September, a 5.4-percent drop in soybean prices and an 11.9-percent decrease in corn prices more than offset higher prices for cotton, wheat, fruit, and vegetables. Despite the recent declines, export agricultural prices rose 27.4 percent from September 2020 to September 2021.

All Exports Excluding Agriculture: Nonagricultural export prices increased 0.3 percent for the second consecutive month in September. Prices for nonagricultural exports have not recorded a monthly decline since the index fell 0.2 percent in October 2020. In September, higher prices for nonagricultural industrial supplies and materials and nonagricultural food more than offset lower consumer goods prices. The price index for nonagricultural exports increased 15.1 percent for the year ended in September.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials increased 0.9 percent in September, after a 0.6-percent advance the previous month. The September rise was led by higher fuel prices which more than offset lower prices for chemicals and nonferrous metals.

Finished Goods: Prices for the major finished goods categories fell overall in September. Consumer goods prices decreased 0.2 percent in September following a 0.3-percent drop the previous month. The September decline was driven by lower miscellaneous household goods prices. The price indexes for capital goods and automotive vehicles were unchanged in September following a 0.2-percent increase for capital goods and a 0.1-percent advance for automotive vehicles in August.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Prices for imports from China advanced 0.2 percent in September, after increasing 0.3 percent the previous month. Import prices from China also rose on a 12-month basis, advancing 3.9 percent for the year ended in September. Prices for imports from Japan were unchanged in September following a 0.1-percent increase the previous month. The price index for imports from Japan rose 2.3 percent over the past year. Import prices from Mexico and the European Union also advanced in September, increasing 0.7 percent and 0.1 percent, respectively. Prices for imports from Mexico rose 4.9 percent from September 2020 to September 2021 and prices for imports from the European Union advanced 5.5 percent over the same period. In contrast, import prices from Canada edged down 0.1 percent in September, after declines of 3.4 percent in August and 1.3 percent in July. Despite the recent decreases, the price index for imports from Canada rose 24.5 percent over the past 12 months. (See table 7.)

Exports by Locality of Destination: Export prices to China fell 0.1 percent in September following a 0.5- percent increase in August. The September decline was the first monthly drop since the index decreased 1.2 percent in September 2020. Prices for exports to China advanced 13.7 percent for the year ended in September. The price index for exports to Japan increased 0.7 percent in September, after recording no change in each of the previous 2 months. Export prices to Japan advanced 13.7 percent over the past 12 months. Prices for exports to Canada rose 1.1 percent in September and prices for exports to the European Union increased 0.4 percent. In contrast, export prices to Mexico decreased 0.4 percent in September, the first 1-month decline since the index fell 5.2 percent in April 2020. Despite the drop, the price index for exports to Mexico advanced 26.6 percent over the past year. (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 fell 0.4 percent in September, the largest monthly decline since the index decreased 1.2 percent in September 2020. In September 2021, both higher import prices from China and lower export prices to China contributed to the decline. In contrast, the index for U.S. terms of trade with Japan advanced 0.7 percent in September, after declining 0.2 percent in August and 0.3 percent in July. U.S. terms of trade with Canada and the European Union rose in September, increasing 1.2 percent and 0.3 percent, respectively. U.S. terms of trade with Mexico fell 1.0 percent in September, the largest 1-month decrease since the index declined 4.4 percent in April 2020. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 4.7 percent in September following a 6.0-percent drop the previous month. In September, higher European fares more than offset lower Asian and Latin American/Caribbean fares. Overall import air passenger fares advanced 15.1 percent over the past year. Prices for import air freight increased 4.7 percent in September, after falling 1.1 percent in August and 5.6 percent in July. Import air freight prices advanced 28.6 percent for the year ended in September. (See table 10.)

Exports: The index for export air passenger fares declined 8.8 percent in September, after rising 18.6 percent from May to August. The September decrease was the largest drop since the index fell 9.5 percent in December 2020. In September, the decline was driven by a 16.1-percent decrease in Asian fares. Despite the drop in September, export air passenger fares increased 10.5 percent from September 2020 to September 2021. Prices for export air freight advanced 0.8 percent in September and 4.3 percent over the past 12 months.

U.S. Import and Export Price Index data for October are scheduled for release on Tuesday, November 16, 2021 at 8:30 a.m. (ET).