October 2021 U.S. Import and Export Price Indexes

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U.S. import prices rose 1.2 percent in October following a 0.4-percent advance in September, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices contributed to the October increase. Prices for U.S. exports advanced 1.5 percent in October, after rising 0.4 percent in September and 0.3 percent in August.

Imports

The price index for U.S. imports increased 1.2 percent in October, the largest monthly advance since a 1.3- percent rise in May. Prior to October, import prices advanced 0.5 percent from June to September. Prices for U.S. imports rose 10.7 percent from October 2020 to October 2021, the largest over-the-year increase since June 2021. (See table 1.)

Fuel Imports: Import fuel prices advanced 8.6 percent in October following a 3.9-percent increase the previous month. In October, higher petroleum and natural gas prices contributed to the advance. Petroleum prices rose 8.1 percent in October, the largest monthly increase since March 2021. Prices for natural gas also advanced in October, rising 19.7 percent, after a 6.5-percent increase in September. The October advance was the largest 1-month rise since the index increased 44.2 percent in November 2020. The price index for import fuel rose 86.7 percent over the past year. Both an 86.1-percent advance in petroleum prices and a 134.0-percent increase in natural gas prices factored into the 12-month rise in import fuel prices in October.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.4 percent in October, after a 0.1- percent advance in September and no change in August and July. In October, higher prices for nonfuel industrial supplies and materials; automotive vehicles; foods, feeds, and beverages; and consumer goods contributed to the increase in nonfuel import prices. The price index for nonfuel imports rose 5.5 percent from October 2020 to October 2021.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices advanced 0.8 percent in October following a 1.4-percent increase the previous month. The October advance was led by a 5.6-percent rise in meat prices and a 1.1-percent increase in fish and shellfish prices, which more than offset lower fruit prices.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices rose 0.9 percent in October, after a 3.2-percent downturn from June to September. The October increase was primarily driven by a 6.8-percent rise in selected building material prices and a 2.8-percent advance in chemical prices.

Finished Goods: Prices for the major finished goods categories were mostly up in October. The price index for automotive vehicles increased 0.7 percent, the largest monthly advance since a 0.7-percent rise in April 2012. Consumer goods prices ticked up 0.1 percent following a 0.4-percent increase in September. Higher prices for household and kitchen appliances; furniture; and toiletries and cosmetics all contributed to the October advance. Prices for capital goods were unchanged in October.

Exports

U.S. export prices advanced 1.5 percent in October, the largest 1-month increase since a 2.3-percent rise in May 2021. In October, higher prices for both agricultural exports and nonagricultural exports contributed to the overall advance. The price index for U.S. exports rose 18.0 percent over the past year, the largest 12- month increase since the series was first published in September 1983. (See table 2.)

Agricultural Exports: Prices for agricultural exports increased 1.0 percent in October, after declining 1.5 percent in September. In October, higher prices for wheat, other animal feeds, cotton, meat, and dairy products more than offset lower soybean prices. Agricultural export prices increased 24.5 percent from October 2020 to October 2021.

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 1.5 percent in October following a 0.6-percent increase the previous month. Nonagricultural export prices have not recorded a 1-month decline since October 2020. In October, higher prices for nonagricultural industrial supplies and materials; capital goods; automotive vehicles; consumer goods; and nonagricultural foods all contributed to the advance in nonagricultural export prices. Prices for nonagricultural exports rose 17.2 percent over the past year, the largest 12-month increase since the series was first published in March 1985.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 3.3 percent in October, after advancing 1.4 percent in September. The rise in October was driven by a 7.0-percent increase in export fuel prices.

Finished Goods: Prices for each of the major finished goods categories advanced in October. Capital goods prices rose 0.2 percent for the second consecutive month and have not recorded a monthly decline since November 2020. In October, higher prices for industrial and service machinery and for electrical generating equipment more than offset lower prices for computers, peripherals, and semiconductors. Prices for automotive vehicles rose 0.3 percent in October led by a 0.8-percent advance in prices for vehicles designed to transport goods. The price index for consumer goods increased 0.2 percent following a 0.7-percent decline from June to September.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Import prices from China rose 0.2 percent for the third consecutive month in October following a 0.7-percent advance in July. The price index for imports from China increased 4.2 percent for the year ended in October, the largest 12-month rise since the index advanced 4.3 percent from October 2007 to October 2008. Import prices from Japan were unchanged in October and advanced 2.0 percent over the past year. The price index for imports from Canada increased 4.7 percent in October, the largest 1-month advance since May. Prices for imports from Canada advanced 30.1 percent over the past 12 months. Import prices from Mexico also rose in October, increasing 0.7 percent, after advancing 0.8 percent in September and 0.7 percent in August. In contrast, the price index for imports from the European Union declined 0.2 percent following 0.1-percent increases in each of the 2 previous months. (See table 7.)

Exports by Locality of Destination: Prices for exports to China advanced 0.7 percent in October, after decreasing 0.4 percent in September. The October rise was the largest monthly advance since June. The price index for exports to China increased 13.6 percent over the past year. Export prices to Japan rose 1.0 percent in October following a 0.8-percent advance the previous month. Prices for exports to Japan increased 13.8 percent for the year ended in October. The October price index for exports to Canada rose 1.4 percent following a 1.1-percent increase in September. Prices for exports to Mexico increased 2.1 percent in October, after rising 1.1 percent the previous month. Export prices to the European Union increased 1.6 percent in October, the largest monthly advance for the index since a 1.7-percent rise in June 2020. (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 0.5 percent in October, after declining 0.6 percent the previous month. In October, higher export prices to China more than offset rising import prices from China. The index for U.S. terms of trade with China increased 9.0 percent from October 2020 to October 2021. U.S. terms of trade with Japan rose 1.0 percent in October following a 0.7-percent advance in September. In contrast, the index for U.S. terms of trade with Canada fell 3.2 percent in October, after increasing 8.1 percent from June to September. U.S. terms of trade with Canada fell 11.4 percent over the past year. In October, U.S. terms of trade with Mexico advanced 1.5 percent and U.S. terms of trade with the European Union rose 1.9 percent. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 1.4 percent in October, after increasing 4.7 percent in September and decreasing 6.0 percent in August. Import air passenger fares advanced 9.3 percent over the past 12 months, the smallest over-the-year increase since April. The price index for import air freight advanced 1.9 percent in October following a 4.8-percent increase in September. Both monthly advances were driven by higher prices for Asian import air freight. Overall import air freight prices rose 27.6 percent over the past year. (See table 10.)

Exports: Export air passenger fares decreased 2.3 percent in October, after declining 8.8 percent the previous month. In October, lower prices for Asian, Latin American/Caribbean, and European fares all contributed to the drop. Despite the recent declines, export air passenger fares rose 12.4 percent for the year ended in October. Export air freight prices increased 1.5 percent in October following a 0.8-percent advance the previous month. Higher Asian and European air freight prices both contributed to the October increase. Prices for export air freight rose 13.5 percent over the past 12 months, the largest over-the-year advance since the index increased 15.0 percent in October 2011.

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