November 2021 U.S. Import and Export Price Indexes

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Prices for U.S. imports rose 0.7 percent in November following a 1.5-percent increase in October, the U.S. Bureau of Labor Statistics reported today. In November, both higher fuel and nonfuel prices contributed to the advance. U.S. export prices rose 1.0 percent in November, after increasing 1.6 percent in October and 0.3 percent in September.

Imports

U.S. import prices advanced 0.7 percent in November, continuing the upward trend recorded throughout 2021 with the exception of a 0.2-percent drop in August. The price index for U.S. imports rose 11.7 percent over the past 12 months, the largest over-the-year increase since the index advanced 12.7 percent for the year ended September 2011. (See table 1.)

Fuel Imports: Prices for import fuel rose 2.0 percent in November following an 11.1-percent increase the previous month. The November advance was driven by higher natural gas prices. Import fuel prices increased 86.1 percent from November 2020 to November 2021. The price index for natural gas rose 27.4 percent in November, after advancing 20.8 percent in October. Those are the largest monthly increases since the index rose 44.2 percent in November 2020. Natural gas prices advanced 108.7 percent for the year ended in November. Petroleum prices also increased in November, rising 0.4 percent for the month and 85.8 percent over the past 12 months.

All Imports Excluding Fuel: The price index for nonfuel imports advanced 0.5 percent for the second consecutive month in November, the largest 1-month increases since June 2021. In November, higher prices for nonfuel industrial supplies and materials, capital goods, consumer goods, and automotive vehicles more than offset lower prices for foods, feeds, and beverages. Nonfuel import prices advanced 6.3 percent for the year ended in November, led by rising prices for nonfuel industrial supplies and materials.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages declined 0.3 percent in November, the first monthly decrease since May 2021. The November drop was driven by lower prices for meat, fruit, and vegetables which more than offset higher coffee prices.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices rose 1.6 percent in November, after increasing 1.4 percent in October. Higher prices for unfinished metals and chemicals led the November advance.

Finished Goods: Prices for each of the major finished goods categories advanced in November. Capital goods prices advanced 0.2 percent for the second consecutive month. The November increase was led by higher prices for oil drilling, mining, and construction machinery and computers, peripherals, and semiconductors. The price indexes for both consumer goods and automotive vehicles also rose 0.2 percent in November.

Exports

Prices for U.S. exports rose 1.0 percent in November following a 1.6-percent advance the previous month. Higher prices for both agricultural exports and nonagricultural exports contributed to the overall increase in November. U.S. exports increased 18.2 percent over the past 12 months, the largest over-the-year advance in the series, which was first published in September 1984. (See table 2.)

Agricultural Exports: The price index for agricultural exports increased 0.8 percent in November, after rising 1.0 percent in October. The November advance was driven by higher prices for wheat, fruit, cotton, and corn which more than offset lower nut and soybean prices. Prices for agricultural exports increased 21.4 percent for the year ended in November.

All Exports Excluding Agriculture: Nonagricultural export prices rose 1.0 percent in November following a 1.7-percent advance in October. The increase in November was led by higher prices for nonagricultural industrial supplies and materials, capital goods, consumer goods, and automotive vehicles which more than offset falling prices for nonagricultural food. The price index for nonagricultural exports advanced 17.8 percent over the past year, the largest 12-month rise in the series, which was first published in March 1986.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials advanced 2.0 percent in November, driven by higher prices for fuel, nonferrous metals, and chemicals.

Finished Goods: Prices for each of the major finished goods categories increased in November. Capital goods prices rose 0.3 percent for the fourth consecutive month. In November, the advance was led by higher prices for industrial and service machinery. Prices for consumer goods increased 0.4 percent in November, the largest 1-month rise since the index advanced 0.9 percent in June 2021. The price index for automotive vehicles ticked up 0.1 percent in November following a 0.4-percent increase the previous month. The November advance was driven by higher prices for parts, engines, bodies, and chassis.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: The price index for imports from China advanced 0.3 percent in November, after rising 0.2 percent in each of the 2 previous months. Prices for imports from China have not recorded a monthly decline since October 2020. Import prices from China increased 4.5 percent over the past 12 months, the largest over-the-year advance since the index rose 4.6 percent in September 2008. Prices for imports from Japan ticked up 0.1 percent in November following no change in October and September. Import prices from Japan advanced 2.1 percent from November 2020 to November 2021. The price index for imports from Canada increased 1.2 percent in November, after a 5.8-percent rise the previous month. The November advance was led by higher fuel prices. Prices for imports from Canada rose 33.6 percent over the past year, the largest 12-month increase since July 2021. Import prices from the European Union and Mexico also advanced in November, rising 0.3 percent and 0.2 percent, respectively. (See table 7.)

Exports by Locality of Destination: Export prices to China rose 1.2 percent in November following a 0.8- percent advance in October. The November increase was the largest 1-month rise since May. The price index for exports to China advanced 12.9 percent for the year ended in November. Prices for exports to Japan increased 1.3 percent in November, after rising 1.0 percent the previous month. Export prices to Japan advanced 14.5 percent over the past 12 months, the largest over-the-year increase since July 2021. The price index for exports to Canada rose 0.8 percent in November following increases of 1.4 percent in October and 1.2 percent in September. Prices for exports to the European Union advanced 0.7 percent in November, after rising 1.6 percent the previous month. Export prices to Mexico were unchanged in November following a 2.1-percent increase in October. (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 0.9 percent in November following a 0.7-percent rise the previous month. In November, higher export prices to China more than offset rising import prices from China. U.S. terms of trade with China increased 8.1 percent over the past year. U.S. terms of trade with Japan advanced 1.2 percent in November and 12.2 percent from November 2020 to November 2021. The index for U.S. terms of trade with the European Union rose 0.4 percent in November. In contrast, U.S. terms of trade with Canada declined 0.3 percent in November and U.S. terms of trade with Mexico fell 0.2 percent. (See table 9.)

Import and Export Services

Imports: The index for import air passenger fares rose 0.2 percent in November following a 1.4-percent decrease the previous month. Import air passenger fares increased 9.8 percent for the year ended in November. Higher European fares over the past year more than offset lower Asian fares. Import air freight prices advanced 16.9 percent in November, the largest monthly increase since a 26.2-percent rise in May 2020. Prices for import air freight rose 36.0 percent over the past year, the largest 12-month advance since March 2021. (See table 10.)

Exports: Export air passenger fares advanced 0.9 percent in November, after declining 2.3 percent in October and decreasing 8.8 percent in September. The index for export air passenger fares fell 1.0 percent for the year ended in November, the first over-the-year decrease since the index declined 5.8 percent from August 2019 to August 2020. The 12-month decrease in November was driven by a 16.9-percent drop in Asian air passenger fares over the past year. Export air freight prices increased 0.4 percent in November following a 1.7-percent rise the previous month. The index has not recorded a monthly decline since July 2021. Prices for export air freight advanced 10.5 percent for the year ended in November.

U.S. Import and Export Price Index data for December are scheduled for release on Friday, January 14, 2022 at 8:30 a.m. (ET).