January 2022 U.S. Import and Export Price Indexes

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Prices for U.S. imports advanced 2.0 percent in January following a 0.4-percent drop in December, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices in January contributed to the overall increase in import prices. U.S. export prices rose 2.9 percent in January, after declining 1.6 percent in December.

Imports

U.S. import prices advanced 2.0 percent in January resuming the upward trend recorded over most of 2021 following a 0.4-percent decline in December. The January increase was the largest monthly rise since April 2011. Prices for U.S. imports advanced 10.8 percent over the past year, led by higher fuel and nonfuel prices. (See table 1.)

Fuel Imports: The price index for import fuel rose 9.3 percent in January following an 8.3-percent drop in December. The January advance was driven by higher petroleum and natural gas prices. Import fuel prices advanced 60.3 percent over the past 12 months. Prices for import petroleum increased 9.5 percent in January, after decreasing 8.3 percent the previous month. Petroleum prices rose 57.7 percent for the year ended in January. Prices for natural gas also advanced in January, rising 10.5 percent, after falling 10.5 percent in December. Natural gas prices increased 118.4 percent from January 2021 to January 2022.

All Imports Excluding Fuel: Prices for nonfuel imports increased 1.4 percent in January and have not recorded a monthly decline since November 2020. The January advance was the largest 1-month rise since monthly percent changes were first published in January 2002. Higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; consumer goods; and automotive vehicles all contributed to the January increase in nonfuel import prices. The price index for nonfuel imports advanced 6.9 percent over the past year, the largest over-the-year rise since 12-month percent changes were first published in December 2002.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 3.6 percent in January, the largest 1-month advance since March 2014. The January rise was led by higher prices for vegetables and fruit.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials increased 3.2 percent in January, the largest 1-month advance since May 2021. Higher prices for selected building materials, chemicals, and unfinished metals drove the January rise.

Finished Goods: Prices for each of the major finished goods categories increased in January. Capital goods prices rose 0.9 percent, the largest monthly increase since April 2008. Prices for consumer goods advanced 0.5 percent for the second consecutive month, the largest 1-month increases since February 2018. Automotive vehicles prices also rose in January, ticking up 0.1 percent.

Exports

Prices for U.S. exports increased 2.9 percent in January following a 1.6-percent decline the previous month. The January advance was the largest 1-month rise since monthly percent changes were first published in January 1989. Higher prices for both agricultural and nonagricultural exports in January contributed to the overall increase in U.S. export prices. The price index for U.S. exports advanced 15.1 percent from January 2021 to January 2022. (See table 2.)

Agricultural Exports: The price index for agricultural exports rose 3.0 percent in January, after a 0.7- percent increase in December. Higher prices in January for soybeans, other animal feeds, corn, vegetables, and cotton all contributed to the advance in export agricultural prices. Prices for agricultural exports rose 18.0 percent over the past 12 months.

All Exports Excluding Agriculture: Nonagricultural prices rose 2.9 percent in January following a 1.9- percent drop the previous month. The January increase was the largest advance since monthly percent changes were first published in January 1989. Higher prices for nonagricultural industrial supplies and materials; capital goods; consumer goods; automotive vehicles; and nonagricultural foods all contributed to the January increase in nonagricultural export prices. Prices for nonagricultural exports increased 14.7 percent for the year ended in January.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials advanced 5.5 percent in January, the largest monthly increase since March 2021. The January rise was led by an 11.7-percent advance in export fuel prices.

Finished Goods: Prices for each of the major finished goods categories advanced in January. Capital goods prices rose 0.7 percent, the largest monthly increase since January 2013. Prices for consumer goods advanced 1.0 percent, the largest 1-month rise since June 2011. The price index for automotive vehicles increased 0.3 percent in January.

More information for the major import and export price indexes can be found at www.bls.gov/web/ximpim/largest.htm.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: Import prices from China advanced 0.5 percent in January following a 0.7- percent rise the previous month. The price index for imports from China has not recorded a decline since the index edged down 0.1 percent in October 2020. Prices for imports from China increased 4.8 percent on a 12-month basis for the second consecutive month, the largest over-the-year advances since August 2008. Import prices from Japan rose 0.2 percent in January, the largest monthly increase since July 2021. The price index for imports from Japan advanced 1.7 percent for the year ended in January. Prices for imports from Canada increased 6.4 percent in January and import prices from Mexico rose 2.4 percent over the same period. The price index for imports from the European Union also advanced in January, increasing 0.7 percent, after ticking up 0.1 percent in December. (See table 7.)

Exports by Locality of Destination: Prices for exports to China rose 2.2 percent in January following a 1.2-percent decline the previous month. The January advance was the largest monthly increase since March 2021 and the index rose 11.8 percent over the past 12 months. Export prices to Japan advanced 4.3 percent in January, after falling 1.7 percent in December. The January rise was the largest increase since June 2020. In January, export prices to Mexico and the European Union increased 3.3 percent and 3.2 percent, respectively. (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 1.7 percent in January, after declining 1.8 percent the previous month. The January increase was the largest monthly rise since March 2021. The index for U.S. terms of trade with China advanced 6.7 percent over the past year. U.S. terms of trade with Japan rose 4.1 percent in January, the largest 1-month increase since June 2020. The index for U.S. terms of trade with Japan advanced 11.3 percent for the year ended in January. U.S. terms of trade with the European Union rose 2.4 percent in January and U.S. terms of trade with Mexico increased 1.0 percent over the same period. In contrast, the index for U.S. terms of trade with Canada fell 2.4 percent in January following a 1.9-percent advance in December. Higher import prices from Canada in January more than offset the increase in export prices to Canada. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 19.4 percent in January, after increasing 5.1 percent in December. The January drop was the largest 1-month decline since monthly percent changes were first published in January 2001. Lower Latin American/Caribbean, Asian, and European fares all contributed to the January decrease in import air passenger fares. The index for import air passenger fares declined 5.2 percent over the past year, the first 12-month drop since March 2021. Prices for import air freight advanced 7.8 percent in January following a 12.8-percent decrease the previous month. The January increase was driven by a 10.2- percent rise in the import price index for Asian air freight. Import air freight prices advanced 26.8 percent for the year ended in January. (See table 10.)

Exports: Export air passenger fares rose 7.7 percent in January, after increasing 2.3 percent in December and 0.9 percent in November. The January advance was the largest monthly increase since July 2021 and was led by higher Latin American/Caribbean and Asian fares. The index for export air passenger fares rose 8.4 percent from January 2021 to January 2022. Export air freight prices advanced 2.8 percent in January following a 4.7-percent increase the previous month. Prices for export air freight rose 11.1 percent over the past 12 months.

U.S. Import and Export Price Index data for February 2022 are scheduled for release on Wednesday, March 16, 2022 at 8:30 a.m. (ET).