February 2022 U.S. Import and Export Price Indexes

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U.S. import prices rose 1.4 percent in February, after advancing 1.9 percent in January, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices drove the increases in both months. Prices for U.S. exports advanced 3.0 percent in February following a 2.8-percent rise the previous month.

Imports

The price index for U.S. imports increased 1.4 percent in February following a 1.9-percent advance in January and a 0.4-percent decline in December. U.S. import prices rose 10.9 percent over the past 12 months. (See table 1.)

Fuel Imports: Import fuel prices advanced 6.9 percent in February, after increasing 7.7 percent the previous month. Higher petroleum prices more than offset a decrease in natural gas prices. Prices for import fuel rose 53.0 percent for the year ended in February. The price index for import petroleum increased 8.1 percent in February following a 7.9-percent rise in January. The February advance was the largest monthly increase for the index since October 2021. Import petroleum prices increased 52.8 percent over the past year. In contrast, natural gas prices declined 10.0 percent in February, after rising 6.8 percent in January and decreasing 10.5 percent in December. Despite recent drops, the index advanced 61.6 percent from February 2021 to February 2022.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.8 percent in February following a 1.3- percent rise the previous month. Nonfuel import prices have not recorded a monthly decline since November 2020. Higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; consumer goods; and automotive vehicles all contributed to the February advance in nonfuel import prices. The price index for nonfuel imports increased 7.2 percent over the past 12 months, the largest over-the-year advance since 12-month percent changes were first published in December 2002.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices rose 1.5 percent in February, after increasing 3.5 percent in January. The February advance was led by higher prices for fruit, fish and shellfish, and meat, which more than offset lower vegetable prices.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 2.2 percent in February following a 3.2-percent increase the previous month. Higher prices for nonferrous metals, finished metals, selected building materials, and chemicals all contributed to the February advance.

Finished Goods: Prices for each of the major finished goods categories increased in February. Consumer goods prices rose 0.3 percent, after advancing 0.4 percent in January. Prices for capital goods increased 0.3 percent following a 0.8-percent rise the previous month. The February advance was driven by a 0.6-percent increase in computer, peripheral, and semiconductor prices. The price index for automotive vehicles advanced 0.2 percent for the second consecutive month in February.

Exports

U.S. export prices rose 3.0 percent in February, after a 2.8-percent advance the previous month. The February increase was the largest monthly rise since 1-month percent changes were first published in January 1989. Higher prices for both agricultural and nonagricultural exports in February contributed to the overall advance in U.S. export prices. Prices for U.S. exports increased 16.6 percent for the year ended in February. (See table 2.)

Agricultural Exports: Prices for agricultural exports increased 3.0 percent in February following a 2.9- percent rise in January. In February, higher prices for soybeans, corn, and cotton more than offset lower nut prices. The price index for agricultural exports increased 18.2 percent over the past year.

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 3.0 percent in February, after increasing 2.8 percent in January. The February and January advances were the largest increases since monthly percent changes were first published in January 1989. For both months, higher prices for nonagricultural industrial supplies and materials; capital goods; consumer goods; automotive vehicles; and nonagricultural foods all contributed to the increases in nonagricultural export prices. Nonagricultural prices rose 16.3 percent from February 2021 to February 2022.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials advanced 5.9 percent in February following a 5.2-percent increase the previous month. In February, an 11.5-percent rise in fuel prices led the advance in nonagricultural industrial supplies and materials prices and was the largest 1-month increase since the index rose 23.7 percent in June 2020.

Finished Goods: Prices for each of the major finished goods categories advanced in February. The price index for capital goods rose 0.4 percent, after increasing 0.8 percent in January. Higher prices for industrial service machinery and computers, peripherals, and semiconductors drove the February advance. Prices for consumer goods and automotive vehicles also rose in February, increasing 0.7 percent and 0.3 percent, respectively.

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: Prices for imports from China ticked up 0.1 percent in February, after rising 1.4 percent from October to January. Import prices from China have not recorded a monthly decline since October 2020. The price index for imports from China increased 4.6 percent for the year ended in February. Prices for imports from Japan rose 0.1 percent in February and 1.7 percent over the past 12 months. The last decrease for import prices from Japan was a 0.1-percent drop in July 2020. The price index for imports from Canada advanced 2.7 percent in February, after a 5.9-percent increase in January. Higher fuel prices led the advances in both months. Prices for imports from the European Union rose 1.2 percent in February and import prices from Mexico increased 0.6 percent over the same period. (See table 7.)

Exports by Locality of Destination: Export prices to China rose 2.7 percent in February, after a 2.6- percent advance the previous month. The February increase was the largest 1-month rise for the price index for exports to China since a 3.6-percent advance in March 2021. Prices for exports to China rose 14.2 percent from February 2021 to February 2022. Export prices to Japan increased 3.3 percent in February following a 4.0-percent advance the previous month. The price index for exports to Japan rose 14.9 percent over the past 12 months. Prices for exports to Canada advanced 2.5 percent in February, after a 3.8-percent increase in January. The price indexes for exports to the European Union and Mexico also rose in February, advancing 0.8 percent and 4.1 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 increased 2.6 percent in February following a 2.1-percent advance the previous month. In February, the rise in export prices to China more than offset the increase in import prices from China. The index for U.S. terms of trade with China advanced 9.2 percent over the past year. U.S. terms of trade with Japan rose 3.2 percent in February, after increasing 3.8 percent in January. U.S. terms of trade with Japan advanced 12.9 percent for the year ended in February. The index for U.S. terms of trade with Mexico rose 3.4 percent in February, the largest monthly increase since the index advanced 7.8 percent in May 2021. In contrast, U.S. terms of trade with Canada declined 0.2 percent in February and the U.S. terms of trade with the European Union decreased 0.5 percent. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 6.1 percent in February following a 19.4-percent decline the previous month. In February, higher Asian and European fares led the overall advance in air passenger fares. Import air passenger fares declined 1.3 percent for the year ended in February. Import air freight prices decreased 7.8 percent in February, after rising 6.3 percent in January. Despite the February decline, prices for import air freight advanced 13.2 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares fell 11.2 percent in February following increases of 7.7 percent and 2.3 percent the 2 previous months. The February decline was the largest monthly drop since an 11.6-percent decrease in February 2017. The February 2022 decline was driven by a 26.1-percent drop in Latin American/Caribbean fares. Despite the February decrease, overall export air passenger fares rose 1.0 percent over the past 12 months. Prices for export air freight increased 3.8 percent in February, after advances of 1.7 percent in January and 4.7 percent in December. Export air freight prices have not recorded a monthly decline since July 2021. The price index for export air freight rose 13.9 percent from February 2021 to February 2022, the largest 12-month increase since the index advanced 15.0 percent in October 2011.

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