May 2022 U.S. Import and Export Price Indexes

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U.S. import prices rose 0.6 percent in May, after advancing 0.4 percent in April, the U.S. Bureau of Labor Statistics reported today. Higher fuel prices in May offset lower nonfuel prices. The price index for U.S. exports increased 2.8 percent in May following a 0.8-percent rise the previous month.

Imports

Prices for U.S. imports advanced 0.6 percent in May following a 0.4-percent increase in April and a 3.0- percent rise in March. The last monthly decline for import prices was a 0.4-percent decrease in December 2021. U.S. import prices increased 11.7 percent for the year ended in May. (See table 1.)

Fuel Imports: Import fuel prices rose 7.5 percent in May, after advancing 0.5 percent in April and 17.7 percent in March. Higher petroleum and natural gas prices both contributed to the increase in May. The price index for import fuel rose 73.5 percent over the past year, the largest 12-month advance since increasing 87.0 percent in November 2021. Prices for import petroleum advanced 6.7 percent in May, after recording no change the previous month. Petroleum prices rose 71.0 percent from May 2021 to May 2022. Import natural gas prices increased 26.5 percent in May following a 13.0-percent rise in April. Prices for natural gas advanced 150.5 percent over the past 12 months, the largest over-the-year rise since increasing 193.8 percent for the year ended March 2003.

All Imports Excluding Fuel: Prices for nonfuel imports declined 0.3 percent in May following a 0.4- percent increase the previous month. The drop in May was the first monthly decrease since the index fell 0.2 percent in November 2020. Lower prices in May for nonfuel industrial supplies and materials; consumer goods; and foods, feeds, and beverages more than offset price increases for capital goods and automotive vehicles. Despite the May decline, the price index for nonfuel imports rose 5.9 percent over the past 12 months.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages decreased 0.2 percent in May, after advancing 0.9 percent the previous month. The decline in May was the first monthly drop since the index fell 0.1 percent in November 2021. The May decrease was led by lower prices for food oils and oilseeds.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 1.7 percent in May following a 0.6-percent advance in April. Lower prices for unfinished metals and finished metals in May more than offset higher prices for unfinished building materials.

Finished Goods: Prices for most of the major finished goods categories rose in May. Import capital goods prices advanced 0.3 percent following consecutive 0.5-percent increases the 2 previous months. Prices for capital goods rose 4.4 percent over the past year, the largest 12-month advance since February 1991. The price index for automotive vehicles also increased 0.3 percent in May, after a 0.2-percent advance in April. In contrast, prices for consumer goods edged down 0.1 percent in May, the first monthly decline since October 2020.

Exports

U.S. export prices increased 2.8 percent in May, after advancing 0.8 percent in April and 4.2 percent in March. Higher prices for both nonagricultural and agricultural exports contributed to the U.S. export price rise in May. The export price index increased 18.9 percent from May 2021 to May 2022, the largest over- the-year rise since 12-month percent changes were first published in September 1984. (See table 2.)

Agricultural Exports: Prices for agricultural exports rose 2.1 percent in May, after increasing 8.9 percent from January to April. Agricultural export prices have not declined on a month-to-month basis since September 2021. Price increases for soybeans, corn, and wheat drove the May advance in agricultural prices. The price index for agricultural exports rose 16.7 percent over the past 12 months.

All Exports Excluding Agriculture: Nonagricultural export prices advanced 2.9 percent in May following a 0.7-percent increase in April. The rise in May was led by higher prices for nonagricultural industrial supplies and materials; capital goods; automotive vehicles; and nonagricultural foods, which more than offset lower consumer goods prices. Nonagricultural export prices rose 19.3 percent for the year ended in May, the largest 12-month advance since over-the-year percent changes were first published in March 1986.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials rose 5.7 percent in May. Higher fuel prices more than offset lower prices for nonferrous metals and fertilizer. The export price index for fuel advanced 12.5 percent in May and 84.8 percent over the past year.

Finished Goods: Prices for most of the major finished goods categories increased in May. Capital goods prices rose 0.3 percent following a 0.7-percent advance in April. The price index for export capital goods increased 4.9 percent from May 2021 to May 2022, the largest 12-month advance since September 1982. Export automotive vehicles prices rose 0.2 percent in May and 4.2 percent over the past year, the largest over-the-year increase since March 1984. In contrast, the price index for consumer goods declined 0.3 percent in May.

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: The price index for imports from China ticked up 0.1 percent in May, after increasing 0.3 percent the previous month. The rise in May was driven by higher prices for machinery manufacturing. Import prices from China advanced 4.6 percent from May 2021 to May 2022. Prices for imports from Japan edged down 0.1 percent in May, after rising 0.3 percent in April and 0.5 percent in March. Import prices from Japan increased 1.7 percent over the past year. The price index for imports from Canada advanced 3.2 percent in May and 29.1 percent over the past 12 months. The import price indexes from the European Union and Mexico also increased in May, advancing 0.3 percent and 0.9 percent, respectively. (See table 7.)

Exports by Locality of Destination: Prices for exports to China rose 2.0 percent in May following a 0.4- percent decline in April. Export prices to China advanced 15.1 percent over the past year. The price index for exports to Japan increased 2.5 percent in May and 17.8 percent over the past 12 months. The price indexes for exports to Canada and the European Union also rose in May, each advancing 1.8 percent. Export prices to Canada and the European Union increased 16.7 percent and 13.2 percent, respectively, from May 2021 to May 2022; both were the largest over-the-year rises since 12-month percent changes were first published in December 2018. Prices for exports to Mexico increased 4.9 percent in May and 19.2 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. The index for U.S. terms of trade with China rose 2.0 percent in May following a 0.7-percent decline the previous month. Higher export prices to China more than offset increasing import prices from China in May. U.S. terms of trade with China rose 10.0 percent over the past 12 months. U.S. terms of trade with Japan advanced 2.6 percent in May following a 0.2-percent increase in April. The index for U.S. terms of trade with Japan rose 15.9 percent over the past year. U.S. terms of trade with the European Union and Mexico also advanced in May, increasing 1.5 percent and 4.0 percent, respectively. The index for U.S. terms of trade with the European Union rose 7.2 percent for the year ended in May, the largest over-the-year increase since 12-month percent changes were first published in December 2018. In contrast, U.S. terms of trade with Canada fell 1.4 percent in May and declined 9.6 percent over the past year. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 3.2 percent in May following a 3.6-percent rise in April and an 8.6-percent advance in March. In May, higher European and Asian fares more than offset lower Latin American/Caribbean fares. Import air passenger fares increased 12.2 percent over the past year. The price index for import air freight rose 4.0 percent in May, after decreasing 10.7 percent from January to April. Prices for import air freight advanced 5.0 percent over the past 12 months. (See table 10.)

Exports: The index for export air passenger fares increased 2.6 percent in May, after ticking up 0.1 percent in April and rising 7.0 percent in March. Higher Asian, European, and Latin American/Caribbean fares all contributed to the May advance. Export air passenger fares rose 14.6 percent for the year ended in May, the largest 12-month increase since August 2021. Export air freight prices advanced 2.3 percent in May following increases of 0.7 percent in April, 4.6 percent in March, and 6.3 percent in February. Prices for export air freight rose 26.8 percent over the past year and have not recorded a 12-month decline since November 2020. The increase from May 2021 to May 2022 was the largest over-the-year increase since 12- month percent changes were first published in December 1997.

U.S. Import and Export Price Index data for June 2022 are scheduled for release on Friday, July 15, 2022 at 8:30 a.m. (ET).