June 2022 U.S. Import and Export Price Indexes

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Prices for U.S. imports increased 0.2 percent in June following a 0.5-percent advance the previous month, the U.S. Bureau of Labor Statistics reported today. Higher import fuel prices in June more than offset lower nonfuel prices. U.S. export prices rose 0.7 percent in June, after increasing 2.9 percent in May.

Imports

The price index for U.S. imports advanced 0.2 percent in June following a 0.5-percent increase in May and a 0.4-percent rise in April. U.S. import prices last recorded a monthly decline in December 2021. The 1.2- percent advance for the second quarter of 2022 was the smallest 3-month increase since a 0.5-percent rise for the third quarter of 2021. Prices for U.S. imports advanced 10.7 percent over the past year. (See table 1.)

Fuel Imports: Prices for import fuel rose 5.7 percent in June, after increasing 6.5 percent the previous month. Import fuel prices have not declined on a monthly basis since December 2021. The price index for import fuel advanced 73.9 percent for the year ended in June, the largest 12-month increase since an 87.0- percent rise in November 2021. Higher prices for petroleum and natural gas in June both contributed to the rise in import fuel prices. Petroleum prices advanced 5.0 percent in June following a 5.8-percent increase in May. Prices for natural gas rose 18.2 percent in June and 22.9 percent in May. Petroleum and natural gas prices advanced from June 2021 to June 2022, increasing 70.6 percent and 165.5 percent, respectively. The 12-month rise in natural gas prices was the largest over-the-year advance since March 2003.

All Imports Excluding Fuel: Nonfuel import prices declined for the second consecutive month, decreasing 0.5 percent in June following a 0.3-percent drop in May. The June decline was the largest 1-month decrease since the index fell 0.5 percent in April 2020. Lower prices for nonfuel industrial supplies and materials; consumer goods; and foods, feeds, and beverages in June more than offset higher capital goods prices. Despite the recent declines, import prices excluding fuel increased 4.6 percent over the past 12 months. The over-the-year rise in June was the smallest 12-month advance since March 2021.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages decreased 0.7 percent in June, after falling 0.6 percent in May. The June decline was the largest 1-month drop since November 2020. The decrease in June was led by a 3.9-percent drop in prices for fish and shellfish, the largest 1-month decline since monthly percent changes were first published in January 1994.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 2.2 percent in June following a 1.7-percent decline in May. The June drop was the largest monthly decrease since the index declined 3.3 percent in April 2020. The decrease in June was driven by lower prices for unfinished metals and selected building materials.

Finished Goods: Prices for the major finished goods categories were mixed in June. Consumer goods prices decreased 0.3 percent, after falling 0.2 percent in May. The June drop was the largest 1-month decline since March 2020. In contrast, capital goods prices rose 0.2 percent for the second consecutive month in June. The June advance in capital goods prices was led by a 2.0-percent increase in semiconductor prices. Prices for automotive vehicles were unchanged in June, after rising 0.4 percent in May.

Exports

Prices for U.S. exports rose 0.7 percent in June, after advancing 2.9 percent the previous month. Higher nonagricultural prices in June more than offset lower agricultural prices. U.S. export prices increased 18.2 percent from June 2021 to June 2022. (See table 2.)

Agricultural Exports: Export agricultural prices fell 0.3 percent in June following a 2.2-percent increase in May. The June decline was the first monthly drop since the index declined 1.5 percent in September 2021. Lower prices for corn, other animal feeds, and cotton in June more than offset higher soybean prices. Despite the June decrease, the price index for agricultural exports advanced 14.8 percent over the past year.

All Exports Excluding Agriculture: The price index for nonagricultural exports increased 0.9 percent in June, after advancing 3.0 percent the previous month. Prices for nonagricultural exports have not declined on a monthly basis since falling 1.9 percent in December 2021. Higher prices for nonagricultural industrial supplies and materials in June more than offset lower prices for nonagricultural food, capital goods, and consumer goods. Nonagricultural export prices rose 18.7 percent for the year ended in June.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 1.8 percent in June following a 6.0-percent advance in May. Higher fuel prices drove the increase for the second consecutive month. Export fuel prices rose 4.3 percent in June, after advancing 13.2 percent in May.

Finished Goods: Prices for most of the major finished goods categories decreased in June. The price index for capital goods edged down 0.1 percent, the first monthly decline for the index since a 0.2-percent drop in November 2020. The decline in June was led by lower prices for scientific and medical machinery. Consumer goods prices also decreased 0.1 percent in June, after a 0.3-percent drop the previous month. The June decline was driven by lower prices for medical, dental, and pharmaceutical materials. The price index for automotive vehicles was unchanged in June following a 0.3-percent increase 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: Import prices from China declined 0.2 percent in June, after no change the previous month. The June decrease was the first monthly drop since the index edged down 0.1 percent in October 2020. Prices for imports from China advanced 3.6 percent over the past 12 months, the smallest over-the-year increase since the index rose 3.6 percent in July 2021. The price index for imports from Japan was unchanged in June following a 0.1-percent decline in May. Import prices from Japan increased 1.7 percent from June 2021 to June 2022. Prices for imports from Canada advanced 0.8 percent in June and import prices from Mexico rose 0.3 percent. The price index for imports from Canada increased 24.7 percent for the year ended in June and import prices from Mexico advanced 9.4 percent over the same period. Import prices from the European Union were unchanged in June and rose 5.3 percent over the past year. (See table 7.)

Exports by Locality of Destination: Prices for exports to China increased 1.4 percent in June, after rising 1.9 percent in May. The price index for exports to China advanced 15.7 percent for the year ended in June. In contrast, export prices to Japan fell 0.8 percent in June following a 2.4-percent increase the previous month. Despite the June decline, prices for exports to Japan rose 15.7 percent over the past 12 months. The price indexes for exports to Canada and Mexico both advanced in June, increasing 0.7 percent and 1.9 percent, respectively. Export prices to Canada increased 16.3 percent from June 2021 to June 2022 and prices for exports to Mexico rose 20.6 percent over the same period. Export prices to the European Union advanced 0.7 percent in June and 12.7 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. U.S. terms of trade with China rose 1.7 percent in June, after a 1.9-percent increase the previous month. Higher export prices to China and lower import prices from China both contributed to the June advance in U.S. terms of trade with China. The index for U.S. terms of trade with China rose 11.7 percent over the past year. U.S. terms of trade with Japan decreased 0.9 percent in June and advanced 13.7 percent over the past 12 months. U.S. terms of trade with Canada also fell in June, edging down 0.1 percent. The index for U.S. terms of trade with Canada decreased 6.7 percent for the year ended in June. In contrast, U.S. terms of trade with Mexico and the European Union rose in June, increasing 1.6 percent and 0.7 percent, respectively. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 10.1 percent in June, after advancing 3.2 percent in May and 3.6 percent in April. The June increase was the largest advance since the index rose 10.7 percent in September 2018. Higher European fares, Latin American/Caribbean fares, and Asian fares all contributed to the June rise. The index for import air passenger fares increased 12.8 percent for the year ended in June. Prices for import air freight advanced 6.4 percent in June following a 4.0-percent increase in May. The June rise was the largest advance since the index increased 13.9 percent in November 2021. Import air freight prices rose 9.4 percent over the past 12 months. (See table 10.)

Exports: Export air passenger fares advanced 5.3 percent in June, after increasing 2.6 percent the previous month. Higher Latin American/Caribbean fares, European fares, and Asian fares all contributed to the June increase. The index for export air passenger fares rose 12.0 percent from June 2021 to June 2022. Prices for export air freight declined 2.9 percent in June and increased 22.5 percent over the past 12 months. The June decrease was the first monthly drop since July 2021 and the largest 1-month decline since the index fell 6.7 percent in October 2020.

U.S. Import and Export Price Index data for July 2022 are scheduled for release on Friday, August 12, 2022 at 8:30 a.m. (ET).