October 2022 U.S. Import and Export Price Indexes

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Prices for U.S. imports declined 0.2 percent in October, after falling 1.1 percent the previous month, the U.S. Bureau of Labor Statistics reported today. Lower fuel and nonfuel prices contributed to the October drop in U.S. import prices. U.S. export prices decreased 0.3 percent in October following a 1.5-percent decline in September.

Imports

U.S. import prices fell 0.2 percent in October and have not recorded a monthly increase since the index rose 0.2 percent in June 2022. Despite the recent declines, prices for U.S. imports increased 4.2 percent from October 2021 to October 2022. The 12-month rise in October was the smallest over-the-year advance since the index increased 3.0 percent for the 12 months ended February 2021. (See table 1.)

Fuel Imports: Import fuel prices declined 1.3 percent in October, after decreasing 20.8 percent over the previous 3 months. Prices for import fuel last increased on a monthly basis in June 2022. Lower prices for petroleum and natural gas in October contributed to the drop in import fuel prices. Despite the recent decreases, the price index for import fuel rose 16.9 percent over the past year. Import petroleum prices fell 1.2 percent in October and prices for import natural gas declined 4.3 percent for the same period. Petroleum prices advanced 16.8 percent over the past 12 months; the smallest over-the-year increase since February 2021. Natural gas prices also advanced for the year ended in October, increasing 20.8 percent, the smallest 12-month rise since January 2021.

All Imports Excluding Fuel: The price index for nonfuel imports edged down 0.1 percent in October following a 0.3-percent drop in September. Prices for nonfuel imports last advanced on a monthly basis in April 2022. Lower prices for consumer goods; foods, feeds, and beverages; and nonfuel industrial supplies and materials in October, more than offset higher prices for automotive vehicles and capital goods. Despite the recent declines, nonfuel import prices increased 2.9 percent over the past year led by higher prices for nonfuel industrial supplies and materials.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices declined 0.8 percent in October, after increasing 0.4 percent in September. Lower fruit, fish and shellfish, and meat prices in October more than offset higher prices for bakery and confectionery products.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials edged down 0.1 percent in October following a 1.4-percent drop the previous month. Lower October prices for selected building materials more than offset higher unfinished metal prices.

Finished Goods: Prices were mixed for the major finished goods categories in October. Automotive vehicles prices advanced 0.6 percent, the largest 1-month advance since the index increased 0.6 percent in January 2022. The October rise was primarily driven by a 1.0-percent advance in passenger car prices. Capital goods prices ticked up 0.1 percent, after edging down 0.1 percent in September. The price index for consumer goods declined 0.4 percent in October following a 0.1-percent drop the previous month.

Exports

Prices for U.S. exports fell 0.3 percent in October following a 6.4-percent drop for the third quarter of 2022. U.S. export prices last recorded a monthly advance in June 2022. Lower prices for agricultural exports and nonagricultural exports in October each contributed to the overall decline. Despite the recent decreases, U.S. export prices advanced 6.9 percent for the year ended in October. (See table 2.)

Agricultural Exports: Agricultural export prices declined 1.0 percent in October and have not increased on a 1-month basis since May 2022. The October decline in agricultural prices was led by a 6.6-percent drop in soybean prices which more than offset higher prices for wheat, fruit, and vegetables. Prices for agricultural exports rose 10.4 percent from October 2021 to October 2022 and have not fallen on a 12-month basis since the index fell 2.9 percent in August 2020.

All Exports Excluding Agriculture: The price index for nonagricultural exports declined 0.3 percent in October following a 1.6-percent decrease the previous month. Lower prices for nonagricultural industrial supplies and materials, automotive vehicles, and nonagricultural foods more than offset higher prices for capital goods and consumer goods. Prices for nonagricultural exports rose 6.4 percent for the year ended in October, the smallest 12-month increase since the index advanced 4.3 percent in February 2021.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials fell 0.6 percent in October, after decreasing 3.3 percent in September. Lower prices for chemicals, paper, and nonferrous metals in October more than offset higher fuel prices.

Finished Goods: Prices were mixed for the major finished goods categories in October. Capital goods prices increased 0.2 percent for the second consecutive month in October and have not recorded a monthly decline since November 2020. The price index for consumer goods rose 0.2 percent in October following a 0.3- percent decrease the previous month. The October advance in consumer goods prices was driven by higher prices for toys, shooting, and sporting goods. In contrast, prices for automotive vehicles exports declined 0.2 percent in October, the first monthly decrease since May 2021.

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 rose 0.5 percent in October following no change the previous month. The October advance was the first monthly increase since April 2022 and the largest 1-month rise since March 2022. Import prices from China advanced 2.0 percent for the year ended in October. Prices for imports from Japan increased 1.0 percent in October, the largest monthly rise since the index advanced 1.2 percent in November 1998. The price index for imports from Japan rose 2.3 percent over the past year, the largest 12-month increase since September 2021. In contrast, import prices from Canada decreased 1.2 percent in October, after declining 12.2 percent for the third quarter of 2022. Despite the recent drops, prices for imports from Canada rose 8.2 percent over the past 12 months. The price index for imports from Mexico fell 0.2 percent in October and import prices from the European Union edged down 0.1 percent over the same period. (See table 7.)

Exports by Locality of Destination: Prices for exports to China fell for the fourth consecutive month in October, decreasing 1.1 percent following a 2.4-percent drop in September. Export prices to China increased 3.3 percent for the year ended in October, the smallest 12-month advance since November 2020. The price index for exports to Japan declined 0.2 percent in October, after falling 2.1 percent the previous month. Prices for exports to Japan have not recorded a 1-month rise since May 2022. Despite the recent decreases, export prices to Japan rose 5.8 percent over the past year. The price index for exports to Mexico also fell in October, declining 1.1 percent. In contrast, prices for exports to Canada and the European Union advanced in October, increasing 0.6 percent and 0.5 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 declined 1.6 percent in October, after decreasing 2.4 percent in September. Lower export prices to China in October and higher import prices from China each contributed to the decline in U.S. terms of trade with China. Despite the decline, the index for U.S. terms of trade with China rose 1.2 percent over the past year. U.S. terms of trade with Japan fell 1.2 percent in October. U.S. terms of trade with Mexico also declined in October, decreasing 0.9 percent. In contrast, U.S. terms of trade with Canada and the European Union rose in October, advancing 1.9 percent and 0.7 percent, respectively. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 4.4 percent in October following a 4.7-percent advance the previous month. Higher Latin American/Caribbean and European fares in October more than offset lower Asian fares. The index for import air passenger fares increased 13.4 percent over the past year, the largest 12-month advance since the index rose 14.2 percent in April 2022. Import air freight prices declined 11.6 percent in October, after decreasing 1.2 percent in September. The October drop was driven by a 14.0- percent decline in air freight prices from Asia. Prices for import air freight fell 20.6 percent for the year ended in October, the largest over-the-year decrease since the 12-month percent change series was first published in September 1991. (See table 10.)

Exports: Export air passenger fares fell 1.6 percent in October following a 3.7-percent drop in September and a 2.4-percent decline in August. Lower Asian and European fares in October more than offset higher Latin American/Caribbean fares. Export air passenger fares increased 14.6 percent over the past 12 months. Export air freight prices decreased 4.6 percent in October, the largest monthly drop since the index fell 6.7 percent in October 2020. Despite the decline, export air freight prices increased 11.7 percent over the past year.

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