February 2023 U.S. Import and Export Price Indexes

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Prices for U.S. imports edged down 0.1 percent in February, after declining 0.4 percent in January, the U.S. Bureau of Labor Statistics reported today. Lower fuel prices in February more than offset higher nonfuel prices. U.S. export prices increased 0.2 percent in February following a 0.5-percent advance the previous month.

Imports

The price index for U.S. imports declined 0.1 percent in February. Prices for U.S. imports decreased each month since June 2022 with the exception of a 0.1-percent advance in December 2022. U.S. import prices declined 1.1 percent from February 2022 to February 2023, the first 12-month decrease since the index fell 0.3 percent in December 2020 and the largest over-the-year drop since a 1.3-percent decline in September 2020. (See table 1.)

Fuel Imports: Prices for import fuel fell 4.9 percent for the second consecutive month in February. Those are the largest monthly drops since September 2022 and import fuel prices have not risen on a 1-month basis since June 2022. Lower natural gas prices in February more than offset higher petroleum prices. Natural gas prices decreased 55.6 percent in February following a 10.3-percent advance in January and a 68.4-percent increase in December. In contrast, prices for import petroleum rose 1.5 percent in February. Import fuel prices declined 11.6 percent over the past year. The price index for import natural gas fell 16.4 percent for the year ended in February, and petroleum prices decreased 11.8 percent over the same period.

All Imports Excluding Fuel: Nonfuel import prices rose 0.4 percent in February following a 0.2-percent advance in January. Higher prices in February for consumer goods; foods, feeds, and beverages; capital goods; and automotive vehicles more than offset lower nonfuel industrial supplies and materials prices. Prices for nonfuel imports advanced 0.2 percent from February 2022 to February 2023.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages increased 1.3 percent in February, after advancing 1.2-percent the previous month. In February, higher fruit prices more than offset lower vegetable prices.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials edged down 0.1 percent in February following a 0.3-percent drop in January. The February decline was driven by lower chemical prices.

Finished Goods: Import prices increased for each of the major finished goods categories in February. The price index for consumer goods increased 0.5 percent in February, led in part by higher prices for medicinal, dental, and pharmaceutical materials. The February increase in consumer goods prices was the largest monthly advance since December 2021. Capital goods prices rose 0.3 percent for the second consecutive month in February and those are the largest 1-month advances since May 2022. Prices for automotive vehicles increased 0.2 percent in February, after rising 0.3 percent the previous month. Both monthly advances were driven by higher parts prices.

Exports

Prices for U.S. exports advanced 0.2 percent in February, after rising 0.5 percent in January. Those are the first monthly increases in export prices since June 2022. Despite the recent advances, U.S. export prices declined 0.8 percent over the past 12 months, the first over-the-year decrease since the index fell 1.0 percent from November 2019 to November 2020. (See table 2.)

Agricultural Exports: The price index for agricultural exports rose 1.0 percent in February following declines of 0.9 percent in January and 2.4 percent in December. Higher prices in February for vegetables, soybeans, and corn more than offset declining meat prices. Agricultural export prices increased 3.3 percent over the past year, the smallest 12-month advance since October 2020.

All Exports Excluding Agriculture: Nonagricultural export prices ticked up 0.1 percent in February, after rising 0.6 percent the previous month. Higher prices for capital goods and consumer goods more than offset lower prices for nonagricultural industrial supplies and materials, automotive vehicles, and nonagricultural foods. Prices for nonagricultural exports declined 1.5 percent for the year ended in February, the first 12- month drop since the index edged down 0.1 percent in December 2020 and the largest over-the-year decrease since a 1.6-percent decline in November 2020.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials fell 0.5 percent in February following a 0.3-percent increase the previous month. The February decline was led by a 2.2-percent decrease in export fuel prices.

Finished Goods: Export prices for the major finished goods categories were mostly up in February. Capital goods prices rose 0.6 percent, after advancing 0.8 percent in January. The February advance was driven by higher prices for semiconductors; transportation equipment excluding motor vehicles; and industrial and service machinery. Prices for export consumer goods rose 0.7 percent in February following a 1.1-percent increase the previous month. Higher prices for medicinal, dental, and pharmaceutical materials contributed to the advance. The price index for automotive vehicles edged down 0.1 percent in February, after a 1.6- percent increase 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: Prices for imports from China were unchanged in February, after falling 0.5 percent the previous month. Import prices from China have not recorded a monthly advance since October 2022. Prices for imports from China declined 0.4 percent over the past 12 months, the largest over- the-year decrease since July 2020. Import prices from Japan fell 0.5 percent in February following a 0.2- percent rise the previous month. The February decline was the first monthly decrease since November 2022 and the largest decline since June 2015. Despite the February drop, prices for imports from Japan rose 1.4 percent over the past year. The price index for imports from Canada declined 4.4 percent in February, the largest 1-month drop since July 2022. Prices for imports from Canada decreased 10.3 percent over the past year, the largest 12-month decline since June 2020. In contrast, import prices from the European Union and Mexico both rose 0.4 percent in February. (See table 7.)

Exports by Locality of Destination: Export prices to China rose 1.2 percent in February following a 0.8- percent advance in January. The February increase was the largest monthly rise since June 2022. Despite the recent advances, prices for exports to China fell 3.6 percent over the past year. The price index for exports to Japan increased 3.3 percent in February, the largest 1-month advance since March 2022. Export prices to Japan also rose for the year ended in February, increasing 0.6 percent. Prices for exports to Canada advanced 0.5 percent in February, after declining 0.5 percent the previous month. In contrast, export prices to the European Union fell 0.6 percent in February and prices for exports to Mexico decreased 0.8 percent. (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 1.2 percent for the second consecutive month in February. Despite the recent increases, U.S. terms of trade with China fell 3.2 percent over the past year. The index for U.S. terms of trade with Japan rose 3.8 percent in February, after declining 0.5 percent the previous month. In February, both higher export prices to Japan and lower import prices from Japan contributed to the advance. U.S. terms of trade with Japan fell 0.9 percent for the year ended in February. U.S. terms of trade with Canada increased 5.1 percent in February and 14.7 percent over the past 12 months. The indexes for U.S. terms of trade with the European Union and Mexico fell in February, declining 1.0 percent and 1.2 percent, respectively. (See table 9.)

Import and Export Services

Imports: Import air passenger fares advanced 2.1 percent in February following a 12.4-percent drop the previous month. Higher Latin American/Caribbean fares in February more than offset lower European and Asian fares. The index for import air passenger fares rose 18.6 percent for the year ended in February. Import air freight prices decreased 4.7 percent in February, after declining 11.8 percent in January. The February drop was driven by a 7.3-percent decrease in Asian air freight prices. Prices for import air freight fell 31.6 percent from February 2022 to February 2023. (See table 10.)

Exports: Export air passenger fares declined 13.7 percent in February following a 12.4-percent increase in January. The February drop in export air passenger fares was the largest monthly decrease since the 1- month percent change series was first published in January 2001. Lower Latin American/Caribbean, Asian, and European fares in February all contributed to the decline. Despite the February decrease, export air passenger fares rose 9.2 percent over the past year. Export air freight prices advanced 3.5 percent in February, the largest monthly increase since March 2022. Prices for export air freight rose 3.8 percent over the past 12 months.

U.S. Import and Export Price Index data for March 2023 are scheduled for release on Friday, April 14, 2023, at 8:30 a.m. (ET).