April 2023 U.S. Import and Export Price Indexes

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Prices for U.S. imports increased 0.4 percent in April following a 0.8-percent decline in March, the U.S. Bureau of Labor Statistics reported today. Higher fuel prices drove the advance in April. The price index for U.S. exports rose 0.2 percent in April, after declining 0.6 percent the previous month.

Imports

U.S. import prices advanced 0.4 percent in April, the first monthly increase since December 2022. Despite the April rise, the price index for U.S. imports declined over the past year, falling 4.8 percent on a 12-month basis for the second consecutive month. Those were the largest over-the-year drops since the index decreased 6.3 percent in May 2020. (See table 1.)

Fuel Imports: Prices for import fuel rose 4.5 percent in April following a 3.9-percent drop in March and a 5.6-percent decline in February. The April advance was the first monthly increase since June 2022. Despite the monthly rise, import fuel prices fell 25.9 percent over the past year. Higher petroleum prices drove the increase for the month, more than offsetting lower prices for natural gas. Prices for import petroleum advanced 5.7 percent in April, after decreasing 2.5 percent in March and edging down 0.1 percent in February. Import petroleum prices declined 25.7 percent from April 2022 to April 2023. The price index for import natural gas fell 17.4 percent in April following drops of 28.8 percent in March and 49.9 percent in February. Natural gas prices decreased 45.7 percent over the past year, the largest 12-month decline since April 2015.

All Imports Excluding Fuel: Nonfuel import prices were unchanged in April, after decreasing 0.5 percent the previous month. Higher prices in April for consumer goods and foods, feeds, and beverages offset price decreases for nonfuel industrial supplies and materials and capital goods; automotive vehicles prices were unchanged for the month. The price index for nonfuel imports fell 1.9 percent over the past 12 months, the largest over-the-year drop since April 2016.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices advanced 0.2 percent in April following a 0.9-percent decline in March. Higher prices for fruit and meat in April more than offset lower prices for vegetables.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials decreased 0.2 percent in April, after declining 1.5 percent in March. Lower unfinished building materials prices drove the decrease for the month.

Finished Goods: Import prices for the major finished goods categories were mixed in April. The price index for consumer goods rose 0.2 percent, led by a 0.4-percent increase in prices for medicinal, dental, and pharmaceutical imports. Despite the monthly advance, consumer goods prices fell 0.2 percent from April 2022 to April 2023. The price index for capital goods edged down 0.1 percent for the second consecutive month in April. Automotive vehicles prices were unchanged in April and rose 1.9 percent over the past year.

Exports

U.S. export prices increased 0.2 percent in April, after declining 0.6 percent the previous month. Higher prices for nonagricultural exports and agricultural exports in April each contributed to the overall advance. The price index for U.S. exports fell 5.9 percent from April 2022 to April 2023, the largest over-the-year drop since a 6.7-percent decline in May 2020. (See table 2.)

Agricultural Exports: Agricultural export prices rose 0.4 percent in April following a 1.9-percent decrease in March. Higher prices for corn, nuts, meat, and vegetables in April more than offset lower fruit and soybeans prices. Despite the monthly rise, prices for agricultural exports fell 3.9 percent over the past year, the largest 12-month drop since the index fell 4.5 percent for the year ended June 2020. The over-the-year decrease in April was primarily driven by lower prices for soybeans, corn, meat, and wheat.

All Exports Excluding Agriculture: Prices for nonagricultural exports advanced 0.2 percent in April, after a 0.5-percent decrease the previous month. Higher prices in April for nonagricultural industrial supplies and materials, capital goods, and consumer goods more than offset lower prices for automotive vehicles. Nonagricultural export prices declined 6.3 percent from April 2022 to April 2023, the largest 12-month decrease since the index fell 7.0 percent in May 2020.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 0.2 percent in April following a 1.4-percent drop in March. The April advance was driven by higher petroleum and nonmonetary gold prices.

Finished Goods: Prices for the major finished goods export categories were mostly up in April. Consumer goods prices rose 0.3 percent following increases of 0.2 percent in March and 0.7 percent in February. The price index for capital goods advanced 0.2 percent in April, after rising 0.2 percent in March, 0.6 percent in February, and 0.7 percent in January. The increase in April was led by rising prices for nonelectrical machinery. Prices for automotive vehicles decreased 0.3 percent in April following a 0.1-percent increase in March and a 0.1-percent decline in February.

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 decreased 0.3 percent in April, after declines of 0.5 percent in March, 0.1 percent in February, and 0.5 percent in January. The April drop was led by lower prices for computer and peripheral equipment manufacturing. Import prices from China fell 1.9 percent over the past year. By contrast, prices for imports from Japan increased 0.4 percent in April, the largest monthly advance since the index rose 0.9 percent in October 2022. The price index for imports from Japan increased 0.8 percent from April 2022 to April 2023. Import prices from Canada advanced 0.2 percent in April, after declining 4.9 percent over the previous 3 months. Despite the April increase, prices for imports from Canada fell 18.2 percent over the past year, the largest 12-month drop since May 2020. The price indexes for imports from Mexico and the European Union each rose in April, advancing 0.7 percent and 0.5 percent, respectively. (See table 7.)

Exports by Locality of Destination: Prices for exports to China increased 0.7 percent in April following a 0.8-percent decline the previous month. The price index for exports to China fell 8.0 percent over the past year. Export prices to Japan advanced 0.9 percent in April, after decreasing 1.3 percent in March. Despite the April rise, prices for exports to Japan declined 7.8 percent over the past 12 months. Export prices to Canada increased 0.6 percent in April following a 0.9-percent drop the previous month. The price index for exports to Mexico declined 0.4 percent in April. In contrast, prices for exports to the European Union advanced 1.2 percent in April. (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 increased 1.0 percent in April, after falling 0.4 percent in March. Lower import prices from China and higher export prices to China each contributed to the rise in U.S. terms of trade with China in April. Despite the monthly rise, U.S. terms of trade with China fell 6.2 percent over the past year. The index for U.S. terms of trade with Japan increased 0.5 percent in April following a 1.0-percent decline the previous month. U.S. terms of trade with Japan decreased 8.5 percent from April 2022 to April 2023. U.S. terms of trade with Mexico fell 1.0 percent in April and decreased 8.5 percent over the past year. In contrast, the indexes for U.S. terms of trade with the European Union and Canada advanced in April, increasing 0.7 percent and 0.4 percent, respectively. (See table 9.)

Import and Export Services

Imports: Import air passenger fares declined 5.4 percent in April following a 1.9-percent increase in March. Lower Latin American/Caribbean and European fares in April more than offset higher Asian fares. The index for import air passenger fares advanced 1.5 percent over the past 12 months. Import air freight prices rose 3.1 percent in April, after decreases of 2.7 percent in March and 4.7 percent in February. Higher Asian air freight prices drove the advance, more than offsetting lower prices for European air freight. Prices for import air freight decreased 31.5 percent over the past year. (See table 10.)

Exports: Export air passenger fares advanced 0.6 percent in April, after increasing 6.4 percent in March and decreasing 13.7 percent in February. Higher Latin American/Caribbean and Asian fares in April more than offset lower European fares. Export air passenger fares rose 9.1 percent from April 2022 to April 2023. Prices for export air freight fell 2.1 percent in April following a 4.4-percent drop in March. Those were the first monthly declines since the index decreased 2.9 percent in November 2022. Export air freight prices fell 8.6 percent over the past 12 months, the largest over-the-year drop since the index declined 9.0 percent in December 2009.

U.S. Import and Export Price Index data for May 2023 are scheduled for release on Thursday, June 15, 2023, at 8:30 a.m. (ET).