June 2023 U.S. Import and Export Price Indexes

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The price index for U.S. imports fell 0.2 percent in June following a 0.4-percent decline in May, the U.S. Bureau of Labor Statistics reported today. Lower nonfuel prices in June more than offset higher fuel prices. Prices for U.S. exports decreased 0.9 percent in June, after declining 1.9 percent the previous month.

Imports

U.S. import prices decreased 0.2 percent in June and have fallen in 5 of the first 6 months of 2023, after rising 3.2 percent in 2022. Prices for U.S. imports declined 6.1 percent over the past year, the largest 12- month drop since the year ended May 2020. (See table 1.)

Fuel Imports: Prices for import fuel rose 0.8 percent in June following a 4.3-percent decline the previous month. Higher petroleum prices in June more than offset lower natural gas prices. Despite the June advance, import fuel prices fell 36.4 percent over the past year, the largest 12-month drop since a 37.5-percent decrease in June 2020. The price index for petroleum rose 1.1 percent in June, after falling 3.8 percent in May. Petroleum prices declined 35.1 percent for the year ended in June. In contrast, natural gas prices decreased in June, falling 5.6 percent following a 20.9-percent drop the previous month. Prices for import natural gas declined 78.4 percent from January to June, driving the index down 70.8 percent over the past 12 months. The 12-month decrease was the largest over-the-year drop since the 12-month percent change series was first published in September 1982.

All Imports Excluding Fuel: The price index for nonfuel imports declined 0.4 percent in June, after being unchanged the previous month. Lower prices for nonfuel industrial supplies and materials; consumer goods; capital goods; foods, feeds, and beverages; and automotive vehicles all contributed to the overall decline in June. Prices for nonfuel imports decreased 1.4 percent for the year ended in June.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages fell 0.3 percent in June following a 1.3-percent drop in May. Lower prices for fish and shellfish in June more than offset higher prices for fruit and meat.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices decreased 1.1 percent in June following a 0.2-percent decline the previous month. The June drop was led by lower prices for unfinished metals and nonmetals related to durable goods.

Finished Goods: Prices for each of the major finished goods import categories were down in June. The price index for consumer goods fell 0.3 percent in June following 0.1-percent advances in both May and April. Lower household goods prices contributed to the decrease in June. Capital goods prices edged down 0.1 percent in June, after being unchanged in May. The decline in June was driven by a 0.3-percent drop in computer prices. Prices for automotive vehicles fell 0.1 percent in June following a 0.3-percent increase the previous month. The June decrease was led by lower prices for parts, engines, bodies, and chassis.

Exports

The price index for U.S. exports declined 0.9 percent in June, after falling 1.9 percent the previous month. Lower prices for nonagricultural exports and agricultural exports in June each contributed to the overall decrease. U.S. export prices fell 12.0 percent from June 2022 to June 2023, the largest over-the-year decline since the 12-month percent change series was first published in September 1984. (See table 2.)

Agricultural Exports: Prices for agricultural exports fell 1.6 percent in June following a 2.4-percent decline the previous month. Lower prices in June for soybeans, fruit, and nuts more than offset higher meat prices. The price index for agricultural exports decreased 9.8 percent for the year ended in June, the largest over-the-year decline since a 10.7-percent drop from March 2015 to March 2016.

All Exports Excluding Agriculture: Nonagricultural prices decreased 0.9 percent in June following a 1.9- percent drop in May. Lower prices for nonagricultural industrial supplies and materials and nonagricultural foods in June more than offset higher prices for capital goods, consumer goods, and automotive vehicles. Prices for nonagricultural exports declined 12.4 percent over the past 12 months, the largest over-the-year drop since the 12-month percent change series was first published in March 1986.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials declined 2.4 percent in June, after falling 4.6 percent in May. The 7.2-percent drop in the second quarter of 2023 was the largest 3-month decrease since January 2023. The June drop was led by lower prices for fuels, chemicals, and nonferrous metals.

Finished Goods: Prices for each of the major finished goods export categories were up in June. Capital goods prices advanced 0.2 percent, after ticking up 0.1 percent in May. The June increase was driven by a 1.8-percent rise in the price index for transportation equipment excluding motor vehicles. Prices for consumer goods advanced 0.1 percent in June following a 0.2-percent increase the previous month. The June rise was led by a 3.9-percent advance in jewelry prices. Automotive vehicles prices rose 0.1 percent for the second consecutive month in June. Higher prices for parts, engines, bodies, and chassis contributed to the increases in June and 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 0.4 percent for the third consecutive month in June, led by a 0.7-percent decrease in prices for computer and electronic product manufacturing. Prices for imports from China have not recorded a monthly advance since October 2022. The price index for imports from China decreased 2.3 percent over the past year, the largest 12-month drop since November 2009. In contrast, import prices from Japan ticked up 0.1 percent in June, after declining 0.2 percent the previous month. Prices for imports from Japan advanced 0.6 percent over the past 12 months. The price index for imports from Canada fell 0.8 percent in June following a 1.0-percent drop in May. Import prices from Canada decreased 21.9 percent for the year ended in June, the largest 12-month decline since a 26.0- percent drop in May 2020. Prices for imports from the European Union decreased 0.3 percent in June and import prices from Mexico increased 0.2 percent over the same period. (See table 7.)

Exports by Locality of Destination: Prices for exports to China declined 1.1 percent in June, after falling 2.3 percent the previous month. Export prices to China decreased 14.1 percent over the past 12 months. The price index for exports to Japan fell 1.5 percent in June following a 3.1-percent decline in May. Prices for exports to Japan decreased 14.3 percent for the year ended in June, the largest over-the-year drop since the 12-month percent change series was first published in December 2018. Export prices to Canada were unchanged in June following a 0.9-percent decline the previous month. The price index for exports to the European Union fell 0.5 percent in June and prices for exports to Mexico decreased 0.4 percent over the same period. (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 fell 0.7 percent in June, after declining 2.0 percent in May. Lower export prices to China in June more than offset lower import prices from China. The index for U.S. terms of trade with China fell 12.1 percent over the past 12 months, the largest over-the-year drop since the 12-month percent change series was first published in December 2018. U.S. terms of trade with Japan decreased 1.7 percent in June and fell 14.9 percent over the past year. The indexes for U.S. terms of trade with the European Union and Mexico declined 0.3 percent and 0.5 percent, respectively, in June. In contrast, U.S. terms of trade with Canada advanced 0.7 percent in June and rose 22.6 percent for the year ended in June. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 10.0 percent in June following an 8.0-percent increase the previous month. The June advance was the largest monthly rise in import air passenger fares since June 2022. The June 2023 increase was primarily driven by an 11.6-percent advance in European fares. Import air passenger fares rose 6.2 percent for the year ended in June. Import air freight prices increased 4.0 percent in June, after decreasing 4.0 percent in May. The June advance was led by a 4.7-percent rise in Asian air freight prices. Despite the June increase, import air freight prices declined 33.8 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares advanced 9.3 percent in June following a 5.5-percent drop in May. The June increase was the largest 1-month rise since a 12.4-percent advance in January 2023. Higher Latin American/Caribbean and European fares primarily drove the June increase. Export air passenger fares rose 4.2 percent from June 2022 to June 2023. Export air freight prices fell 4.6 percent in June, after declining 3.8 percent the previous month. Prices for export air freight decreased 19.0 percent over the past 12 months, the largest over-the-year drop since the 12-month percent change series was first published in December 1997.

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