July 2023 U.S. Import and Export Price Indexes

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Prices for U.S. imports advanced 0.4 percent in July following a 0.1-percent decline the previous month, the U.S. Bureau of Labor Statistics reported today. The July increase was driven by higher fuel prices. U.S. export prices rose 0.7 percent in July, after decreasing 0.7 percent in June.

Imports

The price index for U.S. imports rose 0.4 percent in July, only the second monthly advance in 2023. Despite the July rise, U.S. import prices declined 4.4 percent over the past 12 months, after increasing 8.8 percent from July 2021 to July 2022. (See table 1.)

Fuel Imports: Import fuel prices advanced 3.6 percent in July, after increasing 1.9 percent in June. Higher prices for petroleum and natural gas in July contributed to the rise. Despite the advances the past 2 months, import fuel prices decreased 29.0 percent over the past year. Prices for import petroleum rose 3.5 percent in July following a 2.1-percent increase the previous month. Petroleum prices last advanced in consecutive months in June 2022. Prices for import petroleum fell 28.2 percent for the year ended in July. The price index for natural gas rose for the first time since January 2023, increasing 12.1 percent, after a 1.5-percent drop in June. The July advance was the largest rise since the index advanced 68.4 percent in December 2022. Import natural gas prices declined 58.8 percent over the past 12 months, less than the record 70.7- percent over-the-year decrease in June.

All Imports Excluding Fuel: Nonfuel import prices were unchanged in July following a 0.3-percent decrease the previous month. Lower prices in July for nonfuel industrial supplies and materials and consumer goods offset higher prices for foods, feeds, and beverages; automotive vehicles; and capital goods. Nonfuel import prices declined 0.9 percent from July 2022 to July 2023.

Foods, Feeds, and Beverages: Import prices for foods, feeds, and beverages advanced 2.5 percent in July, after edging down 0.1 percent in June. Higher prices for fruit, vegetables, and meat all contributed to the increase in July.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials decreased 1.4 percent in July following a 1.2-percent drop the previous month. The decreases in both July and June were led by lower unfinished metal prices.

Finished Goods: Prices for the major finished goods import categories were mixed in July. Automotive vehicles prices rose 0.3 percent following a 0.1-percent drop the previous month. The July advance was driven by higher prices for both passenger cars and vehicles designed to transport goods. Capital goods prices ticked up 0.1 percent in July, after edging down 0.1 percent in June. The increase was led by higher prices in July for civilian aircraft, engines, and parts. In contrast, consumer goods prices fell 0.1 percent in July, after declining 0.2 percent in June. The decrease in July was driven by lower prices for nonmanufactured consumer goods.

Exports

U.S. export prices increased 0.7 percent in July, after declining 0.7 percent the previous month. The advance in July was the largest monthly increase since a 1.1-percent rise in June 2022. Higher prices in July for both agricultural and nonagricultural exports contributed to the overall advance. Despite the July increase, U.S. export prices fell 7.9 percent from July 2022 to July 2023. (See table 2.)

Agricultural Exports: The price index for agricultural exports rose 0.9 percent in July following declines of 1.5 percent in June and 2.3 percent in May. Higher prices for soybeans, meat, and wheat in July more than offset lower prices for corn, fruit, and nuts. Export agricultural prices declined 5.8 percent for the year ended in July.

All Exports Excluding Agriculture: Prices for nonagricultural exports advanced 0.6 percent in July, after decreasing 0.6 percent the previous month. The July increase was the first monthly rise since February 2023 and the largest 1-month advance since a 1.2-percent increase in June 2022. Higher prices for nonagricultural industrial supplies and materials, capital goods, and automotive vehicles more than offset lower prices for consumer goods and nonagricultural foods. Nonagricultural export prices declined 8.2 percent over the past year.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices rose 1.5 percent in July following a 1.5-percent decrease the previous month. The advance in July was driven by a 6.7-percent increase in export fuel prices.

Finished Goods: Prices for the major finished goods export categories were mixed in July. Capital goods prices ticked up 0.1 percent, after advancing 0.2 percent in June. Prices for export capital goods have not declined on a monthly basis since November 2022. Automotive vehicles prices rose 0.2 percent in July following a 0.1-percent increase the previous month. The July advance was driven by higher parts prices. In contrast, consumer goods prices declined 0.2 percent in July, after rising 0.1 percent in June. The decrease in July was the first 1-month drop since the index declined 0.3 percent in November 2022 and was led by lower prices for manufactured nondurable goods and nonmanufactured consumer goods.

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 fell 0.2 percent in July following a 0.4- percent decrease the previous month. Import prices from China have not recorded a monthly increase since October 2022. The price index for imports from China declined 2.3 percent for the year ended in July, the largest 12-month drop since November 2009. In contrast, prices for imports from Japan advanced 0.3 percent in July, after being unchanged in June. Higher chemical prices in July led the increase. Import prices from Japan rose 1.0 percent over the past 12 months. The price index for imports from Canada increased 3.0 percent in July, the largest 1-month advance since March 2022. Despite the July rise, prices for imports from Canada declined 15.1 percent over the past year. Import prices from Mexico and the European Union also advanced in July, increasing 2.4 percent and 0.2 percent, respectively. The July increase in prices for imports from Mexico was the largest monthly rise since April 2011. (See table 7.)

Exports by Locality of Destination: Export prices to China rose 1.5 percent in July, after falling 1.6 percent in June. Despite the July advance, the price index for exports to China declined 8.8 percent over the past 12 months. Prices for exports to Japan increased 0.3 percent following a 1.2-percent drop the previous month. The July advance was the first monthly rise since February 2023. Export prices to Japan decreased 11.2 percent from July 2022 to July 2023. The price index for exports to Canada rose 1.0 percent in July, the largest 1-month advance since May 2022. Despite the July increase, export prices to Canada decreased 1.8 percent over the past year. Prices for exports to Mexico and the European Union also advanced in July, rising 0.7 percent and 0.9 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 rose 1.7 percent in July, after declining 1.2 percent in June. Higher export prices to China and lower import prices from China each contributed to the July increase. U.S. terms of trade with China decreased 6.7 percent over the past 12 months. U.S. terms of trade with Japan were unchanged in July following a 1.2-percent decline in June. U.S. terms of trade with Japan fell 12.1 percent for the year ended in July. The index for U.S. terms of trade with Canada fell 1.8 percent in July, after ticking up 0.1 percent in June. The July decrease was the largest monthly drop since March 2022. U.S. terms of trade with Mexico fell 1.7 percent in July and U.S. terms of trade with the European Union rose 0.7 percent over the same period. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 9.2 percent in July, following a 10.0-percent increase in June. The July drop was the largest 1-month decline since a 12.4-percent decrease in January 2023 and was mostly driven by lower European fares. Import air passenger fares fell 3.5 percent for the year ended in July, the first 12-month decline since February 2022. The price index for import air freight rose 1.3 percent in July following a 6.1-percent increase the previous month. Higher Asian air freight prices in July more than offset lower European air freight prices. Despite the recent advances, import air freight prices decreased 22.4 percent over the past 12 months. (See table 10.)

Exports: Export air passenger fares increased 4.2 percent in July, after rising 9.3 percent the previous month. Higher Latin American/Caribbean fares mainly led the July advance in export air passenger fares. The index for export air passenger fares rose 0.2 percent over the past year, the smallest 12-month advance since the index last fell on an over-the-year basis in November 2021. Prices for export air freight rose 1.0 percent in July, after falling 3.8 percent in each of the 2 previous months. Despite the July increase, export air freight prices declined 16.4 percent over the past 12 months.

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