September 2023 U.S. Import and Export Price Indexes

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Prices for U.S. imports ticked up 0.1 percent in September following a 0.6-percent advance the previous month, the U.S. Bureau of Labor Statistics reported today. Higher fuel prices drove the September increase. U.S. export prices rose 0.7 percent in September, after advancing 1.1 percent in August.

Imports

The price index for U.S. imports increased 0.1 percent in September as higher fuel prices more than offset lower nonfuel prices. U.S. import prices last declined on a monthly basis in June, and advanced 0.9 percent in the third quarter of 2023. Despite the recent increases, prices for U.S. imports declined 1.7 percent for the year ended in September. (See table 1.)

Fuel Imports: Import fuel prices advanced 4.4 percent in September, after rising 8.8 percent in August. The index has not recorded a 1-month decline since May 2023. Higher prices for petroleum in September more than offset a drop in natural gas prices. In spite of the recent increases, import fuel prices decreased 8.9 percent for the year ended in September. Prices for import petroleum rose 4.9 percent in September following a 9.0-percent increase the previous month. Import petroleum prices fell 6.6 percent over the past 12 months. In contrast, the price index for import natural gas declined 7.8 percent, after advances of 13.4 percent in August and 13.7 percent in July. Prices for natural gas decreased 53.8 percent from September 2022 to September 2023.

All Imports Excluding Fuel: Prices for nonfuel imports decreased 0.2 percent for the second consecutive month in September. Lower prices in September for foods, feeds, and beverages; nonfuel industrial supplies and materials; capital goods; and automotive vehicles all contributed to the September decline in nonfuel import prices. Nonfuel import prices fell 0.8 percent over the past year.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages declined 1.3 percent in September, the largest monthly drop since the index fell 1.5 percent in August 2022. The decline was driven by lower fruit prices.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials fell 0.5 percent in September led by lower prices for unfinished metals, paper, and selected building materials. Nonfuel industrial supplies and materials prices have not risen on a monthly basis since February 2023.

Finished Goods: Prices for most of the major import finished goods categories declined in September. Capital goods prices declined 0.1 percent for the second consecutive month. The September decrease was driven by lower prices for oil drilling, mining, and construction machinery and equipment. Prices for import automotive vehicles edged down 0.1 percent in September, after being unchanged the previous month. The decline was led by lower prices for parts, engines, bodies, and chassis. The price index for import consumer goods was unchanged in September.

Exports

U.S. export prices rose 0.7 percent in September following a 1.1-percent increase in August. Higher prices for nonagricultural exports in September more than offset lower agricultural prices. Despite the recent advances, prices for U.S. exports decreased 4.1 percent over the past year. The 12-month drop in September was the smallest over-the-year decline since February 2023. (See table 2.)

Agricultural Exports: The price index for agricultural exports fell 1.1 percent in September, after decreasing 2.1 percent the previous month. Lower prices in September for soybeans, corn, wheat, and meat all contributed to the decline in agricultural export prices. Prices for agricultural exports fell 7.8 percent from September 2022 to September 2023.

All Exports Excluding Agriculture: Prices for nonagricultural exports rose 1.0 percent in September following a 1.5-percent increase the previous month. Higher prices for nonagricultural industrial supplies and materials, automotive vehicles, and capital goods in September offset lower prices for consumer goods and nonagricultural food. Despite the recent increases, nonagricultural export prices declined 3.8 percent for the year ended in September.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices advanced 2.2 percent in September and 6.8 percent over the past 3 months. The increases in each of the past 3 months were driven by higher fuel prices. Export fuel prices advanced 4.8 percent in September, 7.3 percent in August, and 5.2 percent in July.

Finished Goods: Prices for the major finished goods export categories were mixed in September. Automotive vehicles prices rose 1.0 percent, after advancing 0.3 percent in August. The September increase was the largest 1-month rise since January 2023 and was led by higher passenger cars prices. Prices for export capital goods ticked up 0.1 percent for the third consecutive month in September. Export capital goods prices have not decreased on a monthly basis since November 2022. The September increase was led by a 0.9-percent advance in semiconductor prices. In contrast, the price index for export consumer goods fell 0.3 percent in September, following a 0.3-percent drop in August.

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 0.3 percent in September, after being unchanged the previous month. The price index for imports from China has not recorded a monthly increase since October 2022. Import prices from China declined 2.6 percent over the past 12 months, the largest over-the-year drop since October 2009. Prices for imports from Japan rose 0.1 percent in September following a 0.1-percent decline in August. Import prices from Japan advanced 1.0 percent over the past year. Prices for imports from Canada increased 0.8 percent in September and 5.6 percent in the third quarter of 2023. Despite those advances, prices for imports from Canada fell 6.7 percent for the year ended in September. Import prices from the European Union and Mexico decreased in September, falling 0.2 percent and 0.1 percent, respectively. Prices for imports from the European Union rose 2.4 percent over the past year and prices for imports from Mexico advanced 3.7 percent. (See table 7.)

Exports by Locality of Destination: The price index for exports to China increased 1.0 percent in September, after declining 0.6 percent in August. Despite the September rise, prices for exports to China decreased 5.3 percent over the past 12 months. Export prices to Japan also rose 1.0 percent in September after being unchanged the previous month. The September advance was the first 1-month increase since the index rose 1.1 percent in February 2023. Prices for exports to Japan fell 7.5 percent over the past year. The price indexes for exports to Canada and Mexico also rose in September, increasing 0.5 percent and 0.2 percent, respectively. Export prices to the European Union advanced 1.1 percent in September, after increasing 0.4 percent in August. (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 1.3 percent in September, after decreasing 0.7 percent in August. Higher export prices to China and lower import prices from China each contributed to the advance. U.S. terms of trade with China decreased 2.8 percent for the year ended in September. The index for U.S. terms of trade with Japan increased 0.9 percent in September, the largest rise since February 2023. U.S. terms of trade with Japan fell 8.4 percent over the past year. In contrast, U.S. terms of trade with Canada declined 0.2 percent in September following a 2.8- percent drop the previous month. The indexes for U.S. terms of trade with Mexico and the European Union rose 0.4 percent and 1.3 percent, respectively, in September. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 9.9 percent in September, after declining 14.1 percent in August and 9.2 percent in July. The September upturn was driven by a 17.7-percent advance in European fares. Despite the September increase, import air passenger fares decreased 3.4 percent over the past year. The price index for import air freight increased in September, advancing 4.3 percent following a 13.9-percent decrease the previous month. The September rise was led by higher prices for import freight from Asia. Import air freight prices fell 32.8 percent for the year ended in September. (See table 10.)

Exports: Export air passenger fares declined 4.5 percent in September, after decreasing 8.8 percent the previous month. Lower Latin American/Caribbean and Asian fares in September more than offset higher European fares. The index for export air passenger fares fell 7.2 percent from September 2022 to September 2023, the largest 12-month drop since an 11.5-percent decline for the year ended July 2020. Prices for export air freight decreased 1.8 percent in September following a 2.8-percent increase in August. The September decline was driven by a 3.8-percent drop in Asian air freight prices. Export air freight prices fell 13.9 percent over the past 12 months.

U.S. Import and Export Price Index data for October 2023 are scheduled for release on Thursday, November 16, 2023, at 8:30 a.m. (ET).