November 2023 U.S. Import and Export Price Indexes

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

Prices for U.S. imports decreased 0.4 percent in November following a 0.6-percent decline the previous month, the U.S. Bureau of Labor Statistics reported today. Lower fuel prices in November more than offset an increase in nonfuel prices. U.S. export prices fell 0.9 percent for the second consecutive month in November.

Imports

U.S. import prices decreased 0.4 percent in November and 0.6 percent in October, the first 1-month declines since June 2023. The October decrease was the largest 1-month decline since the index fell 0.8 percent in March 2023. Prices for U.S. imports fell 1.4 percent for the year ended in November. (See table 1.)

Fuel Imports: The price index for import fuel declined 5.6 percent in November following a 3.7-percent drop in October. The November decrease was the largest monthly decline since the index fell 5.6 percent in February 2023. Lower petroleum prices in November more than offset higher natural gas prices. Prices for import petroleum declined 7.1 percent in November, after decreasing 3.8 percent the previous month. The November drop was the largest 1-month decrease since August 2022. In contrast, natural gas prices rose 38.3 percent in November, the largest 1-month rise since December 2022. Prices for import fuel declined 10.3 percent over the past 12 months. Petroleum prices decreased 9.2 percent for the year ended in November, and prices for natural gas, despite the November advance, declined 34.8 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports rose 0.2 percent in November, after declining 0.2 percent in each of the 3 previous months. The November increase was the first 1-month advance since a 0.4- percent rise in February 2023. Higher prices for foods, feeds, and beverages and nonfuel industrial supplies and materials more than offset lower prices for automotive vehicles. Despite the November increase, nonfuel import prices declined 0.4 percent over the past year.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices advanced 0.9 percent in November, after declining 0.5 percent in October and 0.3 percent in September. Higher prices in November for vegetables and fruit more than offset lower prices for fish and shellfish, and meat.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 0.2 percent in November following a 0.6-percent decline the previous month. The November advance was the first 1-month increase since February 2023. Higher prices for nonmonetary gold in November drove the advance in nonfuel industrial supplies and materials prices.

Finished Goods: Prices for the major finished goods import categories were mostly unchanged in November. Automotive vehicles prices edged down 0.1 percent in November, after increasing 0.3 percent in October. The November decline was the first monthly drop since June 2023 and was led by lower prices for parts, engines, bodies, and chassis. The price index for capital goods was unchanged in November, after declining 0.1 percent the previous month. Prices for consumer goods were unchanged in November following a 0.1-percent drop in October.

Exports

U.S. export prices decreased 0.9 percent in November, after a 0.9-percent decline the previous month. Lower prices for nonagricultural exports in November more than offset higher agricultural prices. The price index for U.S. exports also declined over the past 12 months, decreasing 5.2 percent from November 2022 to November 2023. (See table 2.)

Agricultural Exports: The price index for export agricultural goods advanced 0.2 percent in November following a 4.1-percent decline over the past 3 months. Higher fruit and soybeans prices in November more than offset lower prices for corn, meat, and other foods and food preparations. In spite of the advance, prices for agricultural exports declined 10.5 percent for the year ended in November, the largest 12-month drop for the index since a 10.7-percent decrease from March 2015 to March 2016.

All Exports Excluding Agriculture: Nonagricultural export prices decreased 1.0 percent for the second consecutive month in November. The declines followed a 2.7-percent increase for the third quarter of 2023. Lower prices in November for nonagricultural industrial supplies and materials, capital goods, consumer goods, and automotive vehicles more than offset higher nonagricultural food prices. Prices for nonagricultural exports decreased 4.5 percent for the year ended in November.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials fell 2.2 percent in November, after decreasing 2.4 percent the previous month. Lower fuel prices drove the declines for both months, decreasing 5.1 percent in November and 4.3 percent in October. The November drop in fuel prices was the largest monthly decline since May 2023.

Finished Goods: Prices for each of the major finished goods export categories declined in November. Consumer goods prices fell 0.2 percent following a 0.4-percent drop in October. Prices for consumer goods last rose on a monthly basis in June 2023. The price index for capital goods edged down 0.1 percent in November, the first 1-month decline since November 2022. Automotive vehicles prices also declined 0.1 percent in November, the first monthly decrease since April 2023. The November drop was led by lower prices for parts, engines, bodies, and chassis.

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 edged down 0.1 percent in November, after being unchanged the previous month. Prices for imports from China last increased on a monthly basis in October 2022. The price index for imports from China declined 2.9 percent from November 2022 to November 2023. In contrast, prices for imports from Japan ticked up 0.1 percent for the third consecutive month in November. Import prices from Japan last fell on a monthly basis in May 2023. Prices for imports from Japan rose 0.6 percent over the past year. Import prices from Canada declined 2.3 percent in November, the largest monthly decrease since a 4.0-percent drop in February 2023. The price index for imports from Canada fell 5.7 percent for the year ended November 2023. Import prices from the European Union fell 0.3 percent in November and prices for imports from Mexico decreased 0.1 percent over the same period. (See table 7.)

Exports by Locality of Destination: Export prices to China decreased 1.2 percent in November following a 0.6-percent drop the previous month. The November decline was the largest monthly decrease since June 2023. The price index for exports to China fell 5.5 percent over the past 12 months. Prices for exports to Japan decreased 2.0 percent in November, the largest monthly drop since May 2023. Export prices to Japan fell 10.8 percent for the year ended in November. Export prices to Canada fell 0.4 percent in November, after decreasing 0.3 percent in October. The November drop was the largest monthly decline since a 1.7- percent decrease in May 2023. The price indexes for exports to the European Union and Mexico each fell in November, down 1.4 percent and 1.7 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 decreased 1.1 percent in November, after a 0.6-percent decline the previous month. Lower export prices in November to China more than offset lower import prices from China. The index for U.S. terms of trade with China fell 2.7 percent for the year ended in November. U.S. terms of trade with Japan decreased 2.1 percent in November following a 0.4-percent increase in October. U.S. terms of trade with Japan declined 11.4 percent over the past year. In contrast, the index for U.S. terms of trade with Canada rose 2.0 percent in November, the largest monthly increase since February 2023. U.S. terms of trade with the European Union and Mexico fell 1.1 percent and 1.5 percent, respectively, in November. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 0.4 percent in November, after rising 2.5 percent in October and 9.9 percent in September. Lower European fares in November more than offset higher Latin American/Caribbean and Asian fares. The index for import air passenger fares declined 5.1 percent over the past 12 months. Prices for import air freight rose 2.9 percent in November following a 0.6-percent decrease the previous month. A 5.0-percent advance in air freight prices from Asia drove the November increase. Despite the November rise, import air freight prices declined 8.7 percent over the past year. (See table 10.)

Exports: Export air passenger fares rose 1.3 percent in November, after declining 0.6 percent in October and 4.5 percent in September. The November advance was led by higher Latin American/Caribbean fares which more than offset lower European fares. In spite of the monthly increase, export air passenger fares fell 5.2 percent for the year ended in November. Export air freight prices declined 1.2 percent in November following a 4.4-percent drop in October. Lower European and Asian air freight prices each contributed to the November decline. Prices for export air freight decreased 11.4 percent from November 2022 to November 2023.

U.S. Import and Export Price Index data for December 2023 are scheduled for release on Wednesday, January 17, 2024, at 8:30 a.m. (ET).