December 2023 U.S. Import and Export Price Indexes

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U.S. import prices were unchanged in December, after declining 0.5 percent in November, the U.S. Bureau of Labor Statistics reported today. Import fuel prices decreased 0.3 percent in December and nonfuel prices were unchanged. Prices for U.S. exports fell 0.9 percent in December following a 0.9-percent decline the previous month.

Imports

The price index for U.S. imports was unchanged in December, after declining in each of the previous 2 months. Prices for U.S. imports fell 1.6 percent for the year ended in December. U.S. import prices have not risen on a 12-month basis since January 2023. (See table 1.)

Fuel Imports: Prices for import fuel declined 0.3 percent in December following decreases of 6.4 percent in November and 3.9 percent in October. Lower petroleum prices in December more than offset higher natural gas prices. Import fuel prices fell 9.4 percent from December 2022 to December 2023. The price index for import petroleum decreased 0.3 percent in December, after declining 7.7 percent in November and 4.1 percent in October. Import petroleum prices fell 4.0 percent over the past 12 months. In contrast, prices for import natural gas rose 0.3 percent in December following a 35.7-percent increase in November. Despite the recent increases, natural gas prices fell 61.9 percent over the past year, the largest 12-month drop since the index decreased 70.7 percent for the year ended June 2023.

All Imports Excluding Fuel: Nonfuel import prices were unchanged in December, after ticking up 0.1 percent in November and declining 0.1 percent in October. Higher prices in December for nonfuel industrial supplies and materials and automotive vehicles were offset by lower prices for capital goods and foods, feeds, and beverages. The price index for nonfuel imports declined 0.8 percent for the year ended in December.

Foods, Feeds, and Beverages: Prices for import foods, feeds, and beverages edged down 0.1 percent in December following a 1.0-percent advance the previous month. The December drop was driven by a 2.4- percent decrease in fish and shellfish prices.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices rose 0.4 percent in December, after increasing 0.2 percent in November. The December advance was the largest monthly rise since the index increased 1.2 percent in December 2022 and was led by higher metals prices.

Finished Goods: Prices for the major finished goods import categories were mixed in December. Capital goods prices edged down 0.1 percent for the third consecutive month in December. Lower prices for semiconductors and computer accessories, peripherals, and parts led the December drop in capital goods prices. In contrast, prices for import automotive vehicles ticked up 0.1 percent in December, after declining 0.1 percent the previous month. The advance was driven by higher prices for automotive tires and tubes. Import consumer goods prices were unchanged in December for the fifth consecutive month.

Exports

The price index for U.S. exports decreased 0.9 percent for the third consecutive month in December. Those were the first 1-month declines since June 2023. Lower prices for both agricultural and nonagricultural exports contributed to the December drop. U.S. export prices fell 3.2 percent over the past year. Despite the recent declines, the December decrease was the smallest 12-month drop since February 2023. (See table 2.)

Agricultural Exports: Export agricultural prices declined 0.6 percent in December following a 0.1-percent advance in November. Lower prices in December for soybeans and other oilseeds, corn, meat, and nuts more than offset higher fruit prices. Prices for agricultural exports decreased 8.9 percent for the year ended in December. The 12-month drop was largely driven by lower prices for corn, soybeans, wheat, and vegetables over the past year.

All Exports Excluding Agriculture: Prices for nonagricultural exports declined 0.9 percent in December following decreases of 1.0 percent in November and 0.9 percent in October. Lower prices in December for nonagricultural industrial supplies and materials and nonagricultural foods more than offset higher prices for consumer goods and automotive vehicles. The price index for nonagricultural exports fell 2.4 percent from December 2022 to December 2023.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices declined 2.3 percent for the second consecutive month in December. The December and November drops were driven by lower fuel prices. The 2.3-percent declines were the largest 1-month drops since a 5.0- percent decrease in May.

Finished Goods: Prices for the major finished goods export categories were mostly up in December. Consumer goods prices rose 0.3 percent following a 0.2-percent drop in November. Higher prices for coins, gems, jewelry, and collectables in December led the advance in consumer goods prices. The price index for automotive vehicles advanced 0.2 percent in December, after a 0.1-percent decline the previous month. The increase was driven by a 0.6-percent rise in passenger car prices. Prices for export capital goods were unchanged in December following a 0.1-percent decrease in November.

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 edged down 0.1 percent in December, after declining 0.2 percent the previous month. Prices for imports from China last increased on a monthly basis in October 2022. Prices for imports from China decreased 3.0 percent for the year ended in December. The price index for imports from Japan also fell 0.1 percent in December following 0.1-percent increases in each of the previous 3 months. The December drop was the first monthly decrease for import prices from Japan since May 2023. Prices for imports from Japan advanced 0.4 percent over the past year. The price index for imports from Canada fell 1.3 percent in December, after declining 2.8 percent in November and 1.3 percent in October. The price index for imports from Canada decreased 6.0 percent from December 2022 to December 2023. In contrast, prices for imports from the European Union and Mexico advanced in December, rising 0.3 percent and 0.1 percent, respectively. (See table 7.)

Exports by Locality of Destination: Prices for exports to China decreased 0.7 percent in December following a 1.0-percent drop the previous month. The price index for exports to China declined 3.1 percent for the year ended in December. Export prices to Japan fell 1.7 percent in December, after decreasing 1.8 percent in November. Prices for exports to Japan declined 9.5 percent over the past 12 months. The price index for exports to Canada was unchanged in December following a 0.5-percent drop in November. Export prices to Canada fell 1.0 percent over the past year. Prices for exports to the European Union decreased 0.3 percent in December and the price index for exports to Mexico declined 1.5 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 0.6 percent in December, after declining 0.8 percent in November and 0.4 percent in October. Lower export prices to China in December more than offset lower import prices from China. The index for U.S. terms of trade with China declined 0.2 percent over the past 12 months. U.S. terms of trade with Japan fell 1.7 percent in December following a 1.9-percent decrease the previous month. The index for U.S. terms of trade with Japan declined 9.9 percent from December 2022 to December 2023. In contrast, U.S. terms of trade with Canada rose 1.3 percent in December, after advancing 2.4 percent in November. The indexes for U.S. terms of trade with the European Union and Mexico fell 0.6 percent and 1.5 percent, respectively, in December. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 6.9 percent in December, after declining 0.4 percent in November. Higher Latin American/Caribbean, European, and Asian fares all contributed to the December advance. Despite the increase, import air passenger fares declined 4.2 percent over the past year. Import air freight prices rose 13.3 percent in December following a 4.5-percent advance in November. The December increase was the largest 1-month advance since the index rose 13.9 percent in November 2021. In spite of the December increase, import air freight prices fell 4.6 percent over the past 12 months. (See table 10.)

Exports: The index for export air passenger fares decreased 3.4 percent in December, after increasing 1.3 percent the previous month. Lower Latin American/Caribbean, European, and Asian fares all contributed to the December drop. Export air passenger fares declined 5.3 percent for the year ended in December. Export air freight prices rose 0.4 percent in December following a 0.5-percent decline in November. Higher prices for export air freight to Asia and Europe contributed to the advance. Prices for export air freight decreased 12.9 percent from December 2022 to December 2023.

U.S. Import and Export Price Index data for January 2024 are scheduled for release on Thursday, February 15, 2024, at 8:30 a.m. (ET).