January 2024 U.S. Import and Export Price Indexes

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Prices for U.S. imports advanced 0.8 percent in January following a 0.7-percent decline the previous month, the U.S. Bureau of Labor Statistics reported today. Higher prices for both nonfuel and fuel imports contributed to the overall increase. U.S. export prices also advanced 0.8 percent in January, after decreasing 0.7 percent in December.

Imports

The price index for U.S. imports rose 0.8 percent in January, the first 1-month increase since September 2023 and the largest monthly advance since the index rose 2.9 percent in March 2022. Despite the January increase, U.S. import prices fell 1.3 percent over the past year and have not risen on a 12-month basis since January 2023. (See table 1.)

Fuel Imports: Import fuel prices increased 1.2 percent in January following declines of 7.7 percent in December, 6.3 percent in November, and 3.9 percent in October. In January, higher petroleum prices more than offset lower natural gas prices. In spite of the January rise, import fuel prices declined 10.8 percent over the past 12 months. Prices for import petroleum rose 2.3 percent in January, after decreasing 18.5 percent in the final quarter of 2023. Petroleum prices declined 2.7 percent for the year ended in January, the smallest 12-month drop since the index last increased in December 2022. In contrast, the price index for import natural gas fell 24.5 percent in January following a 3.6-percent decrease the previous month. Natural gas prices declined 75.9 percent over the past year.

All Imports Excluding Fuel: Prices for nonfuel imports advanced 0.7 percent in January, after being unchanged in December. The January increase was the largest 1-month rise since the index advanced 1.2 percent in March 2022. In January, prices for consumer goods, capital goods, automotive vehicles, and foods, feeds, and beverages all contributed to the overall advance. The price index for nonfuel imports decreased 0.3 percent for the year ended in January, the smallest 12-month decline since the index last rose in February 2023.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices rose 1.5 percent in January, the largest monthly increase since July 2023. The January advance was led by a 10.2-percent rise in fruit prices and a 4.9-percent increase in vegetable prices.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials was unchanged in January following a 0.4-percent increase in December. In January, lower prices for finished metals and chemicals offset higher prices for unfinished metals and selected building materials.

Finished Goods: Prices for each of the major finished goods import categories advanced in January. Consumer goods prices rose 1.1 percent in January, the largest monthly increase since the 1-month percent change series was first published in January 1989. The January 2024 rise was driven by a 4.1-percent advance in medicinal, dental, and pharmaceutical materials. Automotive vehicles prices advanced 0.8 percent in January, the largest monthly increase since May 2011. Higher prices for parts, engines, bodies, and chassis and passenger cars led the January advance. The price index for capital goods also rose in January, increasing 0.4 percent, the largest 1-month advance since April 2022.

Exports

U.S. export prices increased 0.8 percent in January, after declining 0.7 percent in each of the 2 previous months. The January advance was the first monthly rise since September 2023. Higher nonagricultural export prices in January more than offset lower agricultural prices. Despite the January increase, U.S. export prices decreased 2.4 percent over the past 12 months. (See table 2.)

Agricultural Exports: Prices for agricultural exports fell 1.0 percent, after declining 0.2 percent the previous month. Lower prices in January for soybeans, animal feeds not elsewhere specified, corn, vegetables, and fruit all contributed to the overall decline. Agricultural export prices decreased 8.7 percent for the year ended in January. The 12-month drop was primarily led by a 17.8-percent decline in soybeans prices and a 30.7-percent decrease in corn prices.

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 0.9 percent in January, the first monthly advance since September 2023. Higher prices in January for nonagricultural industrial supplies and materials, capital goods, automotive vehicles, and nonagricultural foods more than offset lower consumer goods prices. Nonagricultural export prices decreased 1.6 percent from January 2023 to January 2024.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices rose 2.0 percent in January, after declining 6.0 percent over the 3 previous months. The January advance was led by a 4.8-percent increase in fuel prices. The rise in fuel prices followed declines of 5.4 percent in December, 4.9 percent in November, and 4.2 percent in October.

Finished Goods: Prices for the major finished goods export categories were mixed in January. The price index for export capital goods rose 0.9 percent, the largest monthly advance since January 2022. The increase was driven by higher prices for civilian aircraft, aircraft engines, and parts; and industrial and service machinery. Prices for automotive vehicles rose 0.4 percent in January, after advancing 0.2 percent the previous month. The increase was led by higher prices for parts, engines, bodies, and chassis. In contrast, consumer goods prices fell 1.2 percent, the largest 1-month decline since June 1991.

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 decreased 0.3 percent in January, the largest 1-month decline since July 2023. The price index for imports from China last increased on a monthly basis in October 2022. Import prices from China fell 2.9 percent from January 2023 to January 2024. In contrast, prices for imports from Japan rose 1.1 percent in January, after edging down 0.1 percent in December. The January increase was the largest monthly advance for the index since a 1.2-percent rise in November 1998. Import prices from Japan increased 1.4 percent over the past year. The price index for imports from Canada declined 0.2 percent in January following decreases of 3.7 percent in December and 3.3 percent in November. Prices for imports from Canada fell 9.0 percent for the year ended in January. Import prices from the European Union advanced 1.0 percent in January and prices for imports from Mexico rose 1.3 percent over the same period. (See table 7.)

Exports by Locality of Destination: Export prices to China fell 0.9 percent in January, the largest 1-month drop since a 1.7-percent decline in June 2023. The price index for exports to China decreased 3.4 percent over the past 12 months. Prices for exports to Japan fell 0.7 percent in January following a 0.1-percent advance the previous month. Export prices to Japan declined 7.9 percent over the past year. The price index for exports to Canada decreased 0.5 percent in January, the largest monthly drop since May 2023. Prices for exports to Canada fell 0.9 percent for the year ended in January. In contrast, export prices to the European Union increased 1.8 percent in January and prices for exports to Mexico advanced 0.7 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 January, after increasing 0.3 percent in December. Lower export prices to China in January more than offset lower import prices from China. The index for U.S. terms of trade with China declined 0.6 percent for the year ended in January. U.S. terms of trade with Japan declined 1.9 percent in January following a 0.2-percent increase the previous month. The index for U.S. terms of trade with Japan declined 9.2 percent over the past year. U.S. terms of trade with Canada fell 0.3 percent in January following a 3.8- percent advance in December and a 3.1-percent increase in November. The index for U.S. terms of trade with the European Union rose 0.8 percent in January and U.S. terms of trade with Mexico fell 0.6 percent over the same period. (See table 9.)

Import and Export Services

Imports: Import air passenger fares decreased 6.2 percent in January following a 6.9-percent advance the previous month. Lower Asian and Latin American/Caribbean fares in January more than offset higher European fares. Despite the January decrease, import air passenger fares rose 2.6 percent over the past year, the first 12-month advance since June 2023. The price index for import air freight fell 12.1 percent in January, after rising 13.3 percent in December. Lower Asian air freight prices drove the January decline. Prices for import air freight decreased 5.5 percent over the past 12 months. (See table 10.)

Exports: Export air passenger fares increased 10.8 percent in January following a 3.4-percent drop the previous month. The January advance was the largest monthly rise since January 2023. Higher Latin American/Caribbean, European, and Asian fares in January all contributed to the overall advance. In spite of the January increase, export air passenger fares fell 6.6 percent over the past year. Export air freight prices rose 2.7 percent in January, after falling 1.2 percent in December. Despite the January increase, prices for export air freight fell 9.4 percent from January 2023 to January 2024.

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