February 2024 U.S. Import and Export Price Indexes

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U.S. import prices rose 0.3 percent in February, after advancing 0.8 percent in January, the U.S. Bureau of Labor Statistics reported today. Higher prices for both nonfuel and fuel imports contributed to the overall increase. Prices for U.S. exports advanced 0.8 percent in February following a 0.9-percent increase the previous month.

Imports

U.S. import prices increased for the second consecutive month in February, rising 0.3 percent. The February and January advances were the first consecutive increases since September and August 2023. Despite the recent advances, prices for U.S. imports decreased 0.8 percent over the past year. (See table 1.)

Fuel Imports: Prices for import fuel rose 1.8 percent in February, after advancing 1.2 percent the previous month. The February increase was the largest advance since a 6.4-percent rise in September 2023. Higher prices for petroleum and natural gas in February each contributed to the overall increase in import fuel prices. In spite of the recent advances, import fuel prices fell 4.1 percent over the past year. Import petroleum prices increased 1.7 percent in February following a 1.8-percent advance in January. Prices for import petroleum fell 1.8 percent for the year ended in February, the smallest 12-month decline since the index last rose on an over-the-year basis in December 2022. The price index for import natural gas increased 6.8 percent in February, after decreases of 12.2 percent in January and 3.6 percent in December. Import natural gas prices declined 40.2 percent from February 2023 to February 2024.

All Imports Excluding Fuel: The price index for nonfuel imports advanced 0.2 percent in February following a 0.7-percent increase the previous month. Prices for nonfuel imports last declined on a monthly basis in October 2023. Higher prices for consumer goods; foods, feeds, and beverages; capital goods; and automotive vehicles in February more than offset lower prices for nonfuel industrial supplies and materials. Despite the recent increases, prices for nonfuel imports declined 0.5 percent over the past 12 months.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 1.1 percent in February, after advancing 1.7 percent in January. The February increase was led by higher prices for fish and shellfish, meat, and bakery and confectionary products.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 0.5 percent in February, the largest 1-month decline since October 2023. The February decrease was driven by lower prices for unfinished metals and chemicals.

Finished Goods: Prices for each of the major finished goods import categories increased in February. Consumer goods prices advanced 0.3 percent following a 1.2-percent increase in January. The February rise was led by higher prices for nonmanufactured consumer goods. Capital goods prices rose 0.2 percent in February, after advancing 0.4 percent the previous month. The February increase was driven by a 3.0- percent rise in prices for engines for civilian aircraft. The price index for automotive vehicles ticked up 0.1 percent in February following a 0.7-percent rise in January.

Exports

The price index for U.S. exports increased 0.8 percent in February, after rising 0.9 percent in January. Higher nonagricultural and agricultural prices contributed to the February advance. Despite the recent increases, U.S. export prices declined 1.8 percent for the year ended in February. That was the smallest 12- month drop since the index decreased 0.8 percent from February 2022 to February 2023. (See table 2.)

Agricultural Exports: Agricultural export prices advanced 0.8 percent in February following a 1.0-percent decrease in January. Higher prices for nuts, fruit, vegetables, and wheat in February more than offset lower soybean prices. Prices for agricultural exports declined 8.9 percent over the past 12 months. Lower prices for soybeans, corn, and wheat all contributed to the over-the-year drop in agricultural prices.

All Exports Excluding Agriculture: Prices for nonagricultural exports rose 0.8 percent in February following a 1.1-percent advance the previous month. Higher prices for nonagricultural industrial supplies and materials, capital goods, and nonagricultural foods in February all contributed to the rise in nonagricultural export prices. Prices for nonagricultural exports decreased 1.0 percent for the year ended in February, the smallest over-the-year decline since the index last increased on a 12-month basis from January 2022 to January 2023.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials advanced 1.6 percent in February, after increasing 2.2 percent the previous month. The February rise was driven by a 2.8-percent advance in fuel prices that followed a 5.4-percent increase in January.

Finished Goods: Prices for the major finished goods export categories were up overall in February. Export capital goods prices rose 0.4 percent in February following a 0.8-percent advance in January. The increase in February was led by higher prices for industrial and service machinery; computers, peripherals, and semiconductors; and telecommunications equipment. The price indexes for consumer goods and automotive vehicles were unchanged in February, after consumer goods prices fell 1.2 percent in January and automotive vehicles prices rose 0.4 percent.

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 declined 0.2 percent in February following a 0.4- percent drop the previous month. The price index for imports from China last rose on a monthly basis in October 2022. Prices for imports from China decreased 3.1 percent for the year ended in February. Import prices from Japan edged down 0.1 percent in February, after increasing 1.1 percent in January. The price index for imports from Japan rose 1.5 percent over the past year, the largest 12-month increase since February 2023. Prices for imports from Canada advanced 1.2 percent in February, the largest 1-month increase since a 1.4-percent rise in September 2023. Import prices from Canada decreased 3.9 percent over the past 12 months. The price index for imports from the European Union ticked up 0.1 percent in February and prices for imports from Mexico rose 0.5 percent. (See table 7.)

Exports by Locality of Destination: Export prices to China advanced 1.1 percent in February following a 1.4-percent drop the previous month. The February increase was the largest monthly advance since February 2023. Despite the February increase, prices for exports to China fell 4.4 percent over the past year. The price index for exports to Japan rose 0.5 percent in February, after advancing 0.9 percent in January. In spite of the recent increases, export prices to Japan decreased 6.9 percent for the year ended in February. Prices for exports to Canada rose 0.3 percent in February, the largest 1-month advance since a 0.6-percent increase in September 2023. The price index for exports to Canada declined 0.8 percent over the past year. Export prices to the European Union advanced 1.5 percent in February and prices for exports to Mexico rose 0.8 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 increased 1.3 percent in February, the largest monthly advance since February 2023. Higher export prices to China in February and lower import prices from China each contributed to the advance. Despite the February rise, the index for U.S. terms of trade with China fell 1.4 percent over the past 12 months. U.S. terms of trade with Japan advanced 0.6 percent in February, after decreasing 0.2 percent the previous month. The index for U.S. terms of trade with Japan declined 8.2 percent from February 2023 to February 2024. U.S. terms of trade with Canada fell 0.9 percent in February following a 0.8-percent drop in January. U.S. terms of trade with the European Union advanced 1.4 percent in February and the index for U.S. terms of trade with Mexico increased 0.3 percent over the same period. (See table 9.)

Import and Export Services

Imports: Import air passenger fares were unchanged in February following a 6.2-percent decrease in January and a 6.9-percent increase in December. The index for import air passenger fares advanced 0.5 percent from February 2023 to February 2024. Import air freight prices decreased 1.3 percent in February, after declining 14.8 percent the previous month. Lower Asian air freight prices in February more than offset higher prices for European air freight. Prices for import air freight fell 5.9 percent for the year ended in February. (See table 10.)

Exports: Export air passenger fares fell 10.1 percent in February, after increasing 10.8 percent the previous month. The February decline was the largest monthly drop since a 13.7-percent decrease in February 2023. Lower Latin American/Caribbean, Asian, and European fares in February all contributed to the overall decline. The index for export air passenger fares fell 2.7 percent for the year ended in February. Export air freight prices rose 1.9 percent in February following a 2.5-percent advance in January. Despite the recent increases, prices for export air freight declined 9.5 percent over the past 12 months.

U.S. Import and Export Price Index data for March 2024 are scheduled for release on Friday, April 12, 2024, at 8:30 a.m. (ET).