March 2024 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 advanced 0.4 percent in March following a 0.3-percent rise the previous month, the U.S. Bureau of Labor Statistics reported today. Higher prices for fuel and nonfuel imports contributed to the overall increase. U.S. export prices rose 0.3 percent in March, after advancing 0.7 percent in February.

Imports

U.S. import prices increased for the third consecutive month in March, advancing 1.4 percent over the first quarter of 2024. The quarterly increase was the largest 3-month rise since the index rose 3.9 percent from February to May 2022. Prices for U.S. imports advanced 0.4 percent for the year ended in March, the first 12-month increase since January 2023. (See table 1.)

Fuel Imports: The price index for import fuel rose 4.7 percent in March, after increasing 1.3 percent the previous month. The March advance was the largest 1-month rise since the index increased 6.4 percent in September 2023. Higher petroleum prices in March more than offset lower natural gas prices. Prices for import fuel rose 4.8 percent over the past year, the first 12-month advance since January 2023. Prices for import petroleum increased 6.0 percent in March, the largest monthly advance since September 2023. Petroleum prices rose 7.5 percent for the year ended in March, the largest 12-month increase since the index last advanced on a 12-month basis in December 2022. In contrast, import natural gas prices declined 31.9 percent in March following a 14.3-percent drop in February. The March decrease was the largest monthly decline since February 2023. Prices for natural gas fell 50.3 percent over the past year.

All Imports Excluding Fuel: Prices for nonfuel imports ticked up 0.1 percent in March following a 0.2- percent advance in February. Nonfuel import prices last recorded a monthly decline in October 2023. Higher prices for foods, feeds, and beverages; nonfuel industrial supplies and materials; and automotive vehicles in March more than offset lower prices for consumer goods and capital goods. Prices for nonfuel imports were unchanged for the year ended in March.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices rose 1.6 percent in March, the largest 1- month advance since July 2023. Higher prices for vegetables, meat, and bakery and confectionary products in March more than offset lower fruit prices.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials increased 0.6 percent in March, after decreasing 0.5 percent the previous month. The March advance was the largest monthly rise since December 2022. Higher prices for both finished and unfinished metals more than offset lower chemicals prices.

Finished Goods: Prices for each of the major finished goods import categories were mixed in March. Consumer goods prices declined 0.3 percent following a 0.4-percent increase in February. Prices for capital goods fell 0.3 percent in March, the largest 1-month decrease since November 2019. The March drop was driven by a 3.5-percent decline in electric apparatus and parts not elsewhere specified. In contrast, automotive vehicles prices rose 0.2 percent in March, after advancing 0.1 percent the previous month.

Exports

Prices for U.S. exports advanced 0.3 percent in March, after rising 0.7 percent in February and 0.8 percent in January. Higher nonagricultural prices in March more than offset lower agricultural prices. Despite the recent increases, U.S. export prices fell 1.4 percent from March 2023 to March 2024, the smallest 12-month drop since the index declined 0.8 percent for the year ended February 2023. (See table 2.)

Agricultural Exports: Agricultural export prices decreased 0.7 percent in March following a 0.7-percent increase the previous month. Lower prices for soybeans, corn, and wheat in March more than offset higher meat prices. Prices for agricultural exports declined 8.1 percent for the year ended in March. Price decreases for soybeans, corn, and wheat over the past year led the 12-month decline in agricultural prices.

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 0.4 percent in March, after increasing 0.6 percent in February. Nonagricultural export prices advanced 2.0 percent for the first quarter of 2024. Higher prices for nonagricultural industrial supplies and materials, consumer goods, and capital goods in March more than offset lower prices for nonagricultural foods. In spite of the recent increases, nonagricultural export prices fell 0.6 percent over the past 12 months, the smallest over the year decline since the index last advanced on an over-the-year basis in January 2023.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials increased 0.6 percent in March following a 1.3-percent rise the previous month. The March advance was led by a 3.4-percent rise in nonferrous metals prices.

Finished Goods: Prices for the major finished goods export categories were mostly up in March. Export consumer goods prices increased 0.5 percent, after being unchanged in February. The March advance was the largest monthly increase since February 2023. Higher prices in March for jewelry and household and kitchen appliances drove the increase in consumer goods prices. Prices for export capital goods rose 0.2 percent in March following a 0.3-percent advance the previous month. Higher prices for semiconductors and telecommunications equipment in March more than offset lower computer prices. The price index for automotive vehicles was unchanged for the second consecutive month in March.

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 for the second consecutive month in March. The price index for imports from China last increased on a 1-month basis in October 2022. The price index for imports from China declined 2.6 percent for the year ended in March. Import prices from Japan fell 0.7 percent in March following a 0.1-percent drop in February and a 1.1- percent advance in January. The March decrease was the largest monthly decline since the index fell 0.8 percent in April 2013. Despite the March drop, prices for imports from Japan rose 1.2 percent over the past year. In contrast, the price indexes for imports from Canada and Mexico increased in March, up 0.5 percent and 0.6 percent, respectively. Import prices from the European Union ticked up 0.1 percent in March, after advancing 0.4 percent the previous month. (See table 7.)

Exports by Locality of Destination: The price index for exports to China ticked up 0.1 percent in March following a 0.8-percent advance in February. In spite of the recent increases, prices for exports to China declined 4.3 percent for the year ended in March. Export prices to Japan advanced 0.2 percent in March, after rising 1.3 percent the previous month. The price index for exports to Japan has not recorded a monthly decrease since November 2023. Despite the recent increases, prices for exports to Japan fell 4.9 percent over the past 12 months. Export prices to Canada advanced 0.3 percent in March, the largest 1-month increase since September 2023. Prices for exports to Canada fell 0.9 percent over the past year. The price index for exports to Mexico rose 0.2 percent in March and export prices to the European Union advanced 1.3 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 rose 0.2 percent in March, after increasing 0.8 percent the previous month. Both higher export prices to China and lower import prices from China in March contributed to the advance in the index for U.S. terms of trade. Despite the recent increases, U.S. terms of trade with China fell 1.7 percent over the past 12 months. U.S. terms of trade with Japan rose 0.9 percent in March following a 1.4-percent increase in February. In spite of the recent advances, U.S. terms of trade with Japan fell 6.0 percent over the past year. The index for U.S. terms of trade with Canada decreased 0.2 percent in March, after declining 0.9 percent the previous month. U.S. terms of trade with Mexico fell 0.4 percent in March and, in contrast, the index for U.S. terms of trade with the European Union rose 1.2 percent over the same period. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 0.3 percent in March, after being unchanged the previous month. Higher Asian and Latin American/Caribbean fares in March more than offset lower European fares. Import air passenger fares declined 1.1 percent over the past 12 months. Prices for import air freight fell 1.6 percent in March following a 4.7-percent drop in February and a 15.2-percent decrease in January. The March decline was primarily driven by a 2.5-percent drop in Asian air freight prices. Import air freight prices decreased 8.5 percent for the year ended in March. (See table 10.)

Exports: Export air passenger fares increased 4.0 percent in March, after falling 10.1 percent in February and rising 10.8 percent in January. Higher European, Latin American/Caribbean, and Asian fares all contributed to the March advance. The index for export air passenger fares declined 4.9 percent over the past year. Export air freight prices fell 1.3 percent in March, the largest monthly decrease since October 2023. The March decline was led by a 1.8-percent drop in Asian air freight prices. Export air freight prices fell 4.6 percent from March 2023 to March 2024.

U.S. Import and Export Price Index data for April 2024 are scheduled for release on Thursday, May 16, 2024, at 8:30 a.m. (ET).