April 2024 U.S. Import and Export Price Indexes

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U.S. imports increased 0.9 percent in April, after advancing 0.6 percent in March, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel import prices contributed to the overall rise. Prices for U.S. exports increased 0.5 percent in April following a 0.1-percent advance the previous month.

Imports

The price index for U.S. imports advanced 0.9 percent in April, the largest 1-month increase since the index rose 2.9 percent in March 2022. Prices for U.S. imports last declined on a monthly basis in December 2023. Import prices advanced 1.1 percent over the past 12 months, the largest over-the-year increase since December 2022. (See table 1.)

Fuel Imports: Prices for import fuel rose 2.4 percent in April, after advancing 5.4 percent the previous month. Import fuel prices have not decreased on a monthly basis since the index fell 8.0 percent in December 2023. Prices for import fuel increased 3.3 percent for the year ended in April. Import petroleum prices rose 2.9 percent in April following a 10.7-percent advance from December 2023 to March 2024. Prices for import petroleum also increased on a 12-month basis, rising 5.2 percent over the past year. In contrast, the price index for import natural gas fell 9.2 percent in April, after declining 29.7 percent in March and 14.3 percent in February. Prices for natural gas last advanced on a 1-month basis in November 2023. Natural gas prices decreased 42.5 percent from April 2023 to April 2024.

All Imports Excluding Fuel: Nonfuel import prices increased 0.7 percent in April following a 0.2-percent advance in March. The April increase was the largest monthly advance since the index rose 1.2 percent in March 2022. Higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; automotive vehicles; capital goods; and consumer goods in April all contributed to the advance in nonfuel prices. Prices for nonfuel imports rose 0.9 percent over the past 12 months, the largest over-the-year advance since December 2022.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 1.7 percent in April, after a 1.6- percent advance the previous month. The April increase was the largest 1-month rise since July 2023. Higher prices for bakery and confectionary products and fruit in April more than offset lower vegetable prices.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices increased 3.0 percent in April following a 1.1-percent advance in March. The April rise was the largest monthly increase since March 2022. The April advance was led by higher prices for other agricultural products.

Finished Goods: Prices for each of the major finished goods import categories increased in April. Prices for automotive vehicles advanced 0.3 percent following a 0.2-percent increase in March. Consumer goods prices advanced 0.1 percent in April, after declining 0.3 percent the previous month. Higher prices in April for coins, gems, jewelry, and collectibles; and television and video receivers led the rise in consumer goods prices. The price index for capital goods ticked up 0.1 percent in April, after decreasing 0.2 percent in March.

Exports

U.S. export prices rose 0.5 percent in April following a 0.1-percent advance in March. Export prices have not decreased on a monthly basis since December 2023. Higher nonagricultural prices in April more than offset lower agricultural prices. Despite the recent increases, the price index for U.S. exports declined 1.0 percent over the past year, the smallest over-the-year drop since February 2023. (See table 2.)

Agricultural Exports: The price index for agricultural exports fell 0.9 percent in April, after declining 1.3 percent the previous month. Lower prices for other animal feeds, fruits, and vegetables in April more than offset higher prices for meat, soybeans, and corn. Export agricultural prices decreased 10.2 percent from April 2023 to April 2024, the largest 12-month drop since November 2023.

All Exports Excluding Agriculture: Prices for nonagricultural exports advanced 0.7 percent in April following a 0.3-percent increase in March. Nonagricultural export prices last recorded a 1-month drop in December 2023. Higher prices for nonagricultural industrial supplies and materials, capital goods, automotive vehicles, and consumer goods in April more than offset lower prices for nonagricultural foods. Prices for nonagricultural exports ticked up 0.1 percent for the year ended in April, the first 12-month advance since January 2023.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials rose 1.1 percent in April, after increasing 0.5 percent the previous month. Higher prices for nonferrous metals and fuels in April led the advance.

Finished Goods: Prices for each of the major finished goods export categories advanced in April. Capital goods prices advanced 0.4 percent following a 0.1-percent rise in March. Higher prices in April for electric apparatus and parts; scientific and medical machinery; and computers, peripherals, and semiconductors drove the overall advance. The price index for automotive vehicles rose 0.8 percent in April, the largest monthly increase since September 2023. Higher parts prices in April led the advance in automotive vehicles prices. Prices for consumer goods ticked up 0.1 percent in April, after increasing 0.4 percent the previous month.

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 April, after being unchanged in March. The price index for imports from China last advanced on a monthly basis in October 2022. Import prices from China declined 2.2 percent for the year ended in April. The price index for imports from Japan fell 0.1 percent in April following a 0.9-percent decline the previous month. Prices for imports from Japan last increased on a 1-month basis in January 2024. Despite the recent decreases, import prices from Japan rose 0.3 percent over the past year. In contrast, import prices from Canada increased 1.9 percent in April, the largest monthly advance since August 2023. The price index for imports from Canada fell 0.4 percent over the past 12 months. Prices for imports from Mexico and the European Union also increased in April, rising 0.9 percent and 0.4 percent, respectively. (See table 7.)

Exports by Locality of Destination: Export prices to China rose 1.2 percent in April, after increasing 0.4 percent in March. The April increase was the largest 1-month advance since February 2023. The price index for exports to China fell 3.2 percent for the year ended in April. Prices for exports to Japan increased 2.1 percent in April, the largest monthly advance since the index rose 5.0 percent in March 2022. Despite the April increase, export prices to Japan decreased 4.3 percent over the past year. The price index for exports to Canada rose 0.5 percent in April following a 0.4-percent advance the previous month. The April increase was the largest 1-month rise since September 2023. Export prices to Canada advanced 0.2 percent from April 2023 to April 2024. Prices for exports to Mexico increased 1.7 percent in April and export prices to the European Union rose 1.2 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 advanced 1.3 percent in April following a 0.4-percent increase in March. Both higher export prices to China and lower import prices from China in April contributed to the rise in U.S. terms of trade with China. Despite the recent increases, U.S. terms of trade with China fell 1.0 percent over the past year. The index for U.S. terms of trade with Japan advanced 2.2 percent in April, after declining 1.0 percent the previous month. U.S. terms of trade with Japan decreased 4.6 percent for the year ended in April. U.S. terms of trade with Canada fell 1.3 percent in April, the largest 1-month drop since August 2023. The index for U.S. terms of trade with Mexico advanced 0.7 percent in April and U.S. terms of trade with the European Union increased 0.8 percent over the same period. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 1.2 percent in April, after advancing 0.3 percent in March. The April rise was the largest monthly increase since a 6.9-percent advance in December 2023. Import air passenger fares also advanced on a 12-month basis, increasing 5.9 percent for the year ended in April. Import air freight prices rose 4.8 percent in April following a 1.5-percent increase the previous month. The April advance was driven by an 8.3-percent rise in Asian air freight prices. Despite the recent increases, import air freight prices fell 2.8 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares advanced 0.5 percent in April, after increasing 4.0 percent the previous month. Higher Latin American/Caribbean and Asian fares in April more than offset lower European fares. Despite the recent advances, export air passenger fares fell 5.1 percent over the past 12 months. Export air freight prices decreased 2.1 percent in April following a 1.1-percent increase in March. Lower prices for European and Asian air freight in April contributed to the drop. Prices for export air freight declined 7.6 percent from April 2023 to April 2024.

U.S. Import and Export Price Index data for May 2024 are scheduled for release on Friday, June 14, 2024, at 8:30 a.m. (ET).