May 2024 U.S. Import and Export Price Indexes

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Prices for U.S. imports decreased 0.4 percent in May following a 0.9-percent advance the previous month, the U.S. Bureau of Labor Statistics reported today. Lower fuel and nonfuel import prices contributed to the overall decline. U.S. export prices fell 0.6 percent in May, after increasing 0.6 percent in April.

Imports

U.S. import prices declined 0.4 percent in May following a 0.9-percent increase in April and a 1.5-percent advance for the first quarter of 2024. The May decrease was the first monthly drop since the index fell 0.7 percent in December 2023. Prices for U.S. imports rose 1.1 percent for the year ended in May, matching the over-the-year increase in April. The May and April 12-month advances are the largest over-the-year increases since December 2022. (See table 1.)

Fuel Imports: Prices for import fuel fell 2.0 percent in May, after increasing 4.1 percent in April. The May decline was the first 1-month decrease since the index fell 8.0 percent in December 2023. Lower prices in May for petroleum and natural gas each contributed to the drop in fuel prices. Import fuel prices rose 7.9 percent over the past 12 months, the largest over-the-year advance since December 2022. The price index for import petroleum decreased 1.7 percent in May following a 4.6-percent increase the previous month. Import petroleum prices advanced 9.8 percent over the past year. Import natural gas prices declined 19.5 percent in May, after falling 9.4 percent in April. Prices for import natural gas decreased 39.3 percent for the year ended in May.

All Imports Excluding Fuel: The price index for nonfuel imports decreased 0.3 percent in May, after increasing 0.7 percent the previous month. The May decline was the first 1-month drop since October 2023. Lower prices in May for foods, feeds, and beverages; nonfuel industrial supplies and materials; consumer goods; capital goods; and automotive vehicles all contributed to the overall decline in nonfuel import prices. In spite of the May decline, nonfuel import prices advanced 0.5 percent over the past 12 months.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages declined 1.6 percent in May following a 1.3-percent advance the previous month. The decline in May was the largest monthly decrease since November 2020. The May drop was led by a 10.9-percent decrease in vegetable prices and a 4.6-percent decline in fruit prices.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 0.4 percent in May, after advancing 3.0 percent the previous month. The May decline was driven by a 17.9-percent decrease in other agricultural products prices.

Finished Goods: Prices for each of the major finished goods import categories decreased in May. The price index for consumer goods declined 0.2 percent following a 0.1-percent decrease the previous month. Lower prices for household goods in May more than offset higher prices for medicinal, dental, and pharmaceutical products. Prices for import capital goods edged down 0.1 percent in May, after ticking up 0.1 percent the previous month. Automotive vehicles prices fell 0.1 percent in May, the first monthly decline since November 2023.

Exports

Prices for U.S. exports declined 0.6 percent in May, after rising 0.6 percent the previous month. The May decrease was the first monthly decline since the index fell 0.7 percent in December 2023. Lower prices for nonagricultural exports in May more than offset higher agricultural prices. Despite the drop in May, prices for U.S. exports rose 0.6 percent from May 2023 to May 2024, the first 12-month advance since January 2023. (See table 2.)

Agricultural Exports: Agricultural export prices advanced 0.5 percent in May following a 0.4-percent decline in April. Higher prices in May for wheat, fruit, corn, and meat all contributed to the increase in export agricultural prices. Despite the May increase, export agricultural prices decreased 6.6 percent over the past 12 months.

All Exports Excluding Agriculture: The price index for nonagricultural exports decreased 0.8 percent in May, the first monthly decline since December 2023. Lower prices for nonagricultural industrial supplies and materials in May more than offset higher prices for capital goods, consumer goods, and nonagricultural foods. In spite of the May drop, nonagricultural export prices rose 1.5 percent over the past year, the largest 12-month increase since January 2023.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials fell 2.0 percent in May, the first 1-month decline since December 2023. The May drop was driven by a 5.1-percent decrease in export fuel prices. Despite the May drop, prices for export fuel increased 3.1 percent over the past year, the first 12-month advance since January 2023.

Finished Goods: Prices for the major finished goods export categories mostly increased in May. Capital goods prices ticked up 0.1 percent following a 0.5-percent advance in April. The May increase was led by a 0.9-percent rise in semiconductor prices. Prices for export consumer goods rose 0.1 percent for the second consecutive month in May. Higher prices for household goods; recreational equipment; and coins, gems, jewelry, and collectibles all contributed to the increase in consumer goods prices. The price index for export automotive vehicles was unchanged in May, after a 0.8-percent advance 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: Import prices from China fell 0.2 percent in May, after being unchanged in each of the previous 2 months. The May decline was the largest 1-month drop since a 0.4-percent decrease in January 2024. Prices for imports from China last advanced on a monthly basis in October 2022. The price index for imports from China fell 2.1 percent for the year ended in May. Import prices from Japan were unchanged in May following a 0.1-percent decline in April. Prices for imports from Japan increased 0.3 percent from May 2023 to May 2024. Import prices from Canada and Mexico decreased in May, declining 1.9 percent and 1.0 percent, respectively. In contrast, prices for imports from the European Union rose 0.3 percent for the second consecutive month in May. The price index for imports from the European Union advanced 1.9 percent over the past year. (See table 7.)

Exports by Locality of Destination: Prices for exports to China decreased 0.3 percent in May, after increasing 0.8 percent in April. The May drop was the first 1-month decrease since the index fell 1.4 percent in January 2024. The price index for exports to China declined 1.7 percent over the past 12 months. Export prices to Japan fell 0.2 percent in May following a 1.5-percent advance the previous month. Prices for exports to Japan decreased 1.8 percent over the past year. The price index for exports to Canada edged down 0.1 percent in May, after rising 0.4 percent the previous month. Prices for exports to Canada rose 1.7 percent for the year ended in May. Export prices to Mexico fell 1.0 percent in May, the first monthly decrease since December 2023. The price index for exports to the European Union declined 1.5 percent in May, the largest 1-month decrease since May 2023. (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 edged down 0.1 percent in May, after increasing 0.8 percent the previous month. Lower export prices to China in May more than offset lower import prices from China. Despite the May decline, U.S. terms of trade with China increased 0.4 percent over the past year, the first 12-month advance since December 2023. The index for U.S. terms of trade with Japan fell 0.1 percent in May following a 1.5-percent rise in April. U.S. terms of trade with Japan declined 2.1 percent for the year ended in May. The index for U.S. terms of trade with Mexico was unchanged in May, and U.S. terms of trade with the European Union decreased 1.7 percent over the same period. In contrast, U.S. terms of trade with Canada rose 1.9 percent in May, the first monthly increase since December 2023. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 0.4 percent in May following a 1.2-percent increase the previous month. Higher European and Asian fares in May more than offset lower Latin American/Caribbean fares. Despite the May advance, import air passenger fares declined 1.6 percent over the past 12 months. The price index for import air freight decreased 1.7 percent in May, after rising 5.4 percent in April and 1.6 percent in March. In spite of the May decline, import air freight prices increased 1.5 percent over the past year, the first 12-month advance since June 2022. (See table 10.)

Exports: Export air passenger fares fell 3.0 percent in May following a 0.5-percent rise the previous month. Lower prices for Latin American/Caribbean and Asian fares more than offset higher European fares. The index for export air passenger fares declined 2.5 percent for the year ended in May. Prices for export air freight decreased 1.0 percent in May, after falling 2.5 percent in April. Lower European and Asian air freight prices contributed to the overall decline in air freight prices in May. Export air freight prices decreased 5.3 percent from May 2023 to May 2024.

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