June 2024 U.S. Import and Export Price Indexes

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U.S. import prices were unchanged in June, after declining 0.2 percent in May, the U.S. Bureau of Labor Statistics reported today. Lower import fuel prices in June offset higher nonfuel prices. Prices for U.S. exports decreased 0.5 percent in June following a 0.7-percent drop the previous month.

Imports

The price index for U.S. imports was unchanged in June, after declining 0.2 percent the previous month. The May decrease was the only 1-month decline recorded in the first half of 2024. Prices for U.S. imports advanced 1.6 percent for the year ended in June, the largest 12-month increase since a 3.2-percent rise in December 2022. (See table 1.)

Fuel Imports: Import fuel prices decreased 1.0 percent in June, after increasing 0.4 percent in May. The June decline was the first 1-month drop in import fuel prices since December 2023. Lower prices for both petroleum and natural gas in June led the overall decrease in fuel prices. Prices for import fuel advanced 8.2 percent from June 2023 to June 2024. Import petroleum prices fell for the first time on a monthly basis since December 2023, declining 1.2 percent in June following a 0.7-percent increase in May. Despite the June decrease, import petroleum prices advanced 9.6 percent over the past year. The price index for import natural gas fell 4.5 percent in June, after declining 14.4 percent the previous month. Prices for natural gas have not increased on a monthly basis since November 2023. Natural gas prices declined 37.4 percent for the year ended in June.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.2 percent in June following a 0.3- percent decline the previous month. Higher prices in June for nonfuel industrial supplies and materials; foods, feeds, and beverages; and automotive vehicles more than offset lower prices for consumer goods. Nonfuel import prices rose 1.0 percent for the year ended in June, the largest over-the-year advance since December 2022.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices rose 0.7 percent in June, after declining 1.6 percent in May. Higher prices for vegetables and green coffee in June more than offset lower fruit prices.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials advanced 0.6 percent in June following a 0.6-percent decline the previous month. The June increase was driven by higher prices for both unfinished and finished metals, which rose 1.7 percent and 1.9 percent, respectively.

Finished Goods: Prices for the major finished goods import categories were mixed in June. Consumer goods prices edged down 0.1 percent, after rising 0.1 percent in May. Lower prices for nonmanufactured goods in June more than offset higher prices for coins, gems, jewelry, and collectibles and medicinal, dental, and pharmaceutical products. In contrast, prices for automotive vehicles ticked up 0.1 percent in June, after being unchanged the previous month. Capital goods prices were unchanged in June following a 0.2-percent decline in May.

Exports

U.S. export prices decreased 0.5 percent in June, after declining 0.7 percent the previous month. The June and May drops were the first 1-month decreases since December 2023. Lower prices for nonagricultural exports in both months more than offset higher agricultural prices. Despite the recent declines, prices for U.S. exports advanced 0.7 percent over the past 12 months. (See table 2.)

Agricultural Exports: The price index for agricultural exports rose 0.6 percent in June following a 0.3- percent increase in May. Higher prices for meat and nuts in June more than offset lower corn and vegetable prices. Despite the recent advances, export agricultural prices fell 4.8 percent over the past year.

All Exports Excluding Agriculture: Prices for nonagricultural exports fell 0.6 percent in June, after decreasing 0.8 percent the previous month. Lower prices for nonagricultural industrial supplies and materials and consumer goods more than offset higher prices for automotive vehicles and nonagricultural foods. In spite of the recent monthly declines, nonagricultural export prices increased 1.4 percent from June 2023 to June 2024.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials declined 1.3 percent in June following a 2.1-percent drop in May. Lower prices for fuels and chemicals in June more than offset higher prices for nonferrous metals. Despite the recent decreases, nonagricultural industrial supplies and materials prices increased 1.7 percent over the past year, the largest 12-month advance since a 4.7-percent increase for the year ended December 2022.

Finished Goods: Prices for the major finished goods export categories were mixed in June. Consumer goods prices decreased 0.5 percent, the largest 1-month drop since January 2024. The June decline was led by lower prices for gem diamonds; toys, shooting, and sporting goods; and jewelry. In contrast, prices for automotive vehicles ticked up 0.1 percent for the second consecutive month in June. Export automotive vehicles prices have not declined on a monthly basis since April 2023. Capital goods prices were unchanged in June following a 0.2-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: Prices for imports from China were unchanged for the third time in the past 4 months in June. The price index for imports from China last advanced on a monthly basis in October 2022. Import prices from China declined 1.6 percent for the year ended in June. Prices for imports from Japan decreased 0.2 percent in June, after ticking up 0.1 percent the previous month. The price index for imports from Japan advanced 0.1 percent from June 2023 to June 2024. Import prices from Mexico and Canada both increased in June, rising 0.2 percent and 0.1 percent, respectively. The June advance in prices for imports from Mexico followed a 0.7-percent drop in May and the increase for import prices from Canada followed a 0.2-percent decline in May. The price index for imports from the European Union rose 0.4 percent in June, after advancing 0.2 percent the previous month. (See table 7.)

Exports by Locality of Destination: Export prices to China decreased 0.4 percent in June following a 0.3- percent drop the previous month. The June decline was the largest monthly decrease since January 2024. The price index for exports to China fell 0.4 percent over the past 12 months. In contrast, prices for exports to Japan rose 0.5 percent in June, after declining 0.4 percent in May. Despite the June advance, export prices to Japan decreased 0.6 percent over the past year. The price index for exports to Mexico increased 1.9 percent in June, after falling 1.0 percent in May and rising 2.0 percent in April. Export prices to Canada advanced 0.2 percent in June following no change the previous month. The price index for exports to Canada has not recorded a 1-month decline since January 2024. Export prices to the European Union fell 0.4 percent in June, after decreasing 1.3 percent in May. (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 0.4 percent in June, after declining 0.2 percent the previous month. In spite of the recent declines, U.S. terms of trade with China rose 1.2 percent over the past year, the largest 12-month advance since September 2022. The index for U.S. terms of trade with Japan increased 0.6 percent in June following a 0.4-percent decrease in May. Higher export prices to Japan and lower import prices from Japan contributed to the June advance in U.S. terms of trade with Japan. U.S. terms of trade with Japan fell 0.8 percent over the past 12 months. The indexes for U.S. terms of trade with Mexico and Canada increased in June, advancing 1.7 percent and 0.2 percent, respectively. In contrast, U.S. terms of trade with the European Union declined 0.8 percent in June. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 9.0 percent in June, the largest 1-month advance since the index increased 9.9 percent in September 2023. Import air passenger fares have not declined on a monthly basis since January 2024. Higher prices for European, Asian, and Latin American/Caribbean fares all contributed to the June rise. Despite the recent increases, import air passenger fares fell 2.5 percent for the year ended in June. Prices for import air freight rose 2.0 percent in June, after declining 0.7 percent in May. Import air freight prices decreased 1.8 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares advanced 10.6 percent in June, the largest monthly increase since January 2024. Higher European, Latin American/Caribbean, and Asian fares in June all contributed to the rise in export air passenger fares. In spite of the June advance, export air passenger fares fell 1.3 percent over the past 12 months. Export air freight prices declined 0.5 percent in June following a 1.9-percent drop in May and a 2.5-percent decrease in April. Prices for export air freight fell 3.9 percent from June 2023 to June 2024.

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