July 2024 U.S. Import and Export Price Indexes

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Prices for U.S. imports ticked up 0.1 percent in July, after being unchanged the previous month, the U.S. Bureau of Labor Statistics reported today. Higher nonfuel and fuel prices each contributed to the July advance. U.S. export prices increased 0.7 percent in July following a 0.3-percent decline in June.

Imports

The price index for U.S. imports advanced 0.1 percent in July, after being unchanged in June and edging down 0.1 percent in May. U.S. import prices last recorded a change larger than 0.1 percent in April. Prices for U.S. imports rose 1.6 percent for the year ended in July, the largest over-the-year increase since the index advanced 3.2 percent from December 2021 to December 2022. (See table 1.)

Fuel Imports: Prices for import fuels rose 0.5 percent in July following a 1.7-percent decline the previous month. Higher prices for petroleum and natural gas in July contributed to the overall increase in import fuel prices. The price index for import fuel advanced 6.5 percent over the past year. Import petroleum prices rose 0.5 percent in July, after decreasing 2.0 percent in June. Prices for petroleum increased 8.2 percent for the year ended in July. The price index for import natural gas advanced 4.7 percent in July following a 1.6- percent decline the previous month. The July advance was the first 1-month rise in natural gas prices since the index increased 30.4 percent in November 2023. Notwithstanding the July rise, natural gas prices fell 40.6 percent over the past 12 months.

All Imports Excluding Fuel: Nonfuel import prices ticked up 0.1 percent in July, after increasing 0.2 percent in June. Higher prices in July for foods, feeds, and beverages; automotive vehicles; and capital goods more than offset lower prices for consumer goods and for nonfuel industrial supplies and materials. Prices for nonfuel imports rose 1.2 percent from July 2023 to July 2024, the largest 12-month advance since the index increased 1.9 percent in December 2022.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages increased 1.4 percent in July following a 1.0-percent advance the previous month. Both increases were led by higher vegetable prices, up 14.2 percent in July, after a 25.0-percent advance in June.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials edged down 0.1 percent in July, after increasing 0.6 percent in June. The July decline was led by a 0.6-percent drop in chemicals prices.

Finished Goods: Prices for the major finished goods import categories were mixed in July. Automotive vehicles prices rose 0.4 percent, after being unchanged in each of the 2 previous months. A 0.6-percent increase in passenger cars prices in July contributed to the advance in prices for automotive vehicles. The price index for import capital goods ticked up 0.1 percent in July following no change in June. In contrast, consumer goods prices declined 0.1 percent in July, after decreasing 0.2 percent the previous month. Lower prices for household goods led the decline in July consumer goods prices.

Exports

Prices for U.S. exports advanced 0.7 percent in July following a 0.3-percent decrease in June and a 0.7- percent drop in May. Higher nonagricultural prices in July more than offset lower prices for agricultural exports. The price index for U.S. exports increased 1.4 percent over the past year, the largest 12-month advance since the index rose 2.0 percent in January 2023. (See table 2.)

Agricultural Exports: The price index for agricultural exports fell 1.6 percent in July, the first monthly decline since April 2024, and the largest 1-month decrease since August 2023. Lower prices in July for corn, wheat, fruit, soybeans, and meat all contributed to the drop in export agricultural prices. Prices for agricultural exports fell 6.3 percent over the past 12 months.

All Exports Excluding Agriculture: Nonagricultural export prices rose 1.0 percent in July, after declining 0.4 percent in June and 0.8 percent in May. The July increase was the largest monthly advance since the index rose 1.6 percent in August 2023. Higher prices in July for nonagricultural industrial supplies and materials; automotive vehicles; consumer goods; and nonagricultural foods led the increase in nonagricultural export prices. Prices for nonagricultural exports rose 2.3 percent for the year ended in July, the largest 12-month advance since December 2022.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials advanced 2.3 percent in July following a 0.9-percent decrease the previous month. The July increase was the largest 1-month rise since the index advanced 3.9 percent in August 2023. A 4.5-percent rise in fuel prices in July drove the increase in nonagricultural industrial supplies and materials prices.

Finished Goods: Prices for the major finished goods export categories were mostly up in July. Automotive vehicles prices advanced 0.3 percent in July, after being unchanged in June. Prices for export automotive vehicles have not decreased on a monthly basis since April 2023. The July advance was driven by higher prices for engines and engine parts. Prices for export consumer goods ticked up 0.1 percent in July following a 0.3-percent drop the previous month. Capital goods prices were unchanged in July for the second consecutive 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 were unchanged for the fifth consecutive month in July. Prices for imports from China last increased on a monthly basis in October 2022. The price index for imports from China fell 1.2 percent over the past 12 months. Import prices from Japan ticked up 0.1 percent in July, after declining 0.2 percent the previous month. Prices for imports from Japan decreased 0.3 percent over the past year, the first 12-month drop since September 2020. The price index for imports from Canada rose 1.2 percent in July and import prices from Mexico advanced 1.1 percent over the same period. In contrast, prices for imports from the European Union declined 0.4 percent in July following a 0.1-percent increase the previous month. (See table 7.)

Exports by Locality of Destination: The price index for exports to China declined 0.7 percent in July, after falling 0.2 percent in June. Export prices to China decreased 2.2 percent over the past year. Prices for exports to Japan fell 0.3 percent in July following a 1.7-percent advance the previous month. The price index for exports to Japan advanced 2.0 percent over the past 12 months, the largest over-the-year increase since December 2022. Export prices to Canada fell 0.1 percent in July, after rising 0.2 percent in June. In contrast, prices for exports to Mexico increased 1.0 percent in July and export prices to the European Union rose 1.6 percent over the same period. The price index for exports to the European Union rose 5.7 percent for the year ended in July, the largest 12-month advance since September 2022. (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 0.7 percent in July, the largest 1-month decline since January 2024. The index for U.S. terms of trade with China decreased 1.0 percent for the year ended in July. U.S. terms of trade with Japan fell 0.4 percent in July following a 2.0-percent advance the previous month. Higher import prices from Japan in July and lower export prices to Japan each contributed to the drop in U.S. terms of trade with Japan. Despite the July decline, the index for U.S. terms of trade with Japan rose 2.3 percent over the past year. U.S. terms of trade in July with Canada and Mexico decreased 1.2 percent and 0.1 percent, respectively. In contrast, the index for U.S. terms of trade with the European Union advanced 2.1 percent in July, after being unchanged the previous month. (See table 9.)

Import and Export Services

Imports: Import air passenger fares declined 11.3 percent in July following a 9.0-percent advance the previous month. The July decrease was the largest monthly drop since August 2023 and was led by lower European fares. Asian and Latin American/Caribbean fares also declined in July. Import air passenger fares fell 4.7 percent over the past 12 months, the largest over-the-year decrease since November 2023. The price index for import air freight rose 12.0 percent in July, the largest 1-month increase since December 2023. A 14.8-percent advance in Asian air freight prices drove the increase. Import air freight prices rose 7.6 percent for the year ended in July, the largest 12-month advance since April 2022. (See table 10.)

Exports: Export air passenger fares advanced 0.6 percent in July, after increasing 10.6 percent in June. Higher Latin American/Caribbean fares led the rise in July; Asian fares also advanced and European fares declined. Despite the recent increases, export air passenger fares fell 4.7 percent over the past year. Prices for export air freight rose 4.5 percent in July following a 0.2-percent decrease the previous month. The July advance was the largest monthly increase since the index rose 4.6 percent in March 2022 and was led by a 14.1-percent advance in European air freight prices. Export air freight prices increased 0.9 percent from July 2023 to July 2024.

U.S. Import and Export Price Index data for August 2024 are scheduled for release on Friday, September 13, 2024, at 8:30 a.m. (ET).