August 2024 U.S. Import and Export Price Indexes

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U.S. import prices declined 0.3 percent in August following increases of 0.1 percent in July and June, the U.S. Bureau of Labor Statistics reported today. Lower fuel and nonfuel prices contributed to the August decrease. Prices for U.S. exports fell 0.7 percent in August, after advancing 0.5 percent the previous month.

Imports

The price index for U.S. imports fell 0.3 percent in August, after ticking up 0.1 percent from April to July. The August decline was the largest monthly drop since the index decreased 0.7 percent in December 2023. In spite of the August decline, U.S. import prices increased 0.8 percent over the past year. U.S. import prices last fell on a 12-month basis in February 2024. (See table 1.)

Fuel Imports: Import fuel prices decreased 3.0 percent in August, after increasing 1.1 percent the previous month. The August drop was the largest 1-month decline since the index fell 8.0 percent in December 2023. Lower prices for petroleum and natural gas in August each contributed to the drop in import fuel prices. Import fuel prices decreased 4.6 percent for the year ended in August, the first 12-month decline since February 2024. Prices for import petroleum fell 3.2 percent in August, the largest monthly drop for the index since December 2023. Petroleum prices declined 3.2 percent over the past 12 months, the largest over-the-year decrease since January 2024. The price index for import natural gas declined 3.7 percent in August following a 2.0-percent advance in July. Natural gas prices fell 51.7 percent over the past year, the largest 12-month drop since January 2024.

All Imports Excluding Fuel: Prices for nonfuel imports edged down 0.1 percent in August, after increasing 0.1 percent in July and 0.2 percent in June. Lower prices in August for nonfuel industrial supplies and materials; consumer goods; and foods, feeds, and beverages more than offset higher capital goods prices. Despite the August drop, nonfuel import prices advanced 1.3 percent over the past 12 months, and last declined on an over-the-year basis in February 2024.

Foods, Feeds, and Beverages: The price index for foods, feeds, and beverages fell 0.1 percent in August following a 1.5-percent advance the previous month. Lower prices for feedstuff and foodgrains contributed to the decrease in foods, feeds, and beverages prices.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices decreased 0.4 percent in August, after edging down 0.1 percent in July. Lower prices in August for unfinished metals and agricultural products used for industrial supplies and materials drove the overall decrease.

Finished Goods: Prices for the major finished goods import categories were mixed in August. Capital goods prices ticked up 0.1 percent, after being unchanged in July. Higher prices for industrial and service machinery and semiconductors led the August advance. In contrast, prices for consumer goods edged down 0.1 percent in August, after declining 0.2 percent in each of the previous 2 months. The August decrease was led by lower prices for gem diamonds and for toys, shooting, and sporting goods. The price index for automotive vehicles was unchanged in August following a 0.4-percent increase in July.

Exports

U.S. export prices declined 0.7 percent in August following a 0.5-percent increase the previous month. Lower prices for nonagricultural and agricultural exports each contributed to the decrease in U.S. export prices in August. U.S. export prices fell 0.7 percent for the year ended in August, the first over-the-year drop since April 2024. (See table 2.)

Agricultural Exports: The price index for agricultural exports declined 2.0 percent for the second consecutive month in August. The August and July drops are the largest 1-month decreases since the index fell 2.3 percent in May 2023. A 9.8-percent decline in soybeans prices led the August drop. Lower prices for corn, wheat, and fruit in August also contributed to the decrease in agricultural prices. Higher nuts prices in August partially offset the declines. Prices for agricultural exports fell 6.9 percent over the past year.

All Exports Excluding Agriculture: Nonagricultural export prices decreased 0.6 percent in August following a 0.8-percent advance the previous month. Lower prices in August for nonagricultural industrial supplies and materials and for capital goods more than offset higher prices for consumer goods, automotive vehicles, and nonagricultural foods. Nonagricultural export prices fell 0.1 percent for the year ended in August, the first 12-month decrease for the index since a 0.7-percent decline in March 2024.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials declined 1.1 percent in August, after advancing 1.9 percent in July. The August drop was mostly driven by a 2.9-percent decrease in export fuel prices. Nonagricultural industrial supplies and materials prices fell 1.6 percent over the past year, the largest 12-month decline since March 2024.

Finished Goods: Prices for the major finished goods export categories were mixed in August. The price index for capital goods fell 0.2 percent, the first monthly decline for the index since November 2023. A 3.0- percent drop in semiconductor prices led the August decrease. In contrast, consumer goods prices rose 0.1 percent in August following decreases of 0.1 percent in July and 0.3 percent in June. Prices for automotive vehicles advanced 0.1 percent in August, after increasing 0.3 percent the previous month. Higher prices for trucks, buses, and special purpose vehicles in August drove the rise in automotive vehicles prices.

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 decreased 0.2 percent in August, after the index was unchanged for 5 consecutive months. Import prices from China last increased on a monthly basis in October 2022. The price index for imports from China declined 1.4 percent for the year ended in August. Prices for imports from Japan were unchanged in August, after ticking up 0.1 percent in July. Import prices from Japan fell 0.2 percent on a 12-month basis for the second consecutive month in August. The price index for imports from Canada declined 1.4 percent in August following a 1.7-percent advance the previous month. The August drop was the largest monthly decrease since December 2023. Import prices from Mexico fell 0.3 percent in August, after rising 0.9 percent in July. In contrast, prices for imports from the European Union rose 0.2 percent in August following a 0.4-percent drop the previous month. (See table 7.)

Exports by Locality of Destination: Export prices to China declined 1.7 percent in August, the largest 1- month decrease since June 2023. Prices for exports to China fell 3.5 percent over the past year. The price index for exports to Japan also decreased 1.7 percent in August, the largest monthly drop since November 2023. Despite the August decline, export prices to Japan rose 0.2 percent from August 2023 to August 2024. Prices for exports to Canada decreased 0.5 percent in August, after declining 0.2 percent the previous month. The price index for exports to Mexico fell 1.0 percent in August following a 0.9-percent increase in July. Export prices to the European Union decreased 1.7 percent in August, after rising 1.1 percent the previous month. (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 declined 1.5 percent in August, the largest monthly drop since May 2023. Lower export prices to China in August more than offset lower import prices from China. U.S. terms of trade with China declined 2.2 percent for the year ended in August. U.S. terms of trade with Japan decreased 1.7 percent in August following a 0.5- percent drop the previous month. Despite the August decline, the index for U.S. terms of trade with Japan rose 0.4 percent over the past 12 months. U.S. terms of trade with Mexico and the European Union decreased 0.6 percent and 1.9 percent, respectively, in August. In contrast, the index for U.S. terms of trade with Canada advanced 0.9 percent in August, after decreasing 1.8 percent in July. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 12.4 percent in August following an 11.3-percent drop the previous month. The August decline was the largest 1-month decrease since August 2023. A 15.9-percent drop in European air passenger fares in August drove the overall decline. The index for import air passenger fares declined 2.8 percent over the past year. Prices for import air freight increased 2.5 percent in August, after advancing 13.6 percent in July. Higher prices for Asian air freight in August led the overall increase. Import air freight prices rose 22.1 percent for the year ended in August, the largest 12-month advance since a 27.0- percent rise in January 2022. (See table 10.)

Exports: Export air passenger fares declined 8.1 percent in August following increases of 0.6 percent and 10.6 percent the previous 2 months. The August drop was the largest monthly decline since February 2024. Lower European, Latin American/Caribbean, and Asian fares in August all contributed to the decrease. Export air passenger fares fell 4.0 percent over the past 12 months. Prices for export air freight fell 3.4 percent in August, after advancing 3.7 percent in July. A 10.2-percent drop in European export air freight prices in August drove the overall decrease. Export air freight prices declined 5.3 percent from August 2023 to August 2024.

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