September 2024 U.S. Import and Export Price Indexes

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Prices for U.S. imports declined 0.4 percent in September following a 0.2-percent decrease the previous month, the U.S. Bureau of Labor Statistics reported today. Lower fuel prices in September more than offset higher nonfuel prices. U.S. export prices fell 0.7 percent in September, after declining 0.9 percent in August.

Imports

The price index for U.S. imports decreased 0.4 percent in September, the largest 1-month drop since a 0.7- percent decline in December 2023. The September decrease followed a 0.2-percent decline in August and 0.1-percent advances in July and June. U.S. import prices edged down 0.1 percent over the past year, the first 12-month drop since February 2024. (See table 1.)

Fuel Imports: Prices for import fuel fell 7.0 percent in September, after declining 2.9 percent in August. The September decline was the largest monthly decrease since an 8.0-percent drop in December 2023. Lower prices in September for petroleum and natural gas contributed to the overall decrease. Import fuel prices declined 17.3 percent over the past year, the largest 12-month drop since August 2023. Import petroleum prices decreased 7.1 percent in September, the largest 1-month decline since December 2023. The price index for import petroleum fell 16.7 percent for the year ended in September, the largest 12- month drop since July 2023. Prices for import natural gas decreased 14.5 percent in September, the largest monthly decline since a 29.7-percent drop in March 2024. Import natural gas prices fell 57.4 percent over the past 12 months, the largest over-the-year drop since January 2024.

All Imports Excluding Fuel: Nonfuel import prices ticked up 0.1 percent for the third consecutive month in September. Higher prices in September for nonfuel industrial supplies and materials, consumer goods, and automotive vehicles more than offset lower foods, feeds, and beverages prices. Prices for nonfuel imports have not recorded a monthly decline since May 2024. The price index for nonfuel imports rose 1.8 percent over the past 12 months, the largest over-the-year advance since December 2022.

Foods, Feeds, and Beverages: Prices for import foods, feeds, and beverages decreased 1.5 percent in September, the first 1-month decline since May 2024. In September, a 12.2-percent drop in vegetables prices drove the decrease in foods, feeds, and beverages prices.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 1.1 percent in September, the largest monthly advance since a 2.8-percent increase in April 2024. The September rise was led by higher prices for metals and chemicals.

Finished Goods: Prices for the major finished goods import categories were mostly up in September. Consumer goods prices rose 0.2 percent, after edging down 0.1 percent in August and July. Higher prices for coins, gems, jewelry, and collectibles led the September advance. Prices for automotive vehicles increased 0.2 percent for the second consecutive month in September. Higher prices for non-engine parts and accessories in September drove the advance. The price index for capital goods was unchanged in September following a 0.2-percent increase in August.

Exports

Prices for U.S. exports fell 0.7 percent in September following a decline of 0.9 percent the previous month. U.S. export prices decreased 1.1 percent for the third quarter of 2024, the largest 3-month drop since December 2023. Lower prices for nonagricultural exports in September more than offset higher agricultural export prices. The price index for U.S. exports declined 2.1 percent over the past year, the largest 12-month decrease since January 2024. (See table 2.)

Agricultural Exports: Agricultural export prices advanced 0.6 percent in September, after declining 2.1 percent in August. Higher prices for nuts, other food preparations, meat, wheat, and corn in September more than offset lower soybeans prices. In spite of the September rise, prices for agricultural exports declined 5.3 percent from September 2023 to September 2024.

All Exports Excluding Agriculture: The price index for nonagricultural exports decreased 0.9 percent in September, the largest monthly drop since the index fell 0.9 percent in October 2023. Lower prices for nonagricultural industrial supplies and materials and automotive vehicles in September more than offset higher prices for capital goods, consumer goods, and nonagricultural foods. Prices for nonagricultural exports declined 1.8 percent over the past year, the largest 12-month decrease since December 2023.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials fell 2.4 percent in September, the largest 1-month decline since the index decreased 5.0 percent in May 2023. A 6.7-percent drop in export fuel prices in September led the overall decline in nonagricultural industrial supplies and materials prices.

Finished Goods: Prices for the major finished goods export categories were mixed in September. Capital goods prices rose 0.2 percent following a 0.2-percent decline in August. Higher prices for telecommunications equipment led the increase in September. Consumer goods prices advanced 0.3 percent in September, the largest 1-month increase since March 2024. Higher jewelry prices drove the September rise in consumer goods prices. In contrast, prices for automotive vehicles edged down 0.1 percent, the first 1-month decline since April 2023.

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 in September following a revised 0.1-percent advance in August. The August increase was the first monthly advance since the index last rose on a monthly basis in October 2022. Prices for imports from China declined 1.0 percent for the year ended in September. In contrast, the price index for imports from Japan advanced 0.2 percent in September, after being unchanged the previous month. Import prices from Japan edged down 0.1 percent over the past 12 months. Prices for imports from Canada fell 1.6 percent in September, following a 1.7- percent drop in August. The price index for imports from Canada declined 6.3 percent over the past year. Import prices from Mexico fell 1.1 percent in September and prices for imports from the European Union edged down 0.1 percent over the same period. (See table 7.)

Exports by Locality of Destination: Prices for exports to China decreased 0.4 percent in September, after declining 1.8 percent in August. Export prices to China fell 4.7 percent for the year ended in September, the largest 12-month decrease since February 2024. The price index for exports to Japan fell 0.2 percent in September, after decreasing 1.3 percent the previous month. Despite the recent declines, prices for exports to Japan increased 0.5 percent from September 2023 to September 2024. Export prices to Canada declined 0.5 percent in September, the largest monthly drop since the index fell 0.5 percent in November 2023. The price index for exports to Mexico decreased 1.3 percent in September, the largest 1-month drop in the index since December 2023. Prices for exports to the European Union fell 1.6 percent for the second consecutive month in September. (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 decreased 0.4 percent in September, after declining 1.9 percent the previous month. The index for U.S. terms of trade with China fell 3.7 percent over the past 12 months, the largest over-the-year drop since August 2023. U.S. terms of trade with Japan fell 0.4 percent in September following a 1.3-percent decline in August. Despite the recent decreases, U.S. terms of trade with Japan advanced 0.7 percent over the past year. In contrast, U.S. terms of trade with Canada rose 1.1 percent in September, after rising 1.3 percent the previous month. U.S. terms of trade with Mexico and the European Union decreased 0.2 percent and 1.7 percent, respectively, in September. (See table 9.)

Import and Export Services

Imports: The index for import air passenger fares rose 13.9 percent in September, the largest 1-month advance since the index increased 18.3 percent in June 2008. The September rise followed declines of 12.4 percent in August and 11.3 percent in July. The advance in September was primarily driven by higher European fares. Import air passenger fares increased 0.7 percent for the year ended in September, the first 12-month advance since April 2024. Import air freight prices rose 4.8 percent in September, after advancing 2.3 percent the previous month. Prices for import air freight advanced 21.0 percent over the past 12 months, the largest over-the-year rise since a 27.0-percent increase for the year ended January 2022. (See table 10.)

Exports: Export air passenger fares declined 1.4 percent in September following an 8.1-percent drop in August. Lower Asian and Latin American/Caribbean fares in September more than offset higher European fares. Export air passenger fares fell 0.9 percent from September 2023 to September 2024. The price index for export air freight decreased 0.7 percent in September, after declining 1.8 percent the previous month. Lower Asian air freight prices in September drove the overall drop. Prices for export air freight fell 4.3 percent over the past year.

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