October 2024 U.S. Import and Export Price Indexes

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U.S. import prices increased 0.3 percent in October following a 0.4-percent decline in September, the U.S. Bureau of Labor Statistics reported today. Higher nonfuel and fuel prices contributed to the October advance. The price index for U.S. exports rose 0.8 percent in October, after decreasing 0.6 percent the previous month.

Imports

Prices for U.S. imports rose 0.3 percent in October, the largest 1-month advance since a 0.9-percent increase in April 2024. The advance in October followed declines of 0.4 percent in September and 0.3 percent in August. U.S. import prices increased 0.8 percent from October 2023 to October 2024. (See table 1.)

Fuel Imports: The price index for import fuel advanced 1.5 percent in October, after a 7.5-percent decrease in September. The rise in October was the largest monthly increase since a 3.9-percent advance in April 2024. Higher prices for petroleum and natural gas in October contributed to the overall rise in import fuel prices. Despite the monthly increase, import fuel prices declined for the year ended in October, falling 13.6 percent. Prices for import petroleum advanced 1.2 percent in October following a 10.8-percent decrease for the third quarter of 2024. Import petroleum prices fell 13.2 percent over the past 12 months. The price index for import natural gas rose 30.8 percent in October, the largest monthly advance since a 68.4-percent increase in December 2022. Despite the October rise, import natural gas prices fell 42.9 percent over the past year.

All Imports Excluding Fuel: Nonfuel import prices increased 0.2 percent for the second consecutive month in October. Higher prices for nonfuel industrial supplies and materials, capital goods, consumer goods, and automotive vehicles in October more than offset lower foods, feeds, and beverages prices. The price index for nonfuel imports has not recorded a monthly decline since May 2024. Prices for nonfuel imports rose 2.3 percent over the past year, the largest 12-month increase since October 2022.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices fell 1.6 percent in October, the largest 1-month decline since November 2020. The October drop was led by a 13.3-percent decrease in prices for vegetables.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials advanced 1.3 percent in October, the largest monthly increase since a 2.8-percent rise in April 2024. Higher unfinished and finished metals prices drove the advance in October.

Finished Goods: Prices for the major finished goods import categories increased in October. Capital goods prices ticked up 0.1 percent for the third consecutive month. Higher computer accessories, peripherals, and parts prices in October more than offset lower prices for telecommunications equipment and semiconductors. The price index for automotive vehicles advanced 0.1 percent in October, after increases of 0.2 percent in September and August. The October rise was led by higher prices for non-engine parts and accessories. Prices for consumer goods advanced 0.1 percent for the second consecutive month in October.

Exports

Prices for U.S. exports increased 0.8 percent in October following a 0.6-percent decline the previous month. The October advance was the largest monthly rise since the index increased 1.2 percent in August 2023. Higher prices for nonagricultural and agricultural exports in October contributed to the monthly increase. Despite the October rise, U.S. export prices declined 0.1 percent over the past year. (See table 2.)

Agricultural Exports: Prices for agricultural exports advanced 2.0 percent in October, the largest monthly increase since the index rose 2.8 percent in November 2022. Price increases for corn, soybeans, meat, and fruit in October drove the advance in export agricultural prices. Despite the rise in October, the price index for agricultural exports declined 1.9 percent over the past year.

All Exports Excluding Agriculture: Prices for nonagricultural exports increased 0.6 percent in October, after declines of 0.8 percent in September and 0.6 percent in August. Higher prices for nonagricultural industrial supplies and materials; capital goods; automotive vehicles; and nonagricultural foods in October more than offset lower consumer goods prices. The price index for nonagricultural exports was unchanged from October 2023 to October 2024.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices rose 1.3 percent in October following a 2.0-percent decline the previous month. A 6.0-percent increase in export prices for nonmonetary gold led the October advance in nonagricultural industrial supplies and materials prices.

Finished Goods: Prices for the major finished goods export categories were mixed in October. Capital goods prices rose 0.2 percent in October, after being unchanged in September. Higher prices for industrial and service machinery, and computer accessories, peripherals, and parts drove the October advance. The price index for automotive vehicles increased 0.5 percent in October, the largest 1-month rise since April 2024. Higher prices for passenger cars led the October advance in automotive vehicles prices. In contrast, prices for consumer goods declined 0.2 percent in October following increases of 0.3 percent in September and 0.1 percent in August.

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 edged down 0.1 percent in October, after being unchanged the 2 previous months. Prices for imports from China have not increased on a monthly basis since rising 0.4 percent in October 2022. The price index for imports from China declined 1.1 percent for the 12 months ended in October. In contrast, import prices from Japan advanced 0.2 percent for the second consecutive month in October. Prices for imports from Japan ticked up 0.1 percent over the past year. The price index for imports from Canada increased 1.5 percent in October following a 1.3-percent drop in September. Despite the October advance, prices for imports from Canada declined 4.0 percent over the past 12 months. Import prices from Mexico fell 1.1 percent in October and prices for imports from the European Union ticked up 0.1 percent over the same period. (See table 7.)

Exports by Locality of Destination: The price index for exports to China increased 1.8 percent in October, after declining 0.2 percent in September. Despite the monthly advance, prices for exports to China fell 1.4 percent for the year ended in October. Export prices to Japan rose 1.7 percent in October following a 0.4- percent decrease the previous month. Prices for exports to Japan advanced 1.9 percent over the past 12 months. Export prices to Canada increased 1.0 percent in October, the largest 1-month rise since the index advanced 1.5 percent in May 2022. Prices for exports to Canada rose 0.7 percent from October 2023 to October 2024. Export prices to Mexico increased 1.2 percent in October, the largest monthly advance since April 2024. The price index for exports to the European Union rose 0.9 percent in October and increased 1.7 percent over the past year. (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. The index for U.S. terms of trade with China advanced 1.9 percent in October following a 0.2-percent decline in September. Despite the monthly rise, U.S. terms of trade with China fell 0.3 percent over the past year. U.S. terms of trade with Japan increased 1.5 percent in October, after declines of 0.6 percent in September and 1.4 percent in August. The index for U.S. terms of trade with Japan advanced 1.7 percent from October 2023 to October 2024. In contrast, U.S. terms of trade with Canada declined 0.4 percent in October following a 0.9-percent rise the previous month. U.S. terms of trade with Mexico and the European Union advanced 2.4 percent and 0.8 percent, respectively, in October. (See table 9.)

Import and Export Services

Imports: The index for import air passenger fares increased 3.9 percent in October, after rising 13.9 percent the previous month. The September advance was the largest 1-month increase since the index rose 18.3 percent in June 2008. The increases in import air passenger fares in October and September followed declines of 12.4 percent in August and 11.3 percent in July. Import air passenger fares increased 2.1 percent over the past year, the largest 12-month advance since the index rose 5.9 percent from April 2023 to April 2024. Prices for import air freight fell 4.8 percent in October following a 6.6-percent advance the previous month. Despite the decline in October, prices for import air freight increased 17.9 percent over the past 12 months. (See table 10.)

Exports: Export air passenger fares advanced 0.7 percent in October following a 1.4-percent drop the previous month. Higher Latin American/Caribbean fares in October more than offset lower Asian and European fares. Export air passenger fares rose 0.3 percent over the past 12 months. Prices for export air freight increased 8.5 percent in October, after declining 1.2 percent in September. Higher prices for Asian air freight in October drove the overall advance. Export air freight prices rose 8.5 percent over the past year.

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