November 2024 U.S. Import and Export Price Indexes

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Prices for U.S. imports increased 0.1 percent for the second consecutive month in November, the U.S. Bureau of Labor Statistics reported today. Higher fuel prices led the November advance. U.S. export prices were unchanged in November following a 1.0-percent rise the previous month.

Imports

The price index for U.S. imports ticked up 0.1 percent in November and October, after declining 0.4 percent in September and 0.3 percent in August. U.S. import prices rose 1.3 percent from November 2023 to November 2024, the largest over-the-year advance since the index increased 1.7 percent for the year ended July 2024. (See table 1.)

Fuel Imports: Import fuel prices advanced 1.0 percent in November following a 0.8-percent decline the previous month. Higher prices for natural gas and petroleum in November contributed to the increase in import fuel prices. Despite the November rise, prices for import fuel declined 8.6 percent over the past 12 months. Import petroleum prices advanced 0.4 percent in November, after decreasing 11.6 percent from July to October. Prices for import petroleum fell 7.6 percent for the year ended in November. The price index for import natural gas increased 47.4 percent in November following a 32.7-percent advance in October. Both increases were the largest 1-month advances since the index rose 68.4 percent in December 2022. In spite of the recent increases, prices for import natural gas declined 34.5 percent over the past year.

All Imports Excluding Fuel: Prices for nonfuel imports were unchanged in November, after advancing 0.2 percent in each of the 2 previous months. Nonfuel import prices have not declined on a monthly basis since a 0.2-percent drop in May 2024. Higher prices for foods, feeds, and beverages and consumer goods in November offset lower prices for nonfuel industrial supplies and materials, capital goods, and automotive vehicles. The price index for nonfuel imports increased 2.3 percent over the past 12 months.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages rose 1.3 percent in November, the largest monthly advance since a 2.0-percent increase in July 2024. A 13.1-percent rise in vegetable prices in November drove the advance in foods, feeds, and beverages prices.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices fell 0.2 percent in November following advances of 1.2 percent in October and 1.0 percent in September. Lower prices for unfinished metals and chemicals led the decline in nonfuel industrial supplies and materials prices.

Finished Goods: Prices for the major finished goods import categories were mixed in November. Capital goods prices edged down 0.1 percent in November, the first monthly decrease since May 2024. The November drop was led by lower prices for industrial and service machinery and oil drilling, mining, and construction machinery and equipment. Prices for automotive vehicles fell 0.1 percent in November, the first 1-month decrease since November 2023. The decline was driven by lower prices for non-engine parts. In contrast, the price index for consumer goods ticked up 0.1 percent for the third consecutive month in November.

Exports

Prices for U.S. exports were unchanged in November, after increasing 1.0 percent in October and declining 0.6 percent in September and 0.7 percent in August. Higher nonagricultural prices in November offset lower agricultural prices. U.S. export prices rose 0.8 percent over the past year, the largest 12-month advance since a 1.2-percent increase from July 2023 to July 2024. (See table 2.)

Agricultural Exports: Agricultural export prices declined 0.4 percent in November following increases of 1.9 percent in October and 0.8 percent in September. Lower prices for soybeans and fruit in November more than offset higher prices for nuts, bakery and confectionery products, and meat. Prices for agricultural exports decreased 2.5 percent over the past 12 months.

All Exports Excluding Agriculture: The price index for nonagricultural exports ticked up 0.1 percent in November, after increasing 0.8 percent in October. Higher prices for capital goods and nonagricultural foods in November more than offset lower prices for consumer goods. Prices for nonagricultural industrial supplies and materials and automotive vehicles were unchanged. Nonagricultural export prices rose 1.2 percent for the year ended in November, the largest 12-month advance since July 2024.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials were unchanged in November following a 1.8-percent advance the previous month. A 1.0-percent drop in chemical prices in November offset higher prices for nonferrous metals and fuel.

Finished Goods: Prices for the major finished goods export categories were mixed in November. The price index for export capital goods ticked up 0.1 percent following a 0.3-percent advance in October. Higher prices for electrical generating equipment and computers, peripherals, and semiconductors in November led the advance in capital goods prices. In contrast, consumer goods prices fell 0.1 percent in November, after decreasing 0.2 percent the previous month. Lower prices for manufactured nondurables and durables in November each contributed to the decline. Prices for automotive vehicles exports were unchanged in November following a 0.6-percent increase in October. Higher prices for new passenger vehicles in November offset lower prices for vehicles designed to transport goods.

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 edged down 0.1 percent for the second consecutive month in November. The price index for imports from China has not increased on a monthly basis since rising 0.4 percent in October 2022. Import prices from China declined 0.9 percent over the past year, the smallest 12-month decrease, despite the recent drops, since February 2023. Prices for imports from Japan fell 0.2 percent in November, the largest 1-month decrease since April 2024. The price index for imports from Japan also declined 0.2 percent for the year ended in November. Import prices from Canada fell 0.4 percent in November, after rising 0.4 percent the previous month. Prices for imports from Canada decreased 2.5 percent over the past 12 months. In contrast, import prices from Mexico rose 0.3 percent in November following a 0.7-percent drop in October. The price index for imports from the European Union was unchanged in November. (See table 7.)

Exports by Locality of Destination: Export prices to China fell 0.5 percent in November, after increasing 2.4 percent the previous month. Prices for exports to China declined 0.8 percent from November 2023 to November 2024. The price index for exports to Japan decreased 1.0 percent in November following a 2.6- percent advance in October. Export prices to Japan rose 3.4 percent over the past year, the largest 12-month increase since December 2022. Prices for exports to Canada fell 0.5 percent in November, after rising 0.8 percent in October. Despite the November drop, the price index for exports to Canada advanced 0.4 percent over the past 12 months. Export prices to Mexico decreased 1.1 percent in November following a 1.2- percent increase the previous month. The price index for exports to the European Union fell 0.4 percent in November, after advancing 0.8 percent in October. (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 November, after increasing 2.5 percent in October. Lower export prices to China in November more than offset lower import prices from China. The index for U.S. terms of trade with China ticked up 0.1 percent over the past year. U.S. terms of trade with Japan declined 0.7 percent in November following a 2.3- percent advance the previous month. Despite the November drop, U.S. terms of trade with Japan rose 3.6 percent over the past 12 months. The index for U.S. terms of trade with Canada edged down 0.1 percent in November, after rising 0.3 percent in October. U.S. terms of trade with Mexico and the European Union decreased 1.4 percent and 0.5 percent, respectively, in November. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 4.8 percent in November, after advancing 3.9 percent in October and 13.9 percent in September. The index for import air passenger fares also declined over the past 12 months, decreasing 2.4 percent. Lower Asian and Latin American/Caribbean fares for the year ended in November more than offset higher European fares over the same period. In contrast, prices for import air freight increased 4.9 percent in November following a 4.9-percent drop the previous month. Higher Asian air freight prices in November drove the increase. Prices for import air freight rose 18.6 percent from November 2023 to November 2024. (See table 10.)

Exports: Export air passenger fares decreased 0.8 percent in November, after increasing 0.7 percent in October. Lower European and Latin American/Caribbean fares in November drove the drop. Export air passenger fares declined 1.8 percent over the past year. The index for export air freight prices fell 2.0 percent in November following a 6.7-percent increase the previous month. Lower Asian air freight prices in November led the decrease. Prices for export air freight rose 2.0 percent for the year ended in November.

U.S. Import and Export Price Index data for December 2024 are scheduled for release on Thursday, January 16, 2025, at 8:30 a.m. (ET).

Upcoming Change to Data Source for Import and Export Price Indexes

With the release of the February 2025 U.S. Import and Export Price Indexes news release on March 18, 2025, BLS import and export price indexes will greatly expand the use of data from a non-survey source. Administrative trade records from the U.S. Census Bureau will be used in place of survey data for certain goods categories. This transition to an alternative data source will not create a break in series with currently published price indexes. Hundreds more detailed import and export price indexes will begin publication, starting with a base period of January 2025 = 100. More information is available at www.bls.gov/mxp/notices/2024/change-data-source-import-export-price-indexes.htm.