December 2024 U.S. Import and Export Price Indexes

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U.S. import prices advanced 0.1 percent in December following a 0.1-percent increase in each of the previous 2 months, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices in December contributed to the overall rise in import prices. Prices for U.S. exports increased 0.3 percent in December, after being unchanged the previous month.

Imports

Prices for U.S. imports ticked up 0.1 percent for the third consecutive month in December. U.S. import prices have not risen by more than 0.1 percent since a 0.9-percent advance in April 2024. The price index for U.S. imports advanced 2.2 percent over the past 12 months, the largest over-the-year increase since the index rose 3.2 percent for the year ended December 2022. (See table 1.)

Fuel Imports: The price index for import fuel rose 1.4 percent in December, the largest monthly advance since the index increased 3.9 percent in April 2024. Higher prices for natural gas and petroleum contributed to the advance in fuel prices. Import fuel prices rose 0.3 percent over the past 12 months, the first over-the- year increase since July 2024. Natural gas prices advanced 40.6 percent in December and 173.1 percent over the final quarter of 2024. Despite the increase over the past 3 months, prices for natural gas fell 5.2 percent for the year ended in December. Prices for import petroleum rose 0.3 percent in December, after advancing 0.4 percent in November. Petroleum prices advanced 0.7 percent from December 2023 to December 2024, the first 12-month increase since July 2024.

All Imports Excluding Fuel: Nonfuel import prices ticked up 0.1 percent for the second consecutive month in December. Prices for nonfuel imports have not decreased on a monthly basis since a 0.2-percent drop in May 2024. Higher prices for foods, feeds, and beverages in December more than offset lower prices for nonfuel industrial supplies and materials, capital goods, and automotive vehicles. Prices for nonfuel imports rose 2.4 percent on a 12-month basis for the third consecutive month in December.

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages increased 2.8 percent in December, after rising 1.4 percent the previous month. The December advance was the largest 1-month increase since a 3.3-percent rise in January 2022. Higher prices for vegetables, fruit, and coffee led the December advance in foods, feeds, and beverages prices.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials decreased 0.4 percent in December, the largest monthly decline since a 0.5-percent drop in February 2024. Lower prices for unfinished metals and finished metals in December drove the decline in nonfuel industrial supplies and materials prices.

Finished Goods: Prices for the major finished goods import categories were mostly down in December. Prices for capital goods fell 0.2 percent, the largest monthly decline since March 2024. The December decrease was led by lower prices for industrial and service machinery and computers, peripherals, and semiconductors. Automotive vehicles prices declined 0.2 percent in December, the largest 1-month drop since March 2023. The December decrease was driven by lower prices for parts, engines, bodies, and chassis. The price index for import consumer goods was unchanged for the second consecutive month in December.

Exports

The price index for U.S. exports advanced 0.3 percent in December, after being unchanged in November and increasing 1.0 percent in October. Higher prices for nonagricultural and agricultural exports each contributed to the December increase in U.S. export prices. Prices for U.S. exports rose 1.8 percent from December 2023 to December 2024, the largest 12-month advance for the index since a 2.0-percent increase in January 2023. (See table 2.)

Agricultural Exports: Agricultural export prices rose 0.5 percent in December following a 0.1-percent advance the previous month. Higher prices for fruit, nuts, and corn in December more than offset lower meat prices. Despite the recent increases, prices for agricultural exports declined 1.2 percent over the past 12 months.

All Exports Excluding Agriculture: Prices for nonagricultural exports advanced 0.3 percent in December, after being unchanged the previous month. Higher prices for nonagricultural industrial supplies and materials and automotive vehicles more than offset lower capital goods prices. Nonagricultural export prices increased 2.2 percent for the year ended in December, the largest 12-month rise since a 3.9-percent advance in December 2022.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices advanced 0.8 percent in December following a 0.1-percent decline in November. The December increase was driven by higher fuel prices. Prices for export fuel rose 3.2 percent in December, the largest 1-month advance since July 2024.

Finished Goods: Prices for the major finished goods export categories were mixed in December. The price index for capital goods edged down 0.1 percent following a 0.1-percent advance in November. Lower prices for industrial and service machinery and telecommunications equipment in December led the decline in capital goods prices. In contrast, prices for automotive vehicles increased 0.2 percent in December, after advancing 0.1 percent the previous month. The December rise was driven by higher prices for passenger cars. Export consumer goods prices were unchanged for the second consecutive month in December.

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 December, after edging down 0.1 percent the previous month. The price index for imports from China decreased 0.6 percent for the year ended in December. Import prices from Japan declined 0.2 percent for the second consecutive month in December. Prices for imports from Japan fell 0.3 percent over the past year, the largest 12-month decrease since August 2020. The price index for imports from the European Union declined 0.2 percent in December, after being unchanged in November. Despite the December drop, import prices from the European Union rose 1.9 percent over the past 12 months. Prices for imports from Canada and Mexico each advanced 0.7 percent in December. (See table 7.)

Exports by Locality of Destination: Prices for exports to China were unchanged in December following a 0.1-percent decline in November. Export prices to China fell 0.5 percent on a 12-month basis for the second consecutive month in December. The price index for exports to Japan declined 0.8 percent in December, after decreasing 0.4 percent the previous month. In spite of the recent declines, export prices to Japan rose 3.1 percent for the year ended in December. The price index for exports to the European Union decreased 0.3 percent for the second consecutive month in December. Despite the recent declines, prices for exports to the European Union increased 2.4 percent from December 2023 to December 2024. Export prices to Canada and Mexico each rose 0.3 percent in December, after falling 0.5 percent and 1.3 percent, respectively, 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 were unchanged for the second consecutive month in December. The index for U.S. terms of trade with China increased 0.2 percent over the past 12 months. U.S. terms of trade with Japan fell 0.6 percent in December, after declining 0.2 percent the previous month. Lower export prices to Japan in December more than offset lower import prices from Japan. Despite the recent drops, U.S. terms of trade with Japan rose 3.4 percent over the past year. The index for U.S. terms of trade with the European Union edged down 0.1 percent in December following a 0.4-percent decline in November. U.S. terms of trade with Canada and Mexico each decreased 0.4 percent in December. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 10.6 percent in December, after falling 4.8 percent the previous month. Higher European, Asian, and Latin American/Caribbean fares in December all contributed to the overall advance in import air passenger fares. The index for import air passenger fares increased over the past 12 months, rising 1.0 percent from December 2023 to December 2024. In contrast, import air freight prices decreased 0.8 percent in December following a 1.4-percent advance in November. Lower Asian air freight prices in December more than offset higher European air freight prices. Despite the December drop, prices for import air freight increased 2.0 percent over the past year. (See table 10.)

Exports: Export air passenger fares rose 0.2 percent in December, after declining 0.8 percent in November. Higher Latin American/Caribbean fares in December more than offset lower Asian and European fares. Export air passenger fares increased 1.8 percent over the past 12 months, the largest over-the-year advance since the index rose 4.2 percent for the year ended June 2023. The price index for export air freight fell 5.6 percent in December, the largest monthly decline since March 2023. Export air freight prices decreased 2.1 percent for the year ended in December.

U.S. Import and Export Price Index data for January 2025 are scheduled for release on Friday, February 14, 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.