January 2025 U.S. Import and Export Price Indexes

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Prices for U.S. imports increased 0.3 percent in January, after advancing 0.2 percent in December, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices in January contributed to the overall increase in import prices. U.S. export prices rose 1.3 percent in January following a 0.5-percent advance the previous month.

Imports

The price index for U.S. imports advanced 0.3 percent in January, the largest 1-month rise since the index increased 0.9 percent in April 2024. Prices for U.S. imports advanced 1.9 percent from January 2024 to January 2025. (See table 1.)

Fuel Imports: Import fuel prices rose 3.2 percent in January, after increasing 1.7 percent in December. The January advance was the largest monthly rise since April 2024. Higher prices for petroleum and natural gas contributed to the overall increase in import fuel prices in January. Prices for import fuel rose 2.4 percent for the year ended in January. Petroleum import prices advanced 2.9 percent in January, the largest 1-month rise since April 2024. Prices for import petroleum increased 2.3 percent over the past year, the largest 12-month advance since the year ended July 2024. The price index for import natural gas rose 13.4 percent in January following a 173.1-percent increase over the final quarter of 2024. Natural gas prices advanced 12.9 percent from January 2024 to January 2025, the first over-the-year increase since the index rose 80.5 percent for the year ended January 2023.

All Imports Excluding Fuel: Prices for nonfuel imports ticked up 0.1 percent for the third consecutive month in January. Nonfuel import prices have not declined on a monthly basis since a 0.2-percent drop in May 2024. Higher prices for nonfuel industrial supplies and materials; capital goods; and foods, feeds, and beverages in January more than offset lower prices for automotive vehicles and consumer goods. The price index for nonfuel imports advanced 1.8 percent for the year ended in January.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 0.2 percent in January, after advancing 3.0 percent the previous month. Higher prices in January for fish and shellfish, fruit, food oils, and bakery and confectionery products more than offset lower vegetable prices.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 0.6 percent in January following a 0.2-percent decrease in December. The January increase in nonfuel industrial supplies and materials prices was driven by a 17.0-percent advance in other agricultural products prices.

Finished Goods: Prices for the major finished goods import categories were mixed in January. Capital goods prices ticked up 0.1 percent, after declining 0.2 percent in each of the 2 previous months. Higher prices for civilian aircraft, engines, and parts drove the advance. In contrast, automotive vehicles prices fell 0.4 percent in January, the largest monthly decline since January 2017. Lower passenger cars prices led the January decrease. The price index for import consumer goods fell 0.2 percent in January, the largest 1- month drop since June 2024. Lower prices for medicinal, dental, and pharmaceutical preparatory materials drove the decline in consumer goods prices.

Exports

Prices for U.S. exports rose 1.3 percent in January, the largest monthly increase since the index advanced 2.7 percent in May 2022. Higher nonagricultural export prices in January more than offset lower agricultural export prices. U.S. export prices have not declined on a 1-month basis since September 2024. The price index for U.S. exports increased 2.7 percent over the past year, the largest 12-month advance since the year ended December 2022. (See table 2.)

Agricultural Exports: Agricultural export prices declined 0.2 percent in January following a 0.7-percent increase the previous month. Lower prices for nuts, meat, fruit, and vegetables in January more than offset higher corn prices. Despite the January decrease, prices for export agricultural goods increased 0.5 percent over the past 12 months, the first over-the-year advance since February 2023.

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 1.5 percent in January, after increasing 0.4 percent in December. The January advance was the largest monthly rise since August 2023. Higher prices in January for nonagricultural industrial supplies and materials, capital goods, consumer goods, and nonagricultural foods more than offset lower prices for automotive vehicles. Prices for nonagricultural exports increased 2.9 percent over the past 12 months, the largest over-the-year advance since December 2022.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 3.5 percent in January following a 1.0-percent rise the previous month. The January advance was the largest 1-month increase since a 3.9-percent rise in August 2023. The January increase was led by a 7.0- percent advance in fuel prices.

Finished Goods: Prices for the major finished goods export categories were mixed in January. Capital goods prices rose 0.2 percent following a 0.1-percent increase the previous month. Export consumer goods prices advanced 0.3 percent in January, after edging down 0.1 percent in December. The January increase was led by higher prices for medicinal, dental, and pharmaceutical preparatory materials. Prices for automotive vehicles fell 0.2 percent in January, after rising 0.2 percent in December. The January decline was the first monthly decrease since April 2023 and was driven by lower parts 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 rose 0.3 percent in January, after edging down 0.1 percent in December. The January advance was the first 1-month increase since a 0.4-percent rise in October 2022. Higher prices for communications equipment manufacturing in January led the advance. Import prices from China were unchanged over the past 12 months. The price index for imports from Japan increased 0.4 percent in January following 0.2-percent declines in each of the 2 previous months. Prices for imports from Japan fell 1.1 percent over the past 12 months, the largest over-the-year decline since December 2017. Import prices from Canada rose 1.8 percent in January, after advancing 1.1 percent the previous month. In contrast, the price indexes for imports from the European Union and Mexico declined in January, decreasing 0.7 percent and 0.3 percent, respectively. (See table 7.)

Exports by Locality of Destination: Export prices to China rose 0.8 percent in January, after edging down 0.1 percent in each of the 2 previous months. Prices for exports to China advanced 1.7 percent over the past year, the largest 12-month increase since October 2022. The price index for exports to Japan rose 1.2 percent in January following a 1.2-percent drop in December. Export prices to Japan advanced 3.2 percent over the past 12 months. Prices for exports to Canada increased 1.2 percent in January, the largest monthly rise since May 2022. The price index for exports to Canada advanced 2.8 percent for the year ended in January. The price indexes for exports to the European Union and Mexico each rose in January, increasing 1.6 percent and 1.5 percent, respectively. (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 rose 0.6 percent in January, after being unchanged in December. Higher export prices to China in January more than offset higher import prices from China. The index for U.S. terms of trade with China increased 1.7 percent over the past 12 months, the largest over-the-year advance since September 2022. U.S. terms of trade with Japan advanced 0.8 percent in January following a 1.0-percent decline in December. U.S. terms of trade with Japan rose 4.3 percent for the year ended in January. The index for U.S. terms of trade with Canada fell 0.6 percent in January, after declining 0.5 percent in December. U.S. terms of trade with the European Union and Mexico rose 2.4 percent and 1.8 percent, respectively, in January. (See table 9.)

Import and Export Services

Imports: Import air passenger fares fell 12.8 percent in January, after advancing 10.6 percent the previous month. The January decrease was the largest monthly decline since the index fell 14.1 percent in August 2023. Lower European, Asian, and Latin American/Caribbean fares in January contributed to the decline in import air passenger fares. The index for import air passenger fares decreased 6.2 percent for the year ended in January, the largest drop since August 2023. Prices for import air freight declined 2.6 percent in January following a 0.9-percent drop in December. Lower Asian and European air freight prices contributed to the January decrease. Despite the recent declines, import air freight prices rose 17.5 percent from January 2024 to January 2025. (See table 10.)

Exports: Export air passenger fares advanced 12.8 percent in January, after a 0.2-percent increase in December. The January rise was the largest advance since the index increased 14.5 percent in November 2020. Higher prices in January for Latin American/Caribbean, Asian, and European fares contributed to the overall advance. Export air passenger fares rose 3.6 percent over the past 12 months, the largest over-the- year increase since June 2023. Prices for export air freight advanced 4.7 percent in January following a 6.0- percent decline the previous month. Export air freight prices rose 5.5 percent over the past year.

U.S. Import and Export Price Index data for February 2025 are scheduled for release on Tuesday, March 18, 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.