February 2025 U.S. Import and Export Price Indexes

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U.S. import prices increased 0.4 percent in February following a 0.4-percent advance in January, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices in February contributed to the overall increase in import prices. U.S. export prices rose 0.1 percent in February following a 1.3-percent advance the previous month.

Change to Data Source for Import and Export Price Indexes

Effective with this release, BLS import and export price indexes greatly expanded the use of data from a non-survey source. Administrative trade records from the U.S. Census Bureau are used in place of survey data for certain goods categories. This transition to an alternative data source did not create a break in series with previously published price indexes. Hundreds more detailed import and export price indexes began 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.

Imports

U.S. import prices advanced 0.4 percent for the second consecutive month in February. Prices for U.S. imports rose 2.0 percent over the past year. (See table 1.)

Fuel Imports: Import fuel prices rose 1.7 percent in February, after increasing 3.5 percent in January. Higher prices for petroleum and natural gas contributed to the overall increase in import fuel prices in February. Prices for import fuel rose 2.8 percent for the year ended in February. Petroleum import prices advanced 1.7 percent in February. Prices for import petroleum increased 2.0 percent over the past year. The price index for import natural gas rose 14.0 percent in February following an increase of 11.5 percent in January. Natural gas prices advanced 49.9 percent from February 2024 to February 2025.

All Imports Excluding Fuel: Prices for nonfuel imports advanced 0.3 percent in February following an increase of 0.1 percent 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 and consumer goods more than offset lower prices for capital goods. The price index for nonfuel imports advanced 2.0 percent for the year ended in February.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices were unchanged in February, after advancing 0.2 percent in January and 3.0 percent in December. Higher import prices for meat, cocoa beans, and green coffee offset lower prices for vegetables and fruit.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 1.8 percent in February, after a 0.6-percent increase in January. Nonfuel industrial supplies and materials prices advanced 8.0 percent from February 2024 to February 2025, the largest over-the-year increase since the index rose 8.4 percent for the year ended August 2022.

Finished Goods: Prices for the major finished goods import categories were mixed in February. Capital goods prices decreased 0.2 percent, after increasing 0.1 percent in January and declining 0.4 percent in December. Lower prices for electric apparatus and parts drove the decline. Automotive vehicles prices were unchanged in February following decreases of 0.1 percent in each of the 2 previous months. The price index for import consumer goods advanced 0.4 percent in February, the largest 1-month increase since February 2024. Higher prices for coins, gems, jewelry, and collectibles led the advance in consumer goods prices in February.

Exports

Prices for U.S. exports ticked up 0.1 percent in February following increases of 1.3 percent in January and 0.5 percent in December. Higher prices for nonagricultural and agricultural exports each contributed to the increase in February. U.S. export prices have not declined on a 1-month basis since September 2024. The price index for U.S. exports increased 2.1 percent over the past year. (See table 2.)

Agricultural Exports: Agricultural export prices advanced 0.8 percent in February following a 0.2-percent decline the previous month. Higher prices for soybeans, meat, and corn in February more than offset lower fruit and vegetables prices. Prices for export agricultural goods increased 0.6 percent over the past 12 months, the largest over-the-year advance since February 2023.

All Exports Excluding Agriculture: Nonagricultural export prices increased 0.1 percent in February, after rising 1.5 percent in January and advancing 0.4 percent in December. The price index for nonagricultural exports has not declined on a monthly basis since a 0.7-percent drop in September 2024. The February advance was driven by higher prices for consumer goods, capital goods, automotive vehicles, and nonagricultural foods. Prices for nonagricultural exports advanced 2.2 percent from February 2024 to February 2025. Higher prices for nonagricultural industrial supplies and materials, capital goods, automotive vehicles, consumer goods, and nonagricultural foods all contributed to the 12-month increase.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices were unchanged in February, after increases of 3.4 percent in January and 1.0 percent in December. The price index for nonagricultural industrial supplies and materials increased 3.3 percent for the year ended February 2025.

Finished Goods: Prices for each of the major finished goods export categories rose in February. Capital goods prices ticked up 0.1 percent in February following a 0.2-percent increase the previous month. Export consumer goods prices advanced 0.6 percent in February, after increasing 0.3 percent in January. The February increase was led by higher prices for household goods and gem diamonds. Prices for export automotive vehicles increased 0.2 percent in February, after declining 0.1 percent in January and advancing 0.2 percent 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: Prices for imports from China rose 0.5 percent in February, after rising 0.2 percent in January. The February advance was the largest 1-month increase since a 0.5-percent rise in March 2022. Import prices from China increased 0.5 percent over the past 12 months, the first over-the-year increase since December 2022. The price index for imports from Japan increased 0.2 percent in February following a 0.7-percent advance in January. Prices for imports from Japan decreased 0.1 percent over the past 12 months. Import prices from Canada rose 0.8 percent in February, after advancing 1.6 percent the previous month. Prices for imports from the European Union increased 0.7 percent in February and import prices from Mexico increased 0.2 percent over the same period. (See table 7.)

Exports by Locality of Destination: Export prices to China were unchanged in February following an increase of 0.7 percent in January and a 0.1-percent decline in December. Prices for exports to China advanced 1.3 percent over the past year. The price index for exports to Japan rose 1.3 percent in February following a 1.2-percent advance in January. Export prices to Japan increased 3.5 percent over the past 12 months. Prices for exports to Canada increased 2.0 percent in February, the largest monthly rise since March 2022. The price index for exports to Canada advanced 4.5 percent for the year ended in February. The price index for exports to Mexico increased 0.9 percent in February, and prices for exports to the European Union declined 0.7 percent over the same period. (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 0.6 percent in February following a 0.5-percent increase in January. The February decline in U.S. terms of trade with China was driven by higher import prices from China. The index for U.S. terms of trade with China increased 0.8 percent over the past 12 months. U.S. terms of trade with Japan advanced 1.1 percent in February following a 0.5-percent increase in January. The index for U.S. terms of trade with Japan rose 3.7 percent for the year ended in February. U.S. terms of trade with Canada advanced 1.3 percent in February, after declines of 0.5 percent in January and 0.7 percent in December. The index for U.S. terms of trade with Mexico increased 0.8 percent in February and U.S. terms of trade with the European Union fell 1.3 percent over the same period. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 3.4 percent in February, after a decrease of 12.8 percent in January. Higher European and Latin American/Caribbean import air passenger fares in February more than offset lower Asian import air passenger fares. The index for import air passenger fares decreased 3.0 percent for the year ended in February. Prices for import air freight declined 11.3 percent in February following a 3.7-percent drop in January. Lower Asian air freight prices more than offset higher prices for European air freight in February. Despite the recent declines, import air freight prices rose 6.6 percent from February 2024 to February 2025. (See table 10.)

Exports: Export air passenger fares decreased 13.0 percent in February, after advancing 12.8 percent in January. The February drop was the largest monthly decline since the index fell 13.7 percent in February 2023. Lower prices in February for Latin American/Caribbean, Asian, and European fares contributed to the overall decline. Despite the monthly decline, export air passenger fares rose 0.2 percent over the past 12 months. Prices for export air freight decreased 1.7 percent in February following a 5.3-percent advance the previous month. Export air freight prices rose 1.8 percent over the past year.

U.S. Import and Export Price Index data for March 2025 are scheduled for release on Tuesday, April 15, 2025, at 8:30 a.m. (ET).