March 2025 U.S. Import and Export Price Indexes

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U.S. import prices decreased 0.1 percent in March following a 0.2-percent increase in February, the U.S. Bureau of Labor Statistics reported today. Lower prices for fuel imports more than offset higher prices for nonfuel imports in March. Prices for U.S. exports were unchanged in March, after rising 0.5 percent the previous month.

Imports

U.S. import prices decreased 0.1 percent in March following an increase of 0.2 percent in February. The March decline was the first monthly drop since the index decreased 0.4 percent in September 2024. Prices for U.S. imports increased 0.9 percent from March 2024 to March 2025. (See table 1.)

Fuel Imports: Import fuel prices decreased 2.3 percent in March following increases of 1.6 percent in February and 2.7 percent in January. The March decline was the largest monthly drop since the index decreased 7.2 percent in September 2024. Lower prices for petroleum and natural gas drove the overall decline in import fuel prices in March. Fuel import prices decreased 5.2 percent from March 2024 to March 2025. Prices for import petroleum declined 1.5 percent in March, the first monthly decrease since October 2024. The price index for petroleum imports fell 6.7 percent over the past 12 months. Import natural gas prices decreased 19.8 percent in March, the largest monthly decline since March 2024. Natural gas prices rose 88.5 percent for the year ended in March.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.1 percent for the second consecutive month in March. Nonfuel import prices have not declined on a monthly basis since a 0.2-percent drop in May 2024. Higher prices for capital goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages more than offset lower prices for consumer goods and automotive vehicles. The price index for nonfuel imports advanced 1.5 percent for the year ended in March.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices ticked up 0.1 percent in March, after being unchanged in February. Higher prices for green coffee, cocoa beans, and bakery and confectionery products more than offset lower prices for vegetables and distilled alcoholic beverages.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials rose 0.4 percent in March, after a 1.2-percent increase in February. Higher prices for major nonferrous metals drove the increase in nonfuel industrial supplies and materials prices in March. Nonfuel industrial supplies and materials prices advanced 6.7 percent from March 2024 to March 2025.

Finished Goods: Prices for the major finished goods import categories were mixed in March. Capital goods prices increased 0.3 percent, after edging down 0.1 percent in February. Higher prices for civilian aircraft, engines, and parts and telecommunications equipment drove the advance. In contrast, the price index for automotive vehicles declined 0.1 percent for the fourth consecutive month in March. Lower prices for parts, engines, bodies and chassis led the decrease. Import consumer goods prices fell 0.2 percent for the second consecutive month in March. Lower prices for household goods drove the decline in consumer goods prices.

Exports

Prices for U.S. exports were unchanged in March following increases of 0.5 percent in February and 1.4 percent in January. U.S. export prices have not declined on a 1-month basis since September 2024. The price index for U.S. exports advanced 2.4 percent from March 2024 to March 2025. (See table 2.)

Agricultural Exports: The index for agricultural export prices was unchanged in March following a 0.6- percent increase in February and a 0.2-percent drop in January. Higher prices for soybeans offset lower prices for wheat and rice. Agricultural export prices advanced 1.4 percent for the year ended in March. Over the past year, higher prices for nuts and meat more than offset lower prices for soybeans.

All Exports Excluding Agriculture: The price index for nonagricultural exports decreased 0.1 percent in March, after rising 0.5 percent in February and 1.5 percent in January. The March decline in nonagricultural export prices was the first monthly decrease since a 0.7-percent drop in September 2024. Lower prices for nonagricultural industrial supplies and materials and nonagricultural foods more than offset higher prices for capital goods, consumer goods, and automotive vehicles. Prices for nonagricultural exports advanced 2.5 percent from March 2024 to March 2025. Higher export prices for nonagricultural industrial supplies and materials, capital goods, and automotive vehicles all contributed to the 12-month increase.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices decreased 0.5 percent in March, after advancing 1.1 percent the previous month. The March decline was the first 1-month decrease since a 0.1-percent drop in November 2024. The price index for nonagricultural industrial supplies and materials increased 3.5 percent for the year ended March 2025.

Finished Goods: Prices for each of the major finished goods export categories rose in March. Capital goods prices increased 0.5 percent, after ticking up 0.1 percent in February. Higher prices for oil drilling, mining, and construction machinery, and equipment; industrial and service machinery; and computers, peripherals, and semiconductors drove the monthly increase. Automotive vehicles prices rose 0.2 percent in March for the second consecutive month. Consumer goods prices increased 0.3 percent for the third consecutive month in March, which was led by higher prices for coins, gems, jewelry, and collectibles.

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 decreased 0.2 percent in March, after edging down 0.1 percent in February and declining 0.4 percent in January. The price index for imports from China decreased 0.9 percent over the past 12 months. The price index has not recorded a 12-month increase since the year ended December 2022. Prices for imports from Japan rose 0.5 percent for the second consecutive month in March. The price index for imports from Japan increased 1.7 percent over the past 12 months. Import prices from the European Union were unchanged in March, after a 0.4-percent advance in February. The price indexes for imports from Mexico and Canada declined in March, decreasing 0.3 percent and 1.5 percent, respectively. (See table 7.)

Exports by Locality of Destination: Prices for exports to China ticked up 0.1 percent in March, after increasing 0.3 percent the previous month. The price index for exports to China increased 1.5 percent over the past 12 months. The price index has not recorded a 12-month decline since December 2024. Prices for exports to Japan advanced 0.7 percent in March following increases of 0.9 percent in February and 1.2 percent in January. The price index for exports to Japan increased 5.5 percent for the year ended in March, the largest 12-month rise since the index advanced 5.7 percent in November 2022. The price indexes for exports to the European Union and Mexico each declined in March, decreasing 0.1 percent and 0.7 percent, respectively. In contrast, prices for exports to Canada rose 2.4 percent over the same period, the largest monthly increase since March 2022. (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 increased 0.3 percent in March following a 0.4-percent advance in February. The index for U.S. terms of trade with China advanced 2.3 percent over the past 12 months. U.S. terms of trade with Japan increased 0.2 percent in March following a 0.4-percent rise in February. The index for U.S. terms of trade with Japan rose 3.8 percent for the year ended in March. In contrast, U.S. terms of trade with Mexico and the European Union both decreased in March, falling 0.4 percent and 0.1 percent, respectively. U.S. terms of trade with Canada increased 3.9 percent in March. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 0.6 percent in March, after advancing 3.4 percent in February and declining 12.8 percent in January. Higher European and Asian fares in March more than offset lower Latin American/Caribbean fares. Import air passenger fares decreased 2.8 percent over the past year. Prices for import air freight increased 1.5 percent in March following a 13.5-percent drop in February and a 3.1- percent decline in January. The March advance in import air freight prices was the first monthly increase since the index rose 1.5 percent in November 2024. Higher Asian air freight prices more than offset lower prices for European air freight in March. Import air freight prices increased 5.5 percent from March 2024 to March 2025. (See table 10.)

Exports: Export air passenger fares increased 2.6 percent in March following a 13.0-percent decrease the previous month. Higher European and Asian fares more than offset lower Latin American/Caribbean fares. The price index for export air passenger fares decreased 1.2 percent from March 2024 to March 2025, the first 12-month decline since November 2024. Export air freight prices advanced 1.2 percent in March following a 2.1-percent drop the previous month. Prices for export air freight fell 0.8 percent over the past year.

U.S. Import and Export Price Index data for April 2025 are scheduled for release on Friday, May 16, 2025, at 8:30 a.m. (ET).