May 2025 U.S. Import and Export Price Indexes

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U.S. import prices were unchanged in May, the U.S. Bureau of Labor Statistics reported today, following a 0.1-percent increase in April. Higher prices for nonfuel imports offset lower prices for fuel imports in May. Prices for U.S. exports declined 0.9 percent in May, after ticking up 0.1 percent the previous month.

Imports

Prices for U.S. imports were unchanged in May following an advance of 0.1 percent in April and a decrease of 0.4 percent in March. The price index for U.S. imports rose 0.2 percent from May 2024 to May 2025. (See table 1.)

Fuel Imports: Import fuel prices declined 4.0 percent in May following decreases of 2.6 percent in April and 3.4 percent in March. The May decrease was the largest monthly decline since the index fell 7.2 percent in September 2024. Lower prices for petroleum and natural gas contributed to the decrease in import fuel prices in May. Prices for import fuel declined 15.7 percent over the past 12 months, the largest over-the-year decrease since the index fell 17.9 percent for the year ended September 2024. Import petroleum prices fell 3.7 percent in May, after declining 2.5 percent the previous month. The price index for petroleum imports decreased 17.4 percent over the past 12 months. Import natural gas prices declined 9.0 percent in May, after falling 8.5 percent in April. Despite the recent decreases, prices for import natural gas rose 88.4 percent for the year ended May 2025.

All Imports Excluding Fuel: Prices for nonfuel imports advanced 0.3 percent in May following an increase of 0.4 percent in April. Higher prices for nonfuel industrial supplies and materials, capital goods, consumer goods, and automotive vehicles more than offset lower prices for foods, feeds, and beverages. The price index for nonfuel imports increased 1.7 percent over the past 12 months, led by higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; and automotive vehicles.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices fell 0.3 percent in May following decreases of 0.1 percent in each of the 2 previous months. Lower import prices for fruit, fish and shellfish, and distilled alcoholic beverages more than offset higher prices for cocoa beans and meat.

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials rose 1.3 percent in May, after a 0.4-percent increase in April. Higher prices for agricultural products used for industrial supplies and materials, finished metals shapes and advanced manufacturing, and nonmonetary gold contributed to the advance.

Finished Goods: Prices for each of the major finished goods import categories rose in May. Import capital goods prices advanced 0.2 percent in May following a 0.7-percent rise in April. Higher prices for industrial and service machinery and for scientific and medical machinery each contributed to the monthly increase. Import prices for automotive vehicles ticked up 0.1 percent in May, after advancing 0.2 percent the previous month. The price index for import consumer goods increased 0.2 percent in May following a 0.3-percent advance in April. Higher prices for medicinal, dental and pharmaceutical preparatory materials led the increase in May consumer goods prices.

Exports

Prices for U.S. exports decreased 0.9 percent in May, the largest 1-month decline since a 0.9-percent drop in October 2023. Lower prices for nonagricultural exports more than offset higher prices for agricultural exports. Despite the May decline, U.S. export prices increased 1.7 percent from May 2024 to May 2025. (See table 2.)

Agricultural Exports: The price index for agricultural exports increased 0.2 percent in May following a 0.4-percent rise in April. Higher prices for nuts and for bakery and confectionery products more than offset lower prices for meat. Agricultural export prices increased 1.8 percent over the past 12 months. The price index for agricultural exports has not recorded an over-the-year decrease since December 2024.

All Exports Excluding Agriculture: Nonagricultural export prices decreased 1.0 percent in May, after rising 0.1 percent in April. Lower prices for nonagricultural industrial supplies and materials more than offset higher prices for capital goods, consumer goods, and automotive vehicles. The price index for nonagricultural exports increased 1.7 percent for the year ended May 2025 and has not declined on a 12- month basis since September 2024.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices declined 3.0 percent in May, after a 0.5-percent drop the previous month. The May decrease was the largest monthly decline since the index fell 5.0 percent in May 2023. Lower prices for natural gas and petroleum contributed to the decrease in May.

Finished Goods: Prices for each of the major finished goods export categories rose in May. The price index for export capital goods increased 0.4 percent in May, the largest monthly advance since October 2024. Higher prices for electric apparatus and parts more than offset lower prices for computers, peripherals, and semiconductors. Export prices for automotive vehicles increased 0.2 percent in May following a 0.9-percent advance in April. Consumer goods prices increased 0.2 percent in May, after rising 0.7 percent the previous month. Higher prices for apparel, footwear, and household goods led the advance in export consumer goods 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: Import prices from China decreased 0.2 percent in May. The price index for imports from China declined 2.0 percent over the past 6 months and has not increased on a monthly basis since rising 0.4 percent in October 2022. Prices for imports from China decreased 2.1 percent over the past 12 months, the largest over-the-year decline since the index fell 2.1 percent for the year ended April 2024. Prices for imports from Japan decreased 0.1 percent for the third consecutive month in May. Despite the May decline, the price index for imports from Japan increased 0.9 percent over the past 12 months. The price index for imports from the European Union rose 0.4 percent in May following a 0.2-percent advance in April. In contrast, import prices from Canada and Mexico declined 1.0 percent and 0.3 percent, respectively, in May. (See table 7.)

Exports by Locality of Destination: Prices for exports to China increased 0.2 percent in May, after rising 0.9 percent the previous month. The price index for exports to China rose 2.5 percent from May 2024 to May 2025, the largest 12-month increase since the index advanced 2.7 percent in October 2022. Export prices to Japan declined 1.0 percent in May following a decrease of 0.3 percent in April. The May decline was the largest monthly drop since the index fell 1.2 percent in December 2024. The price index for exports to Japan increased 2.2 percent over the past 12 months. Prices for exports to Mexico and the European Union decreased in May, declining 1.1 percent and 0.8 percent, respectively. In contrast, the price index for exports to Canada increased 0.5 percent in May, after advancing 1.3 percent in April. (See table 8.)

Terms of Trade Indexes: Terms of trade indexes are based on the country, region, or grouping and measure the change in the purchasing power of exports relative to imports. The U.S. terms of trade index with China increased 0.4 percent in May, following a 1.6-percent rise in April. Higher export prices to China in May more than offset lower import prices from China. The index for U.S. terms of trade with Japan declined 0.8 percent in May following a 0.2-percent drop the previous month. The monthly decline was the largest decrease since the index fell 1.0 percent in December 2024. The index for U.S. terms of trade with the European Union and Mexico decreased 1.3 percent and 0.7 percent, respectively, in May. U.S. terms of trade with Canada increased 1.7 percent over the same period. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 7.3 percent in May, after decreasing 3.0 percent in April. The May increase was the largest monthly advance since the index rose 10.6 percent in December 2024. Higher European and Asian fares more than offset lower Latin America/Caribbean fares in May. The index for import air passenger fares declined 0.4 percent for the year ended May 2025. Prices for import air freight fell 3.0 percent in May following a 4.9-percent advance in April. Lower Asian air freight prices in May drove the decrease. Import air freight prices rose 1.7 percent from May 2024 to May 2025. (See table 10.)

Exports: Export air passenger fares declined 1.9 percent in May following a 1.2-percent increase the previous month. Lower Latin America/Caribbean and Asian fares more than offset higher European fares. The index for export air passenger fares increased 0.6 percent from May 2024 to May 2025. Export air freight prices declined 0.4 percent in May, after advancing 0.8 percent in April and 1.7 percent in March. Prices for export air freight rose 5.1 percent over the past year, the largest 12-month advance since the index increased 5.7 percent for the year ended October 2024.

U.S. Import and Export Price Index data for June 2025 are scheduled for release on Thursday, July 17, 2025, at 8:30 a.m. (ET).