September 2025 U.S. Import and Export Price Indexes

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U.S. import prices recorded no change in September, the U.S. Bureau of Labor Statistics reported today, following a 0.1-percent advance in August. Higher prices for nonfuel imports offset lower prices for fuel imports in September. Prices for U.S. exports were unchanged in September, after rising 0.1 percent the previous month. Note that September data collection was completed before the lapse in appropriations.

Imports

Import prices recorded no change in September following increases of 0.1 percent in August and 0.3 percent in July. Prices for U.S. imports rose 0.3 percent from September 2024 to September 2025. The September increase was the first over-the-year advance since the index rose 0.8 percent for the year ended March 2025. (See table 1.)

Fuel Imports: Import fuel prices declined 1.5 percent in September following a decrease of 0.5 percent in August and an increase of 2.8 percent in July. Lower import prices for petroleum and natural gas led the decrease. In September, prices for import petroleum fell 1.5 percent and prices for import natural gas decreased 3.0 percent, the seventh consecutive monthly decline for the index. Import fuel prices fell 4.0 percent for the year ended September 2025. The price index for petroleum imports decreased 5.1 percent over the past 12 months and has not increased on an over-the-year basis since February 2025. Prices for import natural gas rose 62.9 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports advanced 0.2 percent in September following a 0.1-percent increase in August. Higher prices in September for nonfuel industrial supplies and materials and consumer goods more than offset lower prices for capital goods and foods, feeds, and beverages. Nonfuel import prices rose 0.8 percent on an over-the-year basis. Higher prices for nonfuel industrial supplies and materials and capital goods more than offset lower prices for automotive vehicles; foods, feeds, and beverages; and consumer goods for the 12-month period ended in September.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices declined 0.8 percent in September following decreases of 1.8 percent in August and 0.2 percent in July. Lower import prices for fruit, distilled alcoholic beverages, and cocoa beans more than offset higher import prices for meat and for fish and shellfish.

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials increased 1.2 percent in September, after a 0.2-percent rise in August. The September advance was the largest monthly increase since the index rose 1.2 percent in February 2025. Higher prices for finished metals shapes and advanced manufacturing as well as other finished nonmetals (boxes, belting, glass, etc.) drove the increase.

Finished Goods: Prices for the major finished goods import categories were mixed in September. Import capital goods prices declined 0.2 percent in September. Lower prices for computers, peripherals, and semiconductors more than offset higher prices for industrial and service machinery. Import prices for consumer goods increased 0.4 percent in September, following a 0.4-percent advance the previous month. Higher prices for apparel and household goods more than offset lower prices for medicinal, dental, and pharmaceutical preparatory materials. The price index for automotive vehicles recorded no change in September.

Exports

Prices for U.S. exports were unchanged in September, after ticking up 0.1 percent in August. U.S. export prices increased 3.8 percent over the 12-month period ended in September, the largest over-the-year advance since the index rose 4.6 percent for the year ended December 2022. (See table 2.)

Agricultural Exports: The price index for agricultural exports increased 0.3 percent in September following a 0.2-percent decrease in August. Higher prices for fruit more than offset lower prices for nuts and meat. The price index for agricultural exports rose 4.4 percent over the past 12 months, as higher prices for nuts, fruit, and meat contributed to the over-the-year increase.

All Exports Excluding Agriculture: Nonagricultural export prices were unchanged in September, after rising 0.1 percent in August and 0.3 percent in July. Prices for nonagricultural exports advanced 3.7 percent from September 2024 to September 2025, the largest over-the-year increase since the index rose 3.9 percent for the year ended December 2022. Higher prices for nonagricultural industrial supplies and materials, capital goods, and consumer goods drove the year-over-year increase.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices were unchanged in September, after edging down 0.1 percent the previous month. Higher prices for nonferrous metals and petroleum offset lower prices for natural gas and chemicals. Over the past 12 months, the price index for nonagricultural industrial supplies and materials advanced 6.0 percent, the largest over- the-year increase since November 2022.

Finished Goods: Prices for the major finished goods export categories mostly increased in September. Capital goods prices recorded no change in September, after rising 0.2 percent the previous month. Higher prices for computers, peripherals, and semiconductors and for industrial and service machinery offset lower prices for civilian aircraft, aircraft engines and parts. In September, export prices for automotive vehicles and consumer goods increased 0.2 percent and 0.1 percent, respectively.

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 advanced 0.8 percent in September, the largest monthly increase since the index rose 0.8 percent in July 2008. The price index for imports from China decreased 2.6 percent over the past 12 months. Prices for imports from Japan rose 0.7 percent in September following increases of 0.2 percent in August and 0.3 percent in July. The September advance was the largest monthly rise for the index since a 0.7-percent increase in January 2025. The price index for imports from Japan advanced 2.0 percent from September 2024 to September 2025. Import prices from the European Union rose 0.4 percent in September and the price index for imports from Mexico edged down 0.1 percent over the same period. Prices for imports from Canada declined 0.8 percent in September, the largest monthly decrease since the index fell 2.2 percent in May 2025. (See table 7.)

Exports by Locality of Destination: Prices for exports to China increased 1.4 percent in September, after declining 0.8 percent the previous month. The price index for exports to China advanced 3.9 percent over the past 12 months, the largest over-the-year increase since the index rose 5.2 percent in September 2022. Prices for exports to Japan rose 1.7 percent in September following an increase of 2.8 percent in August and a decrease of 0.4 percent in July. The price index for exports to Japan advanced 6.9 percent over the past 12 months. In September, prices for exports to the European Union decreased 0.5 percent. Over the same period, export prices to Mexico increased 0.2 percent, after edging down 0.1 percent the previous month. The price index for exports to Canada advanced 2.5 percent in September, the largest monthly increase since the index rose 3.0 percent in 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. The U.S. terms of trade index with China increased 0.6 percent in September, following a 1.0-percent decrease in August. The September rise in the U.S. terms of trade with China was driven by the increase in export prices to China. The index for U.S. terms of trade with Japan advanced 1.1 percent in September following a 2.6-percent rise the previous month. The index for U.S. terms of trade with the European Union decreased 0.9 percent in September, after rising 0.2 percent in August. In September, the U.S. terms of trade index with Canada increased 3.4 percent and U.S. terms of trade with Mexico advanced 0.4 percent. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 14.0 percent in September following an 8.3-percent decrease in August. The September advance was the largest monthly rise since the index increased 18.3 percent in June 2008. Higher European and Asian fares more than offset lower Latin American/Caribbean fares. Import air passenger fares declined 2.6 percent over the past year. Prices for import air freight advanced 1.7 percent in September, after decreasing 1.1 percent in August. Import air freight prices fell 12.9 percent over the past 12 months, the largest over-the-year decline since the index decreased 19.0 percent for the year ended October 2023. (See table 10.)

Exports: Export air passenger fares decreased 1.3 percent in September following a 7.1-percent drop the previous month. Lower Asian and Latin American/Caribbean fares more than offset higher European fares. The price index for export air passenger fares decreased 3.9 percent from September 2024 to September 2025. Export air freight prices declined 2.8 percent in September, after decreasing 1.1 percent in August. From September 2024 to September 2025, export air freight prices fell 4.6 percent. The September decrease was the largest over-the-year decline since a 6.2-percent drop in May 2024.

Federal Government Shutdown

The release of data for the September 2025 U.S. Import and Export Price Indexes (MXPI) was delayed by more than 5 weeks because of the lapse in federal appropriations. While BLS completed data collection prior to the lapse, BLS could not complete data processing and review until appropriations resumed.

Subsequent MXPI data releases will also be delayed. Revised release dates will be posted at www.bls.gov/bls/2025-lapse-revised-release-dates.htm as they become available.