January 2026 U.S. Import and Export Price Indexes

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U.S. import prices increased 0.2 percent in January, the U.S. Bureau of Labor Statistics reported today, following a 0.2-percent advance in December. Higher prices for nonfuel imports more than offset lower prices for fuel imports in January. Prices for U.S. exports rose 0.6 percent in January, after rising 0.6 percent the previous month.

Impacts of Federal Government Shutdowns on U.S. Import and Export Price Indexes

As a result of the lapse in appropriations from October 1, 2025 through November 12, 2025, some U.S. Import and Export Price Index (MXP) values for October 2025 are permanently suppressed for publication. For additional information see www.bls.gov/mxp/notices/2026/availability-of-oct-2025-mxpi-in-bls-database.htm.

The effects of the 2025 government shutdown will continue to delay publication of MXP data releases. Revised MXP release dates will be posted at www.bls.gov/bls/2025-lapse-revised-dates.htm as they become available.

Imports

U.S. import prices increased 0.2 percent in January following an advance of 0.2 percent in December. Prices for U.S. imports declined 0.1 percent from January 2025 to January 2026. (See table 1.)

Fuel Imports: Prices for import fuel fell 2.2 percent in January following a decline of 1.1 percent in December. Lower prices for petroleum more than offset higher prices for natural gas in January. The price index for import fuel has not advanced on a 1-month basis since July. In January, prices for import petroleum fell 2.7 percent and import natural gas prices increased 3.3 percent. Fuel import prices declined 13.4 percent from January 2025 to January 2026. The price index for petroleum imports decreased 15.9 percent over the past 12 months and prices for import natural gas advanced 36.4 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.5 percent in January, following a rise of 0.2 percent in December. Higher prices for nonfuel industrial supplies and materials; capital goods; automotive vehicles; consumer goods; and foods, feeds, and beverages drove the increase. Over the past year, nonfuel import prices increased 1.2 percent and have not declined on a 12-month basis since February 2024. From January 2025 to January 2026, higher prices for nonfuel industrial supplies and materials and for capital goods more than offset lower prices for foods, feeds, and beverages and for automotive vehicles.

Foods, Feeds, and Beverages: Foods, feeds, and beverages import prices increased 0.2 percent in January following a rise of 0.4 percent in December. Higher prices in January for fish and shellfish; green coffee; and wine, beer, and related products more than offset lower prices for bakery and confectionery products and for other animal and vegetable preparations and products.

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials advanced 0.9 percent in January, after rising 1.6 percent in December. Higher prices for finished metals shapes and advanced manufacturing, finished nonmetals, and chemicals more than offset lower prices for nonmonetary gold and other precious metals.

Finished Goods: Prices for the major finished goods import categories were up in January. Import capital goods prices increased 0.4 percent. Higher prices for industrial and service machinery; scientific and medical machinery; and computers, peripherals and semiconductors drove the advance. The price index for import automotive vehicles increased 0.2 percent and import prices for consumer goods ticked up 0.1 percent in January.

Exports

Prices for U.S. exports rose 0.6 percent in January following a 0.6-percent advance in December. Higher prices for both nonagricultural and agricultural exports drove the increase. U.S. export prices advanced 2.6 percent over the 12-month period ended in January. (See table 2.)

Agricultural Exports: The price index for agricultural exports increased 0.2 percent in January following no change in December. Higher prices for export other foods and food preparations as well as corn more than offset lower prices for export fruit and meat. Prices for agricultural exports have not recorded a monthly decline since September 2025. The price index for agricultural exports advanced 2.2 percent over the past 12 months, as higher prices for other foods and food preparations, soybeans, nuts, and meat drove the over-the-year rise.

All Exports Excluding Agriculture: Nonagricultural export prices increased 0.7 percent in January, after rising 0.7 percent in December. Higher prices for capital goods, nonagricultural industrial supplies and materials, consumer goods, and automotive vehicles drove the advance. Prices for nonagricultural exports increased 2.7 percent from January 2025 to January 2026. Higher prices for capital goods, nonagricultural industrial supplies and materials, and consumer goods drove the 12-month increase.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials export prices increased 0.5 percent in January, after advancing 1.3 percent the previous month. Higher prices for nonferrous metals and chemicals more than offset lower prices for natural gas and petroleum.

Finished Goods: Prices for the major finished goods export categories were up in January. Prices for export capital goods rose 0.9 percent. Higher prices for computers, peripherals, and semiconductors; civilian aircraft, aircraft engines and parts; and scientific and medical machinery drove the increase. Export automotive vehicles prices ticked up 0.1 percent in January and export consumer goods prices increased 1.0 percent over the same period.

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 increased 0.3 percent in January, following no change the previous month. The January increase was the largest monthly rise since the index advanced 0.4 percent in October 2022. Despite the monthly advance, the price index for imports from China fell 2.6 percent over the past 12 months. Prices for imports from Japan increased 0.3 percent in January following a decrease of 0.3 percent in December. The price index for imports from Japan advanced 1.2 percent over the past 12 months. Prices for imports from Canada increased 0.4 percent in January following an advance of 0.7 percent the previous month. In contrast, the price index for imports from the European Union fell 0.1 percent in January and import prices from Mexico declined 0.2 percent. (See table 7.)

Exports by Locality of Destination: Prices for exports to China decreased 0.5 percent in January following a decline of 0.2 percent in December. Over the past 12 months, the price index for exports to China increased 1.3 percent. Prices for exports to Japan increased 3.2 percent in January, the largest monthly advance since the index rose 5.0 percent in March 2022. From January 2025 to January 2026, the price index for exports to Japan increased 6.7 percent. Prices for exports to Canada increased 3.4 percent in January following an advance of 2.0 percent in December. In contrast, the price index for exports to the European Union fell 0.1 percent in January and export prices to Mexico decreased 0.2 percent. (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 decreased 0.7 percent in January, following a 0.2-percent decline in December. Higher import prices from China and lower export prices to China contributed to the decline of the U.S. terms of trade index with China. The index for U.S. terms of trade with Japan increased 3.0 percent in January. The index for U.S. terms of trade with the European Union increased 0.1 percent in January, after rising 1.0 percent in December. In January, the U.S. terms of trade index with Canada increased 3.0 percent and the U.S. terms of trade with Mexico ticked up 0.1 percent. (See table 9.)

Import and Export Services

Imports: Import air passenger fares decreased 10.1 percent in January, after an increase of 6.4 percent in December. The January decrease was the largest monthly decline since the index fell 14.3 percent in July 2025. Lower Asian and Latin American/Caribbean fares more than offset higher European fares. Import air passenger fares advanced 3.6 percent over the past year. Prices for import air freight decreased 4.1 percent in January following a 3.7-percent advance in December. Lower prices for import Asian air freight in January more than offset higher prices for import European air freight. Import air freight prices fell 2.1 percent from January 2025 to January 2026. (See table 10.)

Exports: The price index for export air passenger fares advanced 13.2 percent in January, the largest monthly rise since the index increased 14.5 percent in November 2020. Higher Latin American/Caribbean, Asian and European fares in January contributed to the overall advance. Despite the monthly increase, export air passenger fares fell 2.8 percent from January 2025 to January 2026. Prices for export air freight rose 3.4 percent in January following a 0.7-percent increase in December. Higher prices for export European air freight in January more than offset lower prices for export Asian air freight. Over the past 12 months, the price index for export air freight declined 4.2 percent.

U.S. Import and Export Price Index data for February 2026 are scheduled for release on Wednesday, March 25, 2026, at 8:30 a.m. (ET).