May 2026 U.S. Import and Export Price Indexes

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U.S. import prices increased 1.9 percent in May, the U.S. Bureau of Labor Statistics reported today, following a 2.0-percent rise in April. Higher prices for fuel imports and nonfuel imports drove the advance in May. Prices for U.S. exports increased 1.3 percent in May, after rising 3.5 percent the previous month.

Imports

Prices for U.S. imports advanced 1.9 percent in May following increases of 2.0 percent in April and 0.9 percent in March. Prices for U.S. imports rose 6.7 percent from May 2025 to May 2026, the largest over- the-year advance since the index increased 7.7 percent in August 2022. (See table 1.)

Fuel Imports: Fuels and lubricants import prices increased 12.5 percent in May following a rise of 18.6 percent in April and an advance of 10.2 percent in March. The 47.0-percent rise from February to May was the largest 3-month advance since the index increased 58.3 percent for the 3-month period ended July 2020. Higher prices for petroleum and natural gas drove the May advance, increasing 13.0 percent and 10.4 percent, respectively. Import fuels and lubricants prices rose 45.1 percent from May 2025 to May 2026, the largest over-the-year advance since the index rose 46.4 percent for the 12-month period ended August 2022. The price index for petroleum imports increased 48.1 percent over the 12 months ended May 2026 and prices for natural gas imports advanced 35.3 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.8 percent in May, after advancing 0.6 percent in April. In May, higher prices for capital goods; nonfuel industrial supplies and materials; consumer goods, excluding automotives; and automotive vehicles, parts, and engines more than offset lower prices for foods, feeds, and beverages. Nonfuel import prices increased 3.7 percent from May 2025 to May 2026, the largest over-the-year advance since the index rose 3.9 percent for the 12 months ended August 2022. Higher prices for capital goods; nonfuel industrial supplies and materials; and consumer goods, excluding automotives, more than offset lower prices for foods, feeds, and beverages as well as automotive vehicles, parts, and engines for the 12 months ended in May.

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices decreased 0.1 percent in May, the first monthly decline since the index fell 0.7 percent in November 2025. The May drop follows increases of 0.3 percent in April and 1.1 percent in March. In May, lower prices for vegetables, fruit, and green coffee more than offset higher prices for other animal and vegetable preparations and products; fish and shellfish; as well as wine, beer, and related products.

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials rose 1.0 percent in May, after a 1.5-percent increase in April. Higher prices for chemicals and finished nonmetals (boxes, belting, glass, etc.) more than offset lower prices for major nonferrous metals-crude in May.

Finished Goods: Finished goods import prices were up in May. Import capital goods prices increased 1.3 percent for the month. Higher prices for computers, peripherals, and semiconductors; scientific and medical machinery; and industrial and service machinery drove the advance. The price index for import consumer goods, excluding automotives, increased 0.5 percent in May, the largest monthly advance since the index rose 1.1 percent in January 2024. Higher prices for apparel, footwear, and household goods as well as coins, gems, jewelry, and collectibles contributed to the advance in May. Import prices for automotive vehicles, parts, and engines increased 0.3 percent in May.

Exports

Prices for U.S. exports rose 1.3 percent in May, the sixth consecutive monthly advance for the index. The monthly rise was led by higher prices for nonagricultural exports; agricultural export prices also contributed to the advance. U.S. export prices increased 11.2 percent over the 12-month period ended in May, the largest over-the-year advance since the index rose 11.2 percent from August 2021 to August 2022. (See table 2.)

Agricultural Exports: The price index for agricultural exports increased 1.2 percent in May following a 1.7-percent advance in April. Agricultural export prices have not recorded a monthly decline since December 2025. Higher prices for dairy products and eggs, meat, and vegetables drove the rise in May. Agricultural export prices advanced 5.5 percent over the past 12 months, as higher prices for soybeans, meat, as well as other foods and food preparations drove the increase.

All Exports Excluding Agriculture: Nonagricultural export prices increased 1.2 percent in May, after rising 7.6 percent from January to April. Higher prices for nonagricultural industrial supplies and materials; capital goods; consumer goods, excluding automotives; and automotive vehicles, parts, and engines drove the advance in May. The price index for nonagricultural exports rose 11.8 percent from May 2025 to May 2026, the largest over-the-year advance since the index increased 12.9 percent for the 12-month period ended July 2022. Higher prices for nonagricultural industrial supplies and materials; capital goods; and consumer goods, excluding automotives, contributed to the 12-month rise of the index in May.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 2.4 percent in May, after rising 7.9 percent the previous month. Higher prices for petroleum, chemicals, and nonferrous metals more than offset lower prices for natural gas in May.

Finished Goods: Finished goods export prices were up in May. Capital goods prices increased 0.5 percent. Higher prices for industrial and service machinery; computers, peripherals, and semiconductors; and scientific and medical machinery contributed to the increase. Consumer goods, excluding automotives, prices rose 0.2 percent in May and prices for automotive vehicles, parts, and engines ticked up 0.1 percent.

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 0.9 percent in May and rose 1.1 percent over the past 12 months. The increase in May was the largest 1-month advance since the index rose 0.9 percent in January 2008. Prices for imports from Japan increased 0.4 percent in May following an advance of 0.5 percent in April. The price index for imports from Japan rose 2.0 percent over the past 12 months, the largest over-the-year advance since the index increased 2.0 percent for the 12 months ended January 2023. The price index for imports from the European Union increased 0.6 percent in May and import prices from Mexico advanced 0.2 percent, after rising 1.2 percent the previous month. Prices for imports from Canada increased 4.9 percent in May and rose 18.3 percent over the past 12 months. The 12- month advance is the largest such movement since the index increased 19.0 percent in August 2022. The over-the-year increase in May was driven by a 40.2-percent rise in import nonmanufacturing prices from Canada. (See table 7.)

Exports by Locality of Destination: Prices for exports to China rose 1.5 percent in May. The price index for exports to China increased 5.5 percent over the past 12 months, the largest over-the-year rise since the index increased 7.4 percent in August 2022. Prices for exports to Japan decreased 0.2 percent in May following an increase of 1.8 percent in April and a decrease of 0.9 percent in March. Despite the recent declines, export prices to Japan increased 8.7 percent over the past 12 months, the largest year-over-year rise since the index advanced 10.2 percent from August 2021 to August 2022. The price index for exports to the European Union rose 1.5 percent in May and export prices to Mexico increased 1.8 percent, after advancing 2.7 percent the previous month. Prices for exports to Canada increased 0.9 percent in May. (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 rose 0.5 percent in May following a 0.7-percent increase in April. In May, higher export prices to China more than offset rising import prices from China. The index for U.S. terms of trade with Japan decreased 0.6 percent in May. The U.S. terms of trade index with the European Union and Mexico increased in May, rising 0.8 percent and 1.6 percent, respectively. In May, the U.S. terms of trade index with Canada decreased 3.7 percent, as higher import prices from Canada more than offset rising export prices to Canada. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 11.3 percent in May, after a decrease of 2.7 percent in April. The increase in May is the largest monthly advance since the index rose 14.0 percent in September 2025. Import air passenger fares increased 5.4 percent over the past year. Prices for import air freight increased 18.8 percent in May and advanced 27.6 percent over the past 12 months. The over-the-year rise was the largest increase since the index advanced 35.2 percent for the 12 months ended November 2021. (See table 10.)

Exports: Export air passenger fares decreased 3.3 percent in May following a 5.2-percent increase the previous month. Lower Latin American/Caribbean and Asian fares more than offset higher European fares. The price index for export air passenger fares increased 3.9 percent from May 2025 to May 2026. Export air freight prices rose 4.3 percent in May following a 9.0-percent advance in April. The index advanced 12.4 percent over the past year, the largest 12-month increase since the index rose 13.1 percent in October 2022.

The U.S. Import and Export Price Indexes news release for June 2026 is scheduled to be published on Friday, July 17, 2026, at 8:30 a.m. (ET).