EconoIndicators / Import Export Price Indexes

Import Export Price Indexes At a Glance

Import Prices: Up 1.5%
Non-petroleum Import Prices: Up 0.2%
Export Prices: Up 0.2%
Non-agricultural Export Prices: Unchanged
Agricultural Export Prices: Up 1.5%
Yearly Import Price Change: Up 2.8%
Yearly Export Price Change: Up 3.9%

Technorati Tags: export, import, price, index, inflation, international trade

U.S. IMPORT AND EXPORT PRICE INDEXES
- JULY 2007 -

The U.S. Import Price Index increased 1.5 percent in July, the Bureau
of Labor Statistics of the U.S. Department of Labor reported today, after rising
0.9 percent the previous month. Higher petroleum prices drove the July
advance. Export prices also continued to trend upward in July, increasing 0.2
percent following a 0.3 percent advance in June.

Percent changes in import and export price indexes
by End Use category
-not seasonally adjusted-

IMPORTS EXPORTS

Month Non- Agri- Nonagri-
All Petroleum petroleum All cultural cultural
Imports Imports Imports Exports Exports Exports

2006
July 0.8 3.6 0.0 0.4 1.9 0.2
August 0.5 1.0 0.5 0.4 0.9 0.5
September -2.2 -11.0 0.1 -0.4 -0.5 -0.4
October -2.5 -10.4 -0.6 -0.3 1.0 -0.5
November 0.4 -1.6 1.0 0.4 4.4 0.1
December 1.1 4.0 0.5 0.6 2.4 0.5

2007
January -1.2 -6.6 -0.1 0.4 0.6 0.5
February 0.4 1.7 0.0 0.8 2.8 0.6
March 1.6 8.5 0.3 0.7 2.1 0.6
April 1.4 6.8 0.3 0.4 -1.4 0.5
May 0.9 r 2.6 r 0.6 r 0.2 0.0 r 0.2
June 0.9 r 4.4 r 0.1 r 0.3 2.7 r 0.2 r
July 1.5 7.0 0.2 0.2 1.5 0.0

July 2005-06 7.0 28.5 2.4 4.5 2.1 4.7
July 2006-07 2.8 4.1 2.8 3.9 17.8 2.8

r = revised to reflect late reports and corrections by respondents.

Import Goods

Import prices rose 1.5 percent in July, the sixth consecutive increase for
the index. Petroleum prices were also up for the sixth month in a row,
increasing 7.0 percent in July after a 4.4 percent rise the previous month. Over
the past 12 months, the price index for petroleum imports was up 4.1 percent,
while overall import prices rose 2.8 percent. Nonpetroleum prices also
advanced in July, rising 0.2 percent after rising 0.1 percent in June. For the
year ended in July, prices for nonpetroleum imports increased 2.8 percent.

The rise in nonpetroleum import prices was driven primarily by price
increases for finished goods. The price index for capital goods increased 0.2
percent, following advances of 0.2 percent and 0.1 percent, respectively, in
June and May. The increase in capital goods prices was led by a 2.3 percent
advance in the price index for transportation equipment, excluding motor
vehicles. Consumer goods prices edged up 0.1 percent for the second
consecutive month. Similarly, the price index for automotive vehicles
increased 0.1 percent for the fourth consecutive month.

An increase in food prices also contributed to the overall increase in
nonpetroleum import prices. Foods, feeds, and beverages prices continued to
rise, advancing 1.6 percent in July and 9.8 percent over the past year. A 9.7
percent increase in vegetables prices led the July increase.

In contrast, the price index for nonpetroleum industrial supplies and
materials edged down 0.1 percent in July, the first decrease since January. The
decline was led by lower prices for natural gas.

Export Goods

Export prices advanced 0.2 percent in July following increases of 0.3
percent and 0.2 percent in June and May, respectively. Agricultural export
prices led the July increase, rising 1.5 percent. The advance followed an
increase of 2.7 percent in June and continued an upward trend over the past 15
months. Higher prices for wheat, soybeans, and cotton contributed to the July
increase, offsetting a decline in corn prices. Prices for agricultural exports
rose 17.8 percent over the past year. Nonagricultural prices were unchanged in
July. For the July 2006-2007 period, nonagricultural prices rose 2.8 percent
while overall export prices increased 3.9 percent.

The price index for nonagricultural industrial supplies and materials fell
0.5 percent in July, the first decline since October 2006. Lower metals prices
drove the index downward, offsetting higher prices for fuel, paper, and
chemicals. Despite the July downturn, nonagricultural industrial supplies and
materials prices increased 6.0 percent for the year ended in July.

In contrast, prices for each of the major finished goods categories rose
in July. The price index for consumer goods increased 0.4 percent, while the
price indexes for capital goods and automotive vehicles advanced 0.2 percent
and 0.1 percent, respectively.

Imports by Locality of Origin

The price index for imports from China rose 0.4 percent in July, the largest
monthly increase since the index was first published in December 2003. The July
increase was the third consecutive monthly advance. Over the past year, import prices
from China increased 0.9 percent.

Higher petroleum prices in July contributed to increasing prices for
imports from Mexico and Canada, which rose 1.7 percent and 0.3 percent,
respectively. For the year ended in July, import prices from Mexico rose 4.7
percent and import prices from Canada advanced 3.7 percent.

In contrast, July prices for imports from Japan and the European Union decreased
0.2 percent and 0.4 percent, respectively. Over the past 12 months, import prices
from Japan fell 0.7 percent, while import prices from the European Union rose
1.1 percent.

Import and Export Services

Export travel and tourism prices, which are lagged one month, fell 0.2 percent
in June after increasing in four of the previous five months.

Import air passenger fares increased 3.3 percent in July, driven by similar
advances of 5.8 percent and 5.6 percent, respectively, in Asian and
Latin American/Caribbean fares. Export air passenger fares also increased, rising
5.0 percent in July after falling 1.5 percent in June. Over the past year,
import air passenger fares rose 7.2 percent while export air passenger fares
advanced 5.6 percent.

Prices for import air freight were unchanged in July, after declining 0.2 percent
in June. Prices for export air freight increased 0.6 percent. For the year ended
in July, import air freight prices decreased 0.8 percent while export air freight
prices advanced 1.8 percent.