EconoIndicators / Import Export Price Indexes

Import Export Prices At a Glance

Import Prices: Up 1.8%
Non-petroleum Import Prices: Up 0.5%
Export Prices: Up 0.9%
Non-agricultural Export Prices: Up 0.5%
Agricultural Export Prices: Up 3.9%
Yearly Import Price Change: Up 9.6%
Yearly Export Price Change: Up 5.6%

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

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

The U.S. Import Price Index advanced 1.8 percent in October, the
Bureau of Labor Statistics of the U.S. Department of Labor reported today, led
by a 6.9 percent rise in petroleum prices. The increase followed a 0.8 percent
advance in September. Prices for U.S. exports rose 0.9 percent in October
after a 0.3 percent increase the previous month.

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
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 2.7 0.6 0.3 -0.1 0.4
June 1.2 4.8 0.3 0.4 2.7 0.2
July 1.2 6.0 0.1 0.1 1.6 -0.1
August -0.4 r -1.6 r 0.0 r 0.2 1.0 r 0.2 r
September 0.8 r 4.6 r -0.2 0.3 4.1 -0.1 r
October 1.8 6.9 0.5 0.9 3.9 0.5

October 2005-06 -1.0 -6.9 0.4 2.9 5.3 2.6
October 2006-07 9.6 41.4 3.2 5.6 26.8 3.9

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

Import Goods

The 1.8 percent rise in import prices in October was the largest monthly
increase since a similar change in May 2006. The advance followed a 0.8
percent rise in September as the increase during the past two months continued
the upward trend over most of 2007 after a 0.4 percent downturn in August.
The 6.9 percent increase in petroleum prices was the largest contributor to the
October increase, although nonpetroleum prices also advanced, rising 0.5
percent. Petroleum prices continued an upward trend over the past year, rising
41.4 percent for the 12 months ended in October. The increase in
nonpetroleum prices in October followed a 0.2 percent decline in September.
Nonpetroleum prices advanced 3.2 percent over the past year while the price
index for overall imports rose 9.6 percent for the same period.

A 1.5 percent increase in the price index for nonpetroleum industrial
supplies and materials was the largest contributor to the overall rise in
nonpetroleum prices in October. The advance followed declines in each of the
three prior months. In October, higher prices for natural gas, chemicals, and
some metals more than offset decreasing prices for building materials.

The price indexes for automotive vehicles and consumer goods also
rose in October. The 0.4 percent advance in automotive vehicle prices was the
largest increase since a 0.7 percent jump in October 2003 and was driven by
higher prices for passenger automobiles and parts. The increase in passenger
automobile prices was partially due to year-end model changeovers. Prices for
consumer goods ticked up 0.1 percent for the third consecutive month.

In contrast, capital goods prices edged down 0.1 percent in October, the
first monthly drop for the index since April. The decline was led by a 0.9
percent decrease in computer prices. Excluding computers, prices for capital
goods increased 0.2 percent.

Export Goods

The 0.9 percent increase in export prices was the largest one-month
gain in the index since a 1.0 percent increase in April 1995. Higher prices for
both agricultural and nonagricultural exports contributed to the advance.
Agricultural prices increased 3.9 percent in October after a 4.1 percent rise the
previous month and advanced 26.8 percent over the past year. The October
increase was driven by a sharp rise in wheat prices, which rose 18.9 percent
following a 22.0 percent increase in September. Higher prices for soybeans,
vegetables, and corn also contributed to the overall advance in agricultural
prices. Nonagricultural prices increased 0.5 percent in October after recording
a 0.1 percent decline the previous month. For the year ended in October,
nonagricultural prices rose 3.9 percent while overall export prices advanced
5.6 percent.

The October increase in nonagricultural prices was led by a 1.2 percent
rise in the price index for nonagricultural industrial supplies and materials.
The advance followed a 0.3 percent downturn in September. Rising prices for
fuel, metals, and chemicals were the main contributors to the October increase.

Each of the major finished goods indexes also recorded advances in
October. The price indexes for consumer goods and capital goods rose 0.4
percent and 0.2 percent, respectively. Automotive vehicle prices increased 0.3
percent in October, which was mostly attributable to year-end model
changeovers.

Imports by Locality of Origin

Prices for imports from China rose for the sixth consecutive month in
October, increasing 0.3 percent. The index had risen 0.1 percent in September
following 0.4 percent increases in July and August. The index rose 2.2 percent
over the past 12 months after declining 1.4 percent for the October 2005-2006
period.

Import prices from Canada and from the European Union advanced 1.8
percent and 0.6 percent, respectively, in October. Higher fuel prices and a
decline in the value of the dollar contributed to the increases. For the year
ended in October, prices for imports from Canada rose 11.4 percent while
import prices from the European Union were up 2.4 percent.

The price indexes for imports from Mexico and from Japan also
increased in October, rising 2.5 percent and 0.1 percent, respectively. Higher
petroleum prices led the advance in prices for imports from Mexico, which
rose 12.6 percent over the past year. In contrast, import prices from Japan
declined 0.2 percent over the same period.

Import and Export Services

The price index for export travel and tourism, which is lagged one
month, increased 2.1 percent in September after a 0.4 percent advance in
August.

Import air passenger fares decreased for the second consecutive month
in October, falling 5.6 percent following a 6.3 percent drop in September. The
decline in October was driven by lower seasonal European fares, which
declined 12.7 percent. Despite the recent drops, the index rose 5.5 percent
over the past 12 months. Export air passenger fares fell 0.6 percent in October,
but advanced 10.0 percent over the past year.

The price indexes for import air freight and export air freight each rose
in October, advancing 0.8 percent and 0.9 percent, respectively. Import air
freight prices increased 1.7 percent for the year ended in October, while prices
for export air freight rose 2.8 percent.