Import Export Prices At a Glance
- Import Prices: Up 2.6%
- Non-petroleum Import Prices: Up 0.9%
- Export Prices: Up 1.0%
- Non-agricultural Export Prices: Up 0.9%
- Agricultural Export Prices: Up 2.2%
- Yearly Import Price Change: Up 20.5%
- Yearly Export Price Change: Up 8.6%
Technorati Tags: export, import, price, index, inflation, international trade
U.S. IMPORT AND EXPORT PRICE INDEXES
- JUNE 2008 -
The U.S. Import Price Index rose 2.6 percent in June, the Bureau of Labor Statistics of the U.S.
Department of Labor reported today. The increase followed a 2.6 percent advance in May and was led
by a continuing rise in petroleum prices. The price index for exports increased 1.0 percent in June after
rising 0.4 percent in May.
Percent changes in import and export price indexes
by End Use category
- not seasonally adjusted -
Month IMPORTS EXPORTS
All
imports Petroleum
imports Non-
petroleum
imports All
exports Agri-
cultural
exports Non-
agricultural
exports
2007
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
-0.3 -1.5 0.0 0.2 1.0 0.1
September
0.6 3.1 -0.1 0.3 4.2 0.0
October
1.5 5.0 0.6 0.8 3.8 0.5
November
3.2 12.4 0.7 0.9 1.4 0.9
December
-0.2 -1.8 0.4 0.5 2.6 0.3
2008
January
1.5 4.2 0.7 1.2 4.8 0.8
February
0.2 -1.3 0.6 0.9 4.6 0.6
March
(r)3.1 (r)10.1 (r)1.1 1.6 (r)4.7 1.3
April
(r)2.8 (r)7.9 1.3 (r)0.4 (r)-2.0 0.7
May
(r)2.6 (r)8.9 (r)0.7 (r)0.4 (r)0.2 (r)0.3
June
2.6 7.4 0.9 1.0 2.2 0.9
June 2006 to 2007
2.3 1.2 2.8 4.3 18.2 3.2
June 2007 to 2008
20.5 78.6 7.3 8.6 33.0 6.4
Footnotes
(r) Revised
Import Goods
June import prices rose 2.6 percent and were up 11.7 percent between February and June. Import
prices advanced 20.5 percent over the past year, which was the largest year-over-year rise since the index
was first published in September 1982. Higher petroleum prices continued to be the major contributor to
the advance in overall import prices, increasing 7.4 percent in June after rising 8.9 percent, 7.9 percent,
and 10.1 percent respectively, in the prior three months. Petroleum prices rose 78.6 percent for the year
ended in June, the largest 12-month advance since the index increased 82.5 percent between February
2002 and February 2003.
Nonpetroleum prices also increased in June, rising 0.9 percent after advancing 0.7 percent in
May and 1.3 percent in April. The index was up 7.3 percent over the past year. A 3.4 percent advance
in the price index for nonpetroleum industrial supplies and materials led the June increase in
nonpetroleum prices. The June rise in nonpetroleum industrial supplies and materials prices followed a
1.9 percent advance in May; the index rose 20.1 percent over the previous 12 months compared to an 8.0
percent increase over the June 2006-2007 period. Higher prices for natural gas, iron and steel products,
and steelmaking materials were the largest contributors to the June advance.
Increases in the price indexes for foods, feeds, and beverages; consumer goods; and automotive
vehicles also contributed to the June rise in nonpetroleum prices. Foods, feeds, and beverage prices rose
1.9 percent, led by higher prices for meats and seafood. Prices for consumer goods advanced 0.2 percent
and prices for automotive vehicles edged up 0.1 percent.
In contrast, the price index for capital goods ticked down 0.1 percent in June after rising 0.3
percent the previous month. Lower computer prices more than offset rising prices for capital goods
excluding computers.
Export Goods
Export prices increased 1.0 percent in June and 8.6 percent over the past year, the largest 12-
month increase since September 1988. The price indexes for agricultural exports and nonagricultural
exports each contributed to the overall increase in June export prices, moving up 2.2 percent and 0.9
percent, respectively. The increase in agricultural prices followed a 0.2 percent rise in May and was
driven by higher prices for soybeans, corn, meat, and fruit which more than offset declines in wheat and
vegetable prices. Agricultural prices rose 33.0 percent over the June 2007-2008 period. Nonagricultural
prices also increased over the past 12 months, rising 6.4 percent.
The June advance in nonagricultural prices was led by a rise in prices for nonagricultural
industrial supplies and materials which increased 2.1 percent in June after advancing 0.9 percent in May.
The index rose 15.6 percent over the past year. The June increase was primarily driven by rising fuel
prices, although higher prices for inorganic chemicals and plastics also contributed to the advance.
Each of the major finished goods price indexes recorded increases in June. The price index for
export capital goods rose 0.3 percent in June following a 0.1 percent advance the previous month. Prices
for automotive vehicles and consumer goods prices each increased 0.1 percent in June after recording no
change in May.
Imports by Locality of Origin
Prices of imports from China continued to trend upward in June, rising 0.6 percent for the month.
Import prices from China increased 4.8 percent for the June 2007-2008 period, the largest 12-month
increase for the index since first being published in December 2003. In comparison, the index rose 0.7
percent for the year ended in June 2007.
Rising petroleum prices in June led to higher prices for imports from Canada, the European
Union, and Mexico. Each index also recorded the largest annual increase since first being published in
December 1990 for Canada and the European Union, and December 2003 for Mexico. Import prices
from Canada increased 3.4 percent in June and 25.6 percent over the past year. Prices of imports from
the European Union rose 0.6 percent for the month and 9.6 percent for the year ended in June. The price
index for imports from Mexico advanced 2.1 percent in June and 21.6 percent over the past 12 months.
The price index for imports from Japan rose 0.2 percent in June after recording no change the
previous month.
Import and Export Services
Led by higher European and Asian fares, import air passenger fares increased 18.3 percent in
June following a 1.3 percent rise in May. Overall import air passenger fares moved up 18.7 percent for
the year ended in June. After rising 3.3 percent in May, export air passenger fares increased 6.2 percent
in June, driven by rising European and Latin American-Caribbean fares. The index rose 14.7 percent
over the past 12 months.
The price indexes for import air freight and export air freight each advanced in June, increasing
1.1 percent and 2.9 percent, respectively. Import air freight prices increased 17.5 percent over the past
year; export air freight prices advanced 21.5 percent over the same period.
Export Import Price Indexes - May 2008
Export Import Price Indexes June2008 [PDF]
Source: Department of Labor, Bureau of Labor Statistics
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