Economic News Release

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                             U.S. IMPORT AND EXPORT PRICE INDEXES - MARCH 2014

U.S. import prices advanced 0.6 percent in March, after a 0.9-percent increase in February, the U.S. Bureau 
of Labor Statistics reported today. Higher fuel prices and nonfuel prices each contributed to the rise in 
import prices in March. U.S. export prices increased 0.8 percent in March following a 0.7-percent advance 
the previous month. 

Imports

All Imports: Import prices rose 0.6 percent in March and increased 1.9 percent over the first quarter of 
2014. The advance from December 2013 to March 2014 was the largest 3-month rise since the index 
increased 2.5 percent between July and October 2012. Despite the recent advances, import prices fell 0.6 
percent over the past year. Import prices have not recorded a 12-month rise since the index increased 0.9 
percent for the year ended July 2013.

Fuel Imports: Fuel prices advanced 1.2 percent in March following a 5.3-percent rise the previous month. 
The March increase was driven by a 21.7-percent advance in natural gas prices. The price index for natural 
gas rose 177.7 percent for the 6-month period from September 2013 to March 2014. Petroleum prices also 
advanced in March, ticking up 0.1 percent. Overall fuel prices increased 0.8 percent for the year ended in 
March as a 115.3-percent jump in natural gas prices more than offset a 2.4-percent drop in petroleum prices. 
The increase in natural gas prices over the past 12 months was the largest year-over-year advance for the 
index since a 122.3-percent rise in October 2005 in the aftermath of hurricane Katrina. 

All Imports Excluding Fuel: Prices for nonfuel imports also increased in March, rising 0.3 percent, after 
edging down 0.1 percent in February. The March increase was led by a 3.7-percent advance in foods, feeds, 
and beverages prices, although higher nonfuel industrial supplies and materials prices and prices for capital 
goods also contributed to the advance. The price indexes for consumer goods and automotive vehicles 
recorded no change in March. Despite the March rise, nonfuel import prices declined 0.8 percent over the 
past 12 months.   

Table A. Percent change in import and export price indexes, selected categories

Exports

All Exports: Export prices advanced 0.8 percent in March, the largest monthly increase for the index since 
a 0.8-percent rise in September 2012. Rising prices for both agricultural exports and nonagricultural exports 
each contributed to the advance in export prices. Prices for exports also rose over the past year, increasing 
0.2 percent. The year-over-year advance was the first 12-month rise since a 0.3-percent increase between 
July 2012 and July 2013. 

Agricultural Exports: The price index for agricultural exports increased 2.7 percent in March, after a 1.4-
percent advance in February. The March rise was driven by a 6.6-percent increase in soybeans prices, a 7.8-
percent gain in wheat prices, a 2.8-percent advance in meat prices, and a 7.0-percent rise in corn prices. 
Prices for agricultural exports decreased 1.6 percent for the year ended in March, led by falling prices over 
the past year for corn, soybeans, and wheat. 

All Exports Excluding Agriculture: Prices for nonagricultural exports increased 0.5 percent in March 
following a 0.6-percent rise in February. Higher prices for nonagricultural industrial supplies and materials, 
capital goods, and consumer goods all contributed to the advance. The price index for automotive vehicles 
was unchanged in March.


                                      SELECTED MARCH HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China edged down 0.1 percent in March, after 
increasing 0.2 percent the previous month. The March decline was driven by a 1.0-percent decrease in the 
price index for communications equipment manufacturing. Prices for imports from China fell 0.3 percent 
over the past year. The price index for imports from Japan ticked up 0.1 percent in March, the first monthly 
advance for the index since a 0.1-percent increase in October 2012. Import prices from Canada rose 1.7 
percent in March, led by higher natural gas prices. The price indexes for imports from Mexico and the 
European Union also advanced in March, rising 1.0 percent and 0.1 percent, respectively. 

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials increased 0.6 
percent in March, after ticking up 0.1 percent in February. The March advance was driven by a 1.0-percent 
rise in chemicals prices and a 0.8-percent increase in unfinished metals prices.  

Finished Goods: Import finished goods prices were mostly unchanged in March. The price index for capital 
goods ticked up 0.1 percent, led by a 0.8-percent rise in semiconductor prices. Despite the advance, prices 
for capital goods fell 0.6 percent over the past 12 months. Consumer goods prices and prices for automotive 
vehicles each recorded no change in March.  

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages rose 3.7 percent in March, the largest 
monthly gain for the index since a 4.3-percent increase in March 2011. The March 2014 advance was driven 
by a 14.0-percent rise in fruit prices, the largest one-month increase for that index since the index was first 
published monthly in December 1993.

Transportation Services: Import air passenger fares declined 3.4 percent in March, led by a 5.1-percent 
drop in European fares and a 3.4-percent decrease in Asian fares. Despite the March decrease, import air 
passenger fares rose 4.8 percent over the past year. Import air freight prices increased 0.4 percent in March, 
after decreasing 0.6 percent in February. The price index for import air freight advanced 1.2 percent for the 
year ended in March. 

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials 
prices advanced 1.3 percent in March following a 1.6-percent increase the previous month. A 2.5-percent 
rise in fuel prices was the largest contributor to the advance in March.  

Finished Goods: Finished goods prices were mostly up in March. Capital goods prices increased 0.2 
percent following a 0.3-percent advance in February and a 0.2-percent rise in January. Prices for consumer 
goods advanced 0.3 percent, after falling 0.4 percent the previous month. The price index for automotive 
vehicles was unchanged in March. 

Transportation Services: Export air passenger fares increased 4.3 percent in March, as higher Asian fares, 
Latin American/Caribbean fares, and European fares all contributed to the advance. Despite the March rise, 
export air passenger fares declined 3.0 percent over the past 12 months. The price index for export air 
freight was unchanged in March and rose 1.5 percent over the past year. 


Import and Export Price Index data for April 2014 are scheduled for release on Tuesday, May 13, 
2014 at 8:30 a.m. (EDT).