U.S. Import and Export Price Indexes summary

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                            U.S. IMPORT AND EXPORT PRICE INDEXES - MARCH 2025

U.S. import prices decreased 0.1 percent in March following a 0.2-percent increase in February, the U.S. 
Bureau of Labor Statistics reported today. Lower prices for fuel imports more than offset higher prices for 
nonfuel imports in March. Prices for U.S. exports were unchanged in March, after rising 0.5 percent the 
previous month.

Imports 

U.S. import prices decreased 0.1 percent in March following an increase of 0.2 percent in February. The 
March decline was the first monthly drop since the index decreased 0.4 percent in September 2024. Prices 
for U.S. imports increased 0.9 percent from March 2024 to March 2025. (See table 1.)

Fuel Imports: Import fuel prices decreased 2.3 percent in March following increases of 1.6 percent in 
February and 2.7 percent in January. The March decline was the largest monthly drop since the index 
decreased 7.2 percent in September 2024. Lower prices for petroleum and natural gas drove the overall 
decline in import fuel prices in March. Fuel import prices decreased 5.2 percent from March 2024 to March 
2025. Prices for import petroleum declined 1.5 percent in March, the first monthly decrease since October 
2024. The price index for petroleum imports fell 6.7 percent over the past 12 months. Import natural gas 
prices decreased 19.8 percent in March, the largest monthly decline since March 2024. Natural gas prices 
rose 88.5 percent for the year ended in March.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.1 percent for the second consecutive 
month in March. Nonfuel import prices have not declined on a monthly basis since a 0.2-percent drop in 
May 2024. Higher prices for capital goods; nonfuel industrial supplies and materials; and foods, feeds, and 
beverages more than offset lower prices for consumer goods and automotive vehicles. The price index for 
nonfuel imports advanced 1.5 percent for the year ended in March.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices ticked up 0.1 percent in March, after 
being unchanged in February. Higher prices for green coffee, cocoa beans, and bakery and confectionery 
products more than offset lower prices for vegetables and distilled alcoholic beverages.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials 
rose 0.4 percent in March, after a 1.2-percent increase in February. Higher prices for major nonferrous 
metals drove the increase in nonfuel industrial supplies and materials prices in March. Nonfuel industrial 
supplies and materials prices advanced 6.7 percent from March 2024 to March 2025.

Finished Goods: Prices for the major finished goods import categories were mixed in March. Capital goods 
prices increased 0.3 percent, after edging down 0.1 percent in February. Higher prices for civilian aircraft, 
engines, and parts and telecommunications equipment drove the advance. In contrast, the price index for 
automotive vehicles declined 0.1 percent for the fourth consecutive month in March. Lower prices for parts, 
engines, bodies and chassis led the decrease. Import consumer goods prices fell 0.2 percent for the second 
consecutive month in March. Lower prices for household goods drove the decline in consumer goods prices.

Table A. Percent change in Import and Export Price Indexes, selected categories

Exports 

Prices for U.S. exports were unchanged in March following increases of 0.5 percent in February and 1.4 
percent in January. U.S. export prices have not declined on a 1-month basis since September 2024. The 
price index for U.S. exports advanced 2.4 percent from March 2024 to March 2025. (See table 2.)

Agricultural Exports: The index for agricultural export prices was unchanged in March following a 0.6-
percent increase in February and a 0.2-percent drop in January. Higher prices for soybeans offset lower 
prices for wheat and rice. Agricultural export prices advanced 1.4 percent for the year ended in March. Over 
the past year, higher prices for nuts and meat more than offset lower prices for soybeans.

All Exports Excluding Agriculture: The price index for nonagricultural exports decreased 0.1 percent in 
March, after rising 0.5 percent in February and 1.5 percent in January. The March decline in nonagricultural 
export prices was the first monthly decrease since a 0.7-percent drop in September 2024. Lower prices for 
nonagricultural industrial supplies and materials and nonagricultural foods more than offset higher prices for 
capital goods, consumer goods, and automotive vehicles. Prices for nonagricultural exports advanced 2.5 
percent from March 2024 to March 2025. Higher export prices for nonagricultural industrial supplies and 
materials, capital goods, and automotive vehicles all contributed to the 12-month increase.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices 
decreased 0.5 percent in March, after advancing 1.1 percent the previous month. The March decline was the 
first 1-month decrease since a 0.1-percent drop in November 2024. The price index for nonagricultural 
industrial supplies and materials increased 3.5 percent for the year ended March 2025.

Finished Goods: Prices for each of the major finished goods export categories rose in March. Capital goods 
prices increased 0.5 percent, after ticking up 0.1 percent in February. Higher prices for oil drilling, mining, 
and construction machinery, and equipment; industrial and service machinery; and computers, peripherals, 
and semiconductors drove the monthly increase. Automotive vehicles prices rose 0.2 percent in March for 
the second consecutive month. Consumer goods prices increased 0.3 percent for the third consecutive month 
in March, which was led by higher prices for coins, gems, jewelry, and collectibles.

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 decreased 0.2 percent in March, after edging 
down 0.1 percent in February and declining 0.4 percent in January. The price index for imports from China 
decreased 0.9 percent over the past 12 months. The price index has not recorded a 12-month increase since 
the year ended December 2022. Prices for imports from Japan rose 0.5 percent for the second consecutive 
month in March. The price index for imports from Japan increased 1.7 percent over the past 12 months. 
Import prices from the European Union were unchanged in March, after a 0.4-percent advance in February. 
The price indexes for imports from Mexico and Canada declined in March, decreasing 0.3 percent and 1.5 
percent, respectively. (See table 7.)
	
Exports by Locality of Destination: Prices for exports to China ticked up 0.1 percent in March, after 
increasing 0.3 percent the previous month. The price index for exports to China increased 1.5 percent over 
the past 12 months. The price index has not recorded a 12-month decline since December 2024. Prices for 
exports to Japan advanced 0.7 percent in March following increases of 0.9 percent in February and 1.2 
percent in January. The price index for exports to Japan increased 5.5 percent for the year ended in March, 
the largest 12-month rise since the index advanced 5.7 percent in November 2022. The price indexes for 
exports to the European Union and Mexico each declined in March, decreasing 0.1 percent and 0.7 percent, 
respectively. In contrast, prices for exports to Canada rose 2.4 percent over the same period, the largest 
monthly increase since March 2022. (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. U.S. terms of trade with China increased 
0.3 percent in March following a 0.4-percent advance in February. The index for U.S. terms of trade with 
China advanced 2.3 percent over the past 12 months. U.S. terms of trade with Japan increased 0.2 percent in 
March following a 0.4-percent rise in February. The index for U.S. terms of trade with Japan rose 3.8 
percent for the year ended in March. In contrast, U.S. terms of trade with Mexico and the European Union 
both decreased in March, falling 0.4 percent and 0.1 percent, respectively. U.S. terms of trade with Canada 
increased 3.9 percent in March. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 0.6 percent in March, after advancing 3.4 percent in February 
and declining 12.8 percent in January. Higher European and Asian fares in March more than offset lower 
Latin American/Caribbean fares. Import air passenger fares decreased 2.8 percent over the past year. Prices 
for import air freight increased 1.5 percent in March following a 13.5-percent drop in February and a 3.1-
percent decline in January. The March advance in import air freight prices was the first monthly increase 
since the index rose 1.5 percent in November 2024. Higher Asian air freight prices more than offset lower 
prices for European air freight in March. Import air freight prices increased 5.5 percent from March 2024 to 
March 2025. (See table 10.)

Exports: Export air passenger fares increased 2.6 percent in March following a 13.0-percent decrease the 
previous month. Higher European and Asian fares more than offset lower Latin American/Caribbean fares. 
The price index for export air passenger fares decreased 1.2 percent from March 2024 to March 2025, the 
first 12-month decline since November 2024. Export air freight prices advanced 1.2 percent in March 
following a 2.1-percent drop the previous month. Prices for export air freight fell 0.8 percent over the past 
year.
		
U.S. Import and Export Price Index data for April 2025 are scheduled for release on Friday, May 16, 
2025, at 8:30 a.m. (ET).