U.S. Import and Export Price Indexes

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                          U.S. IMPORT AND EXPORT PRICE INDEXES - JULY 2016

Prices for U.S. imports advanced 0.1 percent in July, the U.S. Bureau of Labor Statistics reported today, 
following a 0.6-percent rise the previous month. In July, increasing nonfuel prices more than offset a 
downturn in fuel prices. The price index for U.S. exports rose 0.2 percent in July, after advancing 0.8 
percent in June.  

Imports

All Imports: U.S. import prices continued to advance in July, ticking up 0.1 percent. Prices for imports 
have not recorded a monthly decrease over the past 5 months and increased 3.0 percent since last declining 
in February. Prior to July, the increases were driven by rising fuel prices. In contrast, in July, nonfuel prices 
led the advance and fuel prices recorded a decrease. Despite the recent increases, import prices remain down 
on an over-the-year basis, falling 3.7 percent over the past 12 months. Import prices have not recorded a 12-
month advance since 2 years ago when the index rose 0.9 percent between July 2013 and July 2014.                   

All Imports Excluding Fuel: The price index for nonfuel imports rose 0.3 percent in July following a 0.2-
percent drop in June and a 0.3-percent advance in May. The 0.3-percent increases were the largest 1-month 
advances since the index rose 0.3 percent in March 2014. The last time the index increased more than 0.3 
percent was a 0.4-percent rise in March 2012. The July advance was led by higher prices for nonfuel 
industrial supplies and materials; and foods, feeds, and beverages. In contrast, import finished goods prices 
decreased in July. Prices for nonfuel imports declined 1.2 percent over the past year.            

Fuel Imports: Fuel prices decreased 2.5 percent in July, the first monthly decline since the index fell 6.8 
percent in February. Before the downturn, import fuel prices rose 47.1 percent from February to June. In 
July, a 3.6-percent drop in petroleum prices drove the downturn in fuel prices and more than offset a 31.4 
percent increase in the price index for natural gas. Prices for import fuel decreased 22.3 percent for the year 
ended in July. A 23.1-percent decline in petroleum prices over the period and a 17.5-percent drop in natural 
gas prices each contributed to the overall fall in fuel prices.                 

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

Month IMPORTS EXPORTS
All
imports
Fuel
imports
Nonfuel
imports
All
exports
Agri-
cultural
exports
Non-
agricultural
exports

2015

July

-0.9 -6.1 -0.3 -0.4 1.0 -0.6

August

-1.8 -12.7 -0.3 -1.4 -2.5 -1.3

September

-1.1 -8.4 -0.3 -0.6 -1.4 -0.5

October

-0.3 -0.4 -0.3 -0.2 0.1 -0.3

November

-0.6 -4.0 -0.3 -0.7 -0.9 -0.7

December

-1.2 -10.0 -0.3 -1.1 -0.9 -1.1

2016

January

-1.3 -15.6 -0.1 -0.9 -1.3 -0.9

February

-0.5 -6.8 -0.1 -0.4 0.7 -0.6

March

0.4 8.5 -0.1 -0.1 -2.1 0.2

April

0.7 9.8 0.1 (r)0.5 0.8 0.4

May

(r)1.2 (r)12.7 0.3 (r)1.1 (r)3.0 1.0

June

(r)0.6 (r)9.6 (r)-0.2 0.8 (r)2.6 0.5

July

0.1 -2.5 0.3 0.2 -0.4 0.3

July 2014 to 2015

-10.5 -42.9 -2.6 -6.2 -14.4 -5.3

July 2015 to 2016

-3.7 -22.3 -1.2 -3.0 -2.6 -3.0

Footnotes
(r) Revised


Exports 

All Exports: Prices for U.S. exports increased 0.2 percent in July, after rising 2.4 percent over the 3 
previous months. In July, higher nonagricultural prices more than offset a decrease in agricultural prices. 
The price index for exports last recorded a 1-month decline when the index edged down 0.1 percent in 
March. Even accounting for the recent advances, export prices declined 3.0 percent over the past 12 months 
and have not increased on an over-the-year basis since the index advanced 0.4 percent in August 2014. 

All Exports Excluding Agriculture: Nonagricultural prices increased 0.3 percent in July following a 0.5 
percent advance the previous month. In July, rising prices for nonagricultural industrial supplies and 
materials as well as consumer goods drove the overall rise. Prices for nonagricultural exports fell 3.0 percent 
over the past 12 months and declines for each of the major end-use categories contributed to the decrease 
from July 2015 to July 2016. 

Agricultural Exports: The price index for agricultural exports declined 0.4 percent in July, after rising 2.6 
percent in June, 3.0 percent in May, and 0.8 percent in April. The downturn in July was led by an 8.5-
percent decrease in corn prices; lower wheat prices also contributed to the overall decrease. Agricultural 
export prices fell 2.6 percent for the year ended in July, driven primarily by falling prices for nuts, wheat, 
and corn.     


   					SELECTED JULY HIGHLIGHTS


Import Prices

Imports by Locality of Origin: Prices for imports from China edged down 0.1 percent in July, after 
decreasing 0.2 percent in June. The price index for imports from China has not recorded a monthly advance 
since ticking up 0.1 percent in December 2014 and decreased 1.8 percent on a 12-month basis for the second 
consecutive month in July. Import prices from the European Union and Mexico also declined in July, falling 
0.3 percent and 0.2 percent, respectively. In contrast, prices for imports from Japan rose 0.2 percent in July. 
The last time the price index for imports from Japan recorded a monthly advance larger than 0.2 percent was 
a 0.3-percent increase in August 2011. Import prices from Canada rose 0.2 percent in July following a 2.7-
percent advance in June.                            

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices rose 1.6 
percent in July, after a 0.2-percent drop in June. The July advance was led by higher prices for gold, other 
precious metals, and iron and steel mill products.          

Finished Goods: Each of the major finished goods categories recorded declines in July. Automotive 
vehicles prices fell 0.3 percent, driven by lower passenger car prices. The price indexes for capital goods 
and consumer goods each edged down 0.1 percent in July. Capital goods prices last rose on a monthly basis 
in June 2014.                      

Foods, Feeds, and Beverages: Prices for foods, feeds, and beverages increased 3.3 percent in July, driven 
by a 32.0-percent jump in import fruit prices. The July advance in foods, feeds, and beverages prices was 
the largest monthly advance since the index rose 3.6 percent in March 2014.               

Transportation Services: Import air passenger fares declined 3.9 percent in July following monthly 
increases in each of the past 3 months. An 8.4-percent drop in European fares was the main contributor to 
the July downturn, while Asian fares also fell, declining 3.1 percent. Import air passenger fares decreased 
8.3 percent over the past year. The price index for import air freight rose 2.5 percent in July, the largest 1-
month rise for the index since a 5.0-percent advance in October 2015. Despite the July rise, import air 
freight prices fell 7.7 percent over the past 12 months.        

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials rose 
0.6 percent in July, after advancing 1.8 percent in June. The July increase was led by a 6.7-percent rise in 
nonferrous metal prices.         

Finished Goods: Finished goods prices were mixed in July. Prices for consumer goods rose 0.5 percent, 
driven by a 1.7-percent advance in the price index for medicinal, dental, and pharmaceutical materials. The 
last time consumer goods prices increased by more than 0.5 percent was a 1.2-percent advance in June 2011. 
Capital goods prices edged down 0.1 percent in July and automotive vehicles prices recorded no change. 

Transportation Services: Export air passenger fares rose 4.4 percent in July following a 3.4-percent 
advance in June. An 11.5-percent increase in Latin American/Caribbean fares and a 5.9-percent rise in 
Asian fares each contributed to the overall advance for export air passenger fares. Despite the recent 
increase, export air passenger fares fell 9.4 percent over the past 12 months. The price index for export air 
freight fell 0.2 percent in July and 3.2 percent over the past year.             

Import and Export Price Index data for August 2016 are scheduled for release on Wednesday, September 14, 
2016 at 8:30 a.m. (EDT).    

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Last Modified Date: August 11, 2016