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Import/Export Price Indexes
Bureau of Labor Statistics > Import/Export Price Indexes > Home

Recent Price Trends in the Chemicals Industry

An overview of Chemical Manufacturing price indexes

2024

Pharmaceutical bottles

U.S. Import and Export Price Indexes contain data on changes in the prices of nonmilitary goods and services traded between the United States and the world. The U.S. Bureau of Labor Statistics produces these indexes, which are Principal Federal Economic Indicators.

Q: How have import chemical prices trended over the 2021–2023 period? (See chart 1)

  • The import price index for chemical manufacturing products advanced 7.7 percent from December 2020 to December 2023. The import price index increased 12.8 percent in 2021 before declining 1.4 percent in 2022. Import chemical manufacturing prices fell 3.1 percent in 2023.
  • The 3.1-percent decline in import prices for chemical manufacturing in 2023 was the largest calendar-year decrease since the index fell 4.7 percent from December 2014 to December 2015.
  • Lower prices for basic chemical manufacturing contributed to the decline in prices for import chemical manufacturing in 2023. Prices for import petroleum, a key component for chemical manufacturing, fell 23.3 percent for the year ended December 2023. 

Q: How did import chemical prices compare with other economic data? (See chart 1)

  • Import prices for chemical manufacturing recorded similar trends to the corresponding export and domestic indexes in 2021. Import and export chemical manufacturing prices fell in 2022, while domestic prices advanced over the same period. In 2023, import, export and domestic prices declined.
  • The producer price index for chemical manufacturing increased 19.2 percent over the 3-year period from December 2020 to December 2023. The index rose 15.5 percent in 2021 before advancing 5.6 percent in 2022. Chemical manufacturing producer prices declined 2.3 percent in 2023.
  • Producer prices for chemical manufacturing rose more sharply than import and export prices for chemicals from December 2020 to December 2023.

Q: How have export chemical prices trended over the 2021–2023 period? (See chart 1)

  • Export chemical manufacturing prices advanced 9.6 percent over the 3-year period ended December 2023. Prices rose 16.7 percent in 2021, declined 4.1 percent in 2022, and decreased 2.1 percent in 2023.
  • The 2023 decline in export chemical manufacturing prices was the smallest calendar-year decrease since the index fell 1.6 percent for the year ended December 2019.
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Q: What are the top six exporting states and territories for chemical manufacturing? (See chart 2)

  • In 2023, the total trade value of exported chemical manufacturing products was $282.4 billion, a 2.0-percent decline from 2022. The top 6 exporting states made up over 50 percent of this value.
  • Texas ranked first in the United States in 2023 for export chemical manufacturing with $58.3 billion in export trade value. That accounted for 20.7 percent of total U.S. chemical manufacturing exports.
  • Indiana ranked second with $20.5 billion in trade dollar value, accounting for 7.3 percent of total U.S. chemical manufacturing exports. Puerto Rico ranked third with $18.7 billion in trade, which represented 6.6 percent of total chemical manufacturing exports.
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Q: How are import and export price indexes useful to you?

Import and export price indexes can provide a new perspective for your trade analyses. Although many sources report domestic market prices and trade volume, IPP data are unique in measuring import and export price movement.

For example, if you are involved in the chemical industry and are considering conducting business overseas, IPP chemical manufacturing indexes can supplement your industry research by providing long-term import and export price trends.

Q: How are import and export price indexes used?

Import and export price indexes are used for a variety of purposes:

  • In the conversion of U.S. trade figures from current dollars to constant dollars in U.S. trade statistics including the Bureau of Economic Analysis’ Quarterly Gross Domestic Product and the Census Bureau’s monthly U.S. trade statistics.
  • To assess the impact of international trade on domestic inflation and the competitive position of the United States.
  • As a tool for analyzing fiscal and monetary policy, measuring the impact of exchange rates, and escalating trade contracts.
  • To identify industry-specific and global price trends.

Last Modified Date: July 19, 2024