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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

2025

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 2022–2024 period? (See chart 1)

  • The import price index for chemical manufacturing fell 3.5 percent from December 2021 to December 2024. The import price index decreased 1.4 percent in 2022 and dropped 3.1 percent in 2023. In 2024, import chemical manufacturing prices advanced 1.1 percent.
  • The 1.1-percent increase in import prices for chemical manufacturing in 2024 was the first calendar-year advance since the index rose 12.8 percent from December 2020 to December 2021.
  • Higher prices for pharmaceutical and medicine manufacturing contributed to the increase in prices for import chemical manufacturing in 2024. Prices for import petroleum, a key component for chemical manufacturing, rose 1.9 percent for the year ended December 2024.

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

  • Import and export chemical manufacturing prices trended downward in 2022, while domestic prices advanced over the same period. Import, export and domestic prices declined in 2023. In 2024, import, export and domestic prices advanced.
  • The producer price index for chemical manufacturing increased 3.7 percent over the 3-year period from December 2021 to December 2024. The index rose 5.6 percent in 2022 before declining 2.2 percent in 2023. Chemical manufacturing producer prices ticked up 0.4 percent in 2024.
  • Producer prices for chemical manufacturing advanced from December 2021 to December 2024. In contrast, import and export prices for chemicals declined over the same period.

Q: How have export chemical prices trended over the 2022–2024 period? (See chart 1)

  • Export chemical manufacturing prices declined 4.6 percent over the 3-year period ended December 2024. Prices declined 4.1 percent in 2022, decreased 2.1 percent in 2023, and advanced 1.6 percent in 2024.
  • The 2024 increase in export chemical manufacturing prices was the first calendar-year advance since the index rose 16.7 percent for the year ended December 2021.
View data

Q: What are the top six exporting states and territories for chemical manufacturing? (See chart 2)

  • In 2024, the total trade value of exported chemical manufacturing products was $285.4 billion, a 2.6-percent increase from 2023. The top 6 exporting states made up over 50 percent of this value.
  • Texas ranked first in the United States in 2024 for export chemical manufacturing with $57.0 billion in export trade value. That accounted for 20.0 percent of total U.S. chemical manufacturing exports.
  • Indiana ranked second with $24.7 billion in trade dollar value, accounting for 8.7 percent of total U.S. chemical manufacturing exports. Puerto Rico ranked third with $20.7 billion in trade, which represented 7.3 percent of total chemical manufacturing exports.
View data

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 18, 2025