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

Recent Price Trends in the Metal Industry

An overview of Primary Metal Manufacturing price indexes

2024

Metal cogs

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 metal prices trended over the 2021–2023 period? (See chart 1)

  • Primary metal manufacturing import prices increased 16.7 percent from December 2020 to December 2023. The index advanced 24.0 percent in 2021 before rising an additional 0.8 percent in 2022. The import price index for primary metal manufacturing decreased 6.6 percent in 2023.
  • The 24.0-pecent rise in import prices for primary metal manufacturing in 2021 was the largest calendar-year increase since 12-month changes for the index were first published in December 2006.
  • Increasing prices for alumina and aluminum production led to the rise in import prices for primary metal manufacturing in 2021 and into the first quarter of 2022.

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

  • Import primary metal manufacturing prices trended similarly to producer and export prices in 2021, although producer prices increased at a higher rate compared to import and export prices. Even though all price indexes rose throughout the 3-year period, import, export, and producer prices declined from December 2022 to December 2023.
  • The primary metal manufacturing producer price index advanced 35.2 percent over the 3-year period ended December 2023. The index increased 67.0 percent in 2021, decreased 15.7 percent in 2022, and declined 4.0 percent in 2023.

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

  • Export primary metals prices increased 10.6 percent from December 2020 to December 2023. Prices for export primary metals increased 18.0 percent in 2021, decreased 1.3 percent in 2022, and declined 5.0 percent in 2023.
  • The 1.3-percent decline in 2022 was largely driven by decreases in the final two thirds of the year. The export price index rose 12.0 percent from December 2021 to April 2022, then declined 11.9 percent from April 2022 to December 2022.
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Q: What are the top six exporting states and territories for metal manufacturing? (See chart 2)

  • In 2023, the total trade value of exported primary metals was $74.1 billion, a 16.4 percent decrease from 2022. The top 6 exporting states accounted for 57.1 percent of this value.
  • New York ranked first among U.S. states and territories with $15.7 billion in export trade value. That accounted for 21.2 percent of total U.S. primary metal manufacturing exports.
  • Utah and Texas ranked second and third with $7.2 billion and $6.6 billion in trade dollar value, respectively. The two states accounted for 9.7 percent and 9.0 percent of total U.S. primary metal manufacturing exports, respectively.
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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 metal industry and are considering conducting business overseas, IPP primary metal 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