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

Recent Price Trends in the Motor Vehicle Parts Industry

An overview of Motor Vehicle Parts Manufacturing price indexes

2024

Engine parts

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 motor vehicle parts prices trended over the 2021–2023 period? (See chart 1)

  • The import price index for motor vehicle parts manufacturing advanced 5.9 percent from December 2020 to December 2023. The index increased 3.7 percent for the year ended December 2021 and rose 2.0 percent in 2022. Import motor vehicle parts manufacturing prices then ticked up 0.1 percent in 2023.
  • The 3.7-percent rise in import prices for motor vehicle parts manufacturing in 2021 was the largest calendar-year advance since the index was first published in 2005.
  • Higher prices for motor vehicle electrical and electronic equipment manufacturing drove the price advance for import motor vehicle parts manufacturing in 2023.

Q: How did import motor vehicle parts prices compare with other economic data?

  • Import prices trended lower than producer prices for the 3-year period ended December 2023. Export prices also trended upward overall from December 2020 to December 2023, while ending higher than producer prices over the same period.
  • The motor vehicle parts producer price index increased 5.4 percent in 2021. The index continued this upward trend, rising 4.2 percent in 2022 and 1.3 percent in 2023. Producer prices rose 11.3 percent over the 3-year period.
  • Export prices for motor vehicle parts manufacturing rose more sharply than import and producer prices for motor vehicle parts from December 2020 to December 2023.

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

  • Export motor vehicle parts manufacturing prices rose 15.1 percent from December 2020 to December 2023. Prices increased 1.6 percent in 2021 and rose 7.4 percent in 2022, the largest calendar-year increase since the series was first published in 2005. Export prices then advanced 5.5 percent in 2023.
  • Higher prices for metals drove the increase in motor vehicle parts manufacturing export prices from 2020 to 2023.
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Q: What are the top six exporting states and territories for motor vehicle parts manufacturing? (See chart 2)

  • The total trade value of motor vehicle parts manufacturing exports was $60.6 billion in 2023, 16.3 percent higher than 2022. The top 6 exporting states accounted for 62.5 percent of this value.
  • Michigan ranked first in the United States in 2023 with $11.0 billion in export trade value, contributing 18.1 percent of total U.S. motor vehicle parts manufacturing exports.
  • Texas ranked second with $8.9 billion in trade value, accounting for 14.6 percent of the U.S. total. Indiana ranked third with $5.3 billion in trade, or 8.7 percent of the total from the United States.
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 motor vehicle parts industry and are considering conducting business overseas, IPP motor vehicle parts 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