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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

2023

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 2020–2022 period? (See chart 1)

  • The import price index for motor vehicle parts manufacturing advanced 7.1 percent from December 2019 to December 2022. The index increased 1.2 percent for the year ended December 2020 and rose 3.7 percent in 2021. Import motor vehicle parts manufacturing prices then increased 2.0 percent in 2022.
  • 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.
  • Driving the 2022 advance was a 0.8-percent rise in May, matching the largest 1-month increase since the index rose 0.8 percent in July 2021.

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

  • Import prices for motor vehicle parts trended slightly lower then both domestic and export prices over the 3-year period ended in 2022. In 2020, all three price indexes advanced, each increasing by at least 0.6 percent. In 2021, import prices rose 3.7 percent and export prices increased 1.6 percent, and producer prices advanced 5.4 percent. Import, export, and producer prices continued this upward trend in 2022, all rising at least 2.0 percent.
  • The motor vehicle parts producer price index increased 0.6 percent in 2020. The index continued this upward trend, rising 5.4 percent in 2021 and 4.2 percent in 2022. Producer prices rose 10.5 percent over the 3-year period.

Q: How have export motor vehicle parts prices trended over the 2020–2022 period? (See chart 1)

  • Export motor vehicle parts manufacturing prices rose 11.0 percent from December 2019 to December 2022. Prices increased 1.7 percent in 2020 and rose 1.6 percent in 2021. Export prices then advanced 7.4 percent in 2022, the largest calendar-year increase since the series was first published in 2006.
  • Higher prices for metals drove the increase in motor vehicle parts manufacturing export prices from 2020 to 2022.
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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 $51.9 billion in 2022, 14.8 percent higher than 2021. The top 6 exporting states accounted for 63.8 percent of this value.
  • Texas ranked first in the United States in 2022 with $10.2 billion in export trade value, contributing 19.7 percent of total U.S. motor vehicle parts manufacturing exports.
  • Michigan ranked second with $9.5 billion in trade value, accounting for 18.2 percent of the U.S. total. Indiana ranked third with $3.7 billion in trade, or 7.2 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 12, 2023