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Import/Export Price Indexes

Recent Price Trends in the Motor Vehicle Parts Industry

An overview of Motor Vehicle Parts Manufacturing price indexes

2021

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 2018–2020 period? (See chart 1)

  • The import price index for motor vehicle parts manufacturing advanced 0.3 percent from December 2017 to December 2020. The index edged down 0.1 percent for the year ended December 2018 and fell 0.8 percent in 2019. Import motor vehicle parts manufacturing prices then increased 1.2 percent in 2020.
  • The 1.2-percent rise in import prices for motor vehicle parts manufacturing in 2020 was the largest calendar-year advance since the index increased 3.2 percent in 2011.
  • Driving the 3-year advance was a 0.7-percent rise in March 2020, matching the largest 1-month increase since the index rose 0.8 percent in March 2011.

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

  • Import prices for motor vehicle parts trended lower than both domestic and export prices over the 3-year period. The import price index for motor vehicle parts manufacturing remained roughly flat in 2018, while the corresponding export and producer price indexes increased. In 2019, all 3 price indexes decreased. In 2020, import and export prices both rose more than 1.0 percent, while producer prices advanced comparatively more modestly.
  • The motor vehicle parts producer price index rose 1.5 percent in 2018. In contrast, producer prices edged down 0.1 percent in 2019. In 2020, the index rebounded, increasing 0.6 percent. Producer prices rose 2.0 percent over the 3-year period.

Q: How have export motor vehicle parts prices trended over the 2018–2020 period? (See chart 1)

  • Export motor vehicle parts manufacturing prices rose 1.2 percent from December 2017 to December 2020. Prices rose 0.4 percent in 2018, decreased 0.8 percent in 2019, then increased 1.7 percent in 2020.
  • Higher prices for metals drove the increase in motor vehicle parts manufacturing export prices from 2018 to 2020.

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 $43.0 billion in 2020, 22.0 percent lower than 2019. The top 6 exporting states accounted for 65.5 percent of this value.
  • Michigan ranked first in the United States in 2020 with $8.4 billion in export trade value, contributing 19.6 percent of total U.S. motor vehicle parts manufacturing exports.
  • Texas ranked second with $8.3 billion in trade dollar value, accounting for 19.2 percent of the U.S. total. Ohio ranked third with $3.4 billion in trade, or 7.9 percent of the total from the United States.

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: November 4, 2021