Import/Export Price Indexes
Recent Price Trends in the Motor Vehicle Parts Industry
An overview of Motor Vehicle Parts Manufacturing price indexes
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 2019–2021 period? (See chart 1)
- The import price index for motor vehicle parts manufacturing advanced 4.1 percent from December 2018 to December 2021. The index declined 0.8 percent for the year ended December 2019 and rose 1.2 percent in 2020. Import motor vehicle parts manufacturing prices then increased 3.7 percent in 2021.
- The 3.7-percent rise in import prices for motor vehicle parts manufacturing in 2021 was the largest caledar-year advance since the index was first published in 2005.
- Driving the 2021 advance was a 0.8-percent rise in July, 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 similarly to domestic and export prices over the 3-year period ended in 2021. In 2019, all 3 price indexes decreased. In 2020, import and export prices both rose more than 1.0 percent, while producer prices advanced 0.6 percent. Import, export, and producer prices continued this upward trend in 2021, all rising rising at least 1.6 percent.
- The motor vehicle parts producer price index edged down 0.1 percent in 2019. In contrast, producer prices advanced 0.6 percent in 2020. In 2021, the index continued to increase, rising 5.5 percent. Producer prices rose 6.0 percent over the 3-year period.
Q: How have export motor vehicle parts prices trended over the 2019–2021 period? (See chart 1)
- Export motor vehicle parts manufacturing prices rose 2.4 percent from December 2018 to December 2021. Prices decreased 0.8 percent in 2019, rose 1.7 percent in 2020, then increased 1.6 percent in 2021.
- Higher prices for metals drove the increase in motor vehicle parts manufacturing export prices from 2019 to 2021.
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 $45.1 billion in 2021, 4.9 percent higher than 2020. The top 6 exporting states accounted for 68.7 percent of this value.
- Texas ranked first in the United States in 2021 with $9.1 billion in export trade value, contributing 21.3 percent of total U.S. motor vehicle parts manufacturing exports.
- Michigan ranked second with $8.3 billion in trade value, accounting for 19.5 percent of the U.S. total. Ohio ranked third with $3.5 billion in trade, or 8.3 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 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: August 16, 2022