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Import/Export Price Indexes
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Recent Price Trends in the Semiconductor Industry
An overview of Semiconductor Manufacturing price indexes
2022
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 semiconductor prices trended over the 2019–2021 period? (See chart 1)
- Semiconductor manufacturing import prices declined 2.3 percent from December 2018 to December 2021. The import semiconductor manufacturing price index fell 5.3 percent in 2019 and declined a further 1.6 percent in 2020. The price index rebounded in 2021, increasing 4.9 percent.
- Import prices for semiconductor manufacturing peaked in January 2019 for the 3-year period ended December 2021 and reached a low point in December 2020.
- Import prices for semiconductor manufacturing increased throughout 2021 due to strained supply chains and heightened demand during the Covid-19 pandemic. Increased prices for semiconductors impacted a number of reliant industries.
Q: How did import semiconductor prices compare with other economic data?
- Import and export semiconductor manufacturing price indexes trended similarly to domestic price producers in early 2019. However, import prices declined sharply compared to export and producer prices going into 2020. In 2021, import prices increased at a faster rate than both export and producer prices.
- The producer price index for semiconductor manufacturing did not change from December 2018 to December 2019. Producer prices then declined 2.7 percent for the 12-months ending in December 2020 before advancing 2.4 percent from December 2020 to December 2021. Producer prices for semiconductors decreased 0.3 percent over the 3-year period ended in December 2021.
Q: How have export semiconductor prices trended over the 2019–2021 period? (See chart 1)
- The export semiconductor manufacturing price index advanced 4.7 percent from December 2018 to December 2021. Export semiconductor manufacturing prices decreased 0.8 percent in 2019, followed by a 3.6 percent increase in 2020. In 2021, export semiconductor manufacturing prices grew 1.9 percent.
- For the 3-year period ended in December 2021, export semiconductor prices bottomed out in October 2019 before reaching a high point in October 2021.
Q: What are the top six exporting states and territories for semiconductor manufacturing? (See chart 2)
- In 2021, the total trade value of exported semiconductors was $74.4 billion, a 17.9-percent increase from 2020. The top 6 exporting states made up 71.5 percent of the total trade value.
- Texas and Oregon totaled $32.6 billion in semiconductor manufacturing exports in 2021, ranking first and second in the United States.
- California ranked third with $11.2 billion in trade dollar value, making up 15.1 percent of total export trade value of semiconductors in 2021.
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: August 16, 2022