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                         U.S. IMPORT AND EXPORT PRICE INDEXES - JANUARY 2018

U.S. import prices increased 1.0 percent in January, the U.S. Bureau of Labor Statistics reported today, after 
rising 0.2 percent in December. Higher prices for both nonfuel imports and fuel imports contributed to the 
January advance. Prices for U.S. exports rose 0.8 percent in January following a 0.1-percent increase the 
previous month.


Imports

All Imports: The price index for U.S. imports rose 1.0 percent in January, after increases of 0.2 percent in 
December and 1.0 percent in November. The 1.0-percent advances were the largest 1-month rises since the 
index increased 1.2 percent in May 2016. Import prices advanced 3.6 percent between January 2017 and 
January 2018.  

Fuel Imports: Fuel prices increased 4.7 percent in January following a 2.9-percent advance in December 
and a 9.8-percent rise in November. Higher prices for petroleum and natural gas contributed to the increases 
in all 3 months. Prices for petroleum advanced 4.3 percent in January, after rising 2.3 percent the previous 
month and 9.5 percent in November. The price index for natural gas increased 20.7 percent in January 
following advances of 20.0 percent in December and 25.7 percent in November. Prices for fuel imports rose 
19.7 percent over the past 12 months. Petroleum prices increased 20.9 percent for the year ended in January 
and prices for natural gas advanced 16.2 percent over the same period.  

All Imports Excluding Fuel: Prices for nonfuel imports advanced 0.4 percent in January, after edging 
down 0.1 percent the previous month. The January increase was the largest monthly advance since the index 
rose 0.4 percent in March 2012. The last time the index increased more than 0.4 percent was a 0.8-percent 
rise in April 2011. Prices for nonfuel industrial supplies and materials; automotive vehicles; foods, feeds, 
and beverages; and capital goods all contributed to the January advance. The price index for nonfuel imports 
increased 1.9 percent over the past 12 months, the largest over-the-year rise since the index advanced 2.0 
percent in March 2012. The January 12-month advance was primarily driven by rising prices for nonfuel 
industrial supplies and materials.  


Table A. Percent change in Import and Export Price Indexes, selected categories

Exports

All Exports: U.S. export prices increased 0.8 percent in January. The index has not risen by more than 0.8 
percent since the index advanced 1.1 percent in May 2016. In January, the increase in nonagricultural prices 
more than offset a decline in agricultural prices. The price index for exports increased 3.4 percent over the 
past 12 months.   

Agricultural Exports: Prices for agricultural exports edged down 0.1 percent in January, after falling 0.3 
percent the previous month. The January drop was driven by a 5.8-percent decline in soybean and other 
oilseeds prices. Despite the recent decreases, prices for agricultural exports rose 1.4 percent over the past 
year. Rising meat prices were the primary contributor to the advance in agricultural prices for the year ended 
in January.    

All Exports Excluding Agriculture: Nonagricultural export prices advanced 0.9 percent in January 
following a 0.1-percent rise in December. The price indexes for nonagricultural industrial supplies and 
materials; capital goods; automotive vehicles; and consumer goods all rose in January. Prices for 
nonagricultural export indexes advanced 3.7 percent from January 2017 to January 2018, the largest 12-
month increase since a 4.0-percent rise for the year ended December 2011.  



                                      SELECTED JANUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from Japan increased 0.6 percent in January, after 
recording no change the previous month. The January advance was the first monthly rise since the index 
ticked up 0.1 percent in September and the largest 1-month advance since a 0.6-percent rise in January 
2011. In January, import prices from China recorded no change for the second consecutive month. The price 
index for imports from China rose 0.2 percent for the year ended in January, the first 12-month advance 
since the index increased 0.1 percent in October 2014 and the largest since the index advanced 0.3 percent 
in July 2014. Higher fuel prices led the January increase for import prices from Canada, up 2.5 percent, and 
Mexico, up 0.7 percent. Prices for imports from the European Union also rose, increasing 0.5 percent.      

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials 
increased 1.8 percent in January following a 0.2-percent drop in December. The January rise was driven by 
higher metals prices and was the largest monthly advance since a 2.0-percent rise in March 2011. 

Finished Goods: Finished goods prices were mostly up in January. Prices for automotive vehicles advanced 
0.5 percent in January led by rising prices for passenger cars. The price index for capital goods also rose in 
January, ticking up 0.1 percent. Consumer goods prices recorded no change. 

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices rose 0.8 percent in January following a 
0.9-percent decline in December. The January increase was driven by higher prices for fruit, bakery 
products, and vegetables.

Transportation Services: Import air passenger fares fell 3.2 percent in January, after increasing 6.5 percent 
in December. The January decline was led by an 11.1-percent drop in Asian fares and a 13.0-percent 
decrease in Latin American/Caribbean fares, which more than offset higher European fares. Despite the 
January decline, import air passenger fares rose 2.6 percent over the past year. The price index for import air 
freight prices decreased 3.0 percent in January and increased 8.7 percent over the past 12 months.  


Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials 
prices increased 2.1 percent in January, after edging down 0.1 percent in December. The January advance 
was driven by a 4.5-percent rise in fuel prices and a 3.0-percent increase in metals prices.

Finished Goods: Prices for each of the major finished goods categories increased in January. Capital goods 
prices advanced 0.5 percent. Higher prices for nonelectrical machinery, transportation equipment, and 
electrical machinery all contributed to the January advance. The price indexes for consumer goods and 
automotive vehicles also rose in January, each increasing 0.3 percent. 

Transportation Services: Export air passenger fares advanced 5.6 percent in January following a 3.3-
percent rise the previous month. Both increases were driven by higher Asian and Latin American/Caribbean 
fares which more than offset lower European fares in January and December. Despite the recent increases, 
export air passenger fares fell 1.0 percent for the year ended in January. Prices for export air freight 
increased 0.2 percent in January and 7.5 percent over the past year.   

Import and Export Price Index data for February are scheduled for release on Thursday, March 15, 2018 at 
8:30 a.m. (EDT).

                                                TECHNICAL NOTE                                                

Import and Export Merchandise and Services Price Indexes - All indexes use a modified Laspeyres 
formula and are not seasonally adjusted. Price indexes are reweighted annually, with a 2-year lag in the 
weights. Published series use a base year of 2000=100 where possible. More detailed index series and 
additional information may be obtained at www.bls.gov/mxp or by calling (202) 691-7101.

Merchandise Goods Classification Systems - The merchandise price indexes are published using three 
classification systems. Items are classified by end use according to the Bureau of Economic Analysis 
Classification System, by industry according to the North American Industry Classification System 
(NAICS), and by product category according to the Harmonized System (HS). While classification by 
end use and product category are self-explanatory, some notes are in order for classifying items by 
industry. In the NAICS imports and exports tables, items are classified by output industry, not input 
industry. As an example, NAICS import index 326 (plastics and rubber products manufacturing) include 
outputs such as manufactured plastic rather than inputs such as petroleum. The NAICS classification 
structure also matches the classification system used by the Producer Price Index (PPI) to produce the 
NAICS primary products indexes.

Import Price Indexes - Products have been classified by the Harmonized Tariff Schedule of the United 
States Annotated (TSUSA). Import prices are based on U.S. dollar prices paid by the U.S. importer. The 
prices are generally either "free on board" (f.o.b.) foreign port or "cost, insurance, and freight" (c.i.f.) 
U.S. port transaction prices, depending on the practices of the individual industry. The index for crude 
petroleum is calculated from data collected by the U.S. Department of Energy.  

Export Price Indexes - Products have been classified by the Harmonized Schedule B classification 
system of the U.S. Bureau of the Census. The prices used are generally either "free alongside ship" 
(f.a.s.) factory or "free on board" (f.o.b.) transaction prices, depending on the practices of the individual 
industry. Prices used in the grain index, excluding rice, are obtained from the U.S. Department of 
Agriculture.

Services Price Indexes - Starting in September 2008, the import air passenger fares indexes represent 
changes in the average revenue per passenger received by foreign carriers from U.S. residents and are 
calculated from data obtained from an airline consulting service. These data include tickets sold by 
travel agencies and travel websites. Tickets sold directly by the airlines are excluded, as are frequent 
flyer tickets generally. Starting in January 2008, the export air passenger fares indexes represent changes 
in the average revenue per passenger received by U.S. carriers from foreign residents and are calculated 
from data collected directly from airlines. These data include frequent flyer tickets and those sold by 
consolidators. Taxes and fees are included in the import air passenger fares indexes and excluded from 
the export air passenger fares indexes. The air freight indexes are calculated from data collected directly 
from airlines. These data exclude mail and passenger baggage. The scope of the service being priced is 
the movement of freight from airport to airport only, and does not include any ground transportation or 
port service. The air freight indexes are presented using two definitions: balance of payments (which 
represent transactions between U.S. and foreign residents) and international (which represent 
transactions inbound to and outbound from the U.S.). Fact sheets specifying detailed information for 
each services industry are available at www.bls.gov/mxp under "MXP Publications."

Import Indexes by Locality of Origin - Prices used in these indexes are a subset of the data collected 
for the import price indexes. Beginning with January 2002, the indexes are defined by locality of origin 
using a nomenclature based upon the North American Industry Classification System (NAICS). 
Nonmanufactured goods are defined as NAICS 11 and 21, and manufactured goods are defined as 
NAICS 31-33. 

Relative Importance - A relative importance is a specific index's price-updated value share (expressed 
as a percentage) of overall imports or exports at a specific point in time. Relative importance values are 
affected by the trade weights at the point indexes are reweighted and index changes relative to other 
indexes since the reweight point. If an index is rising in value relative to other indexes over time, the 
relative importance will increase as well. 
 
Revision Policy - To reflect the availability of late reports and corrections by respondents, monthly data 
may be revised in each of the 3 months after original publication. After 3 months, no further data 
revisions take place. For example, data first published in the January release will be subject to revision 
in the releases for February, March, and April.

Uses of the Data - The primary use of the indexes is to deflate trade statistics, notably the foreign trade 
sector of the National Income and Product Accounts (NIPA) constructed by the Department of 
Commerce. Other published indexes are useful for general market analysis. For trade in international 
services, balance of payments indexes are used for deflating NIPA, while international indexes are more 
appropriate for market analysis. Merchandise and services indexes also can be used to study U.S. 
competitiveness and to compute price elasticities, and the merchandise import indexes by country or 
region of origin are useful in terms of trade analysis.

Email Subscription - The U.S. import and export price indexes news release is available through an 
email subscription service at www.bls.gov/bls/list.htm. 
 
Additional Information - More detailed data are available on the Import/Export Price Indexes home 
page at www.bls.gov/mxp. For import and export price indexes data requests, send an email to 
mxpinfo@bls.gov.   

Information from this release will be made available to sensory impaired individuals upon request.  
Voice phone: (202)-691-5200; Federal Relay Service: 1-(800)-877-8339.