Transmission of material in this release is embargoed until					USDL-13-0423
8:30 a.m. (EDT) Wednesday, March 13, 2013
 
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Media contact:	       (202) 691-5902 * PressOffice@bls.gov


			     U.S. IMPORT AND EXPORT PRICE INDEXES - FEBRUARY 2013

The price index for U.S. imports rose 1.1 percent in February, the U.S. Bureau of Labor Statistics reported 
today, after increasing 0.6 percent the previous month. The February and January rises were both driven by 
higher fuel prices. U.S. export prices advanced 0.8 percent in February following a 0.3 percent increase in 
January. 

Imports
 	
All Imports: Import prices increased 1.1 percent in February, the largest monthly advance since a 1.2 
percent rise in August 2012. The advance followed a 0.6 percent increase in January, after import prices fell 
the final quarter of 2012. Despite the February advance, import prices fell 0.3 percent over the past year, and 
have not recorded a year-over-year increase since April 2012.         

Fuel Imports: The price index for import fuel rose 4.9 percent in February after advancing 2.6 percent in 
January. The February increase was the largest 1-month advance since a 6.1 percent rise in August 2012, and 
was driven by a 5.2 percent increase in petroleum prices. The increase in petroleum prices followed a 3.0 
percent advance the previous month. In contrast, natural gas prices fell for the second consecutive month, 
declining 2.3 percent in February after a 6.0 percent drop the previous month. Despite the February increase, 
import fuel prices fell 0.6 percent over the past year, as a 1.4 percent decrease in petroleum prices more than 
offset a 29.7 percent advance in natural gas prices.              

All Imports Excluding Fuel: Nonfuel import prices were unchanged in February following a 0.2 percent 
increase the previous month. In February, higher prices for foods, feeds, and beverages; consumer goods; 
and nonfuel industrial supplies and materials offset lower prices for import capital goods. The price index for 
nonfuel imports was also unchanged over the past 12 months, the third consecutive month the index has 
recorded no change on a 12-month basis.     

Table A. Percent changes

Exports

All Exports: Export prices rose 0.8 percent in February, the largest monthly gain since a similar 0.8 percent 
advance in September 2012. Higher agricultural and nonagricultural prices each contributed to the February 
increase. The price index for overall exports rose 1.5 percent for the year ended in February, the largest 12-
month increase since the index advanced a similar 1.5 percent between October 2011 and October 2012.         

Agricultural Exports: Prices for agricultural exports increased 2.0 percent in February after a 1.2 percent 
decline the previous month. The February rise was led by a 3.8 percent advance in soybean prices and a 4.9 
percent increase in corn prices. Higher soybean and corn prices, along with rising wheat prices, also 
contributed to a 13.4 percent increase in agricultural prices over the past 12 months. Soybean prices rose 23.5 
percent for the year ended in February, while corn and wheat prices increased 15.1 percent and 16.6 percent, 
respectively.                 

All Exports Excluding Agriculture: Nonagricultural prices advanced 0.6 percent in February following a 
0.5 percent increase in January. The February rise was the largest advance since a 0.7 percent increase in 
September 2012. Rising nonagricultural industrial supplies and materials prices drove the increase in overall 
nonagricultural prices, although higher prices for capital goods and automotive vehicles also contributed to 
the increase. Prices for nonagricultural exports were unchanged over the past year.       

					 SELECTED FEBRUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China ticked up 0.1 percent in February, following a 0.2 
percent decline the previous month. The upturn in February was the first increase since a 0.1 percent advance 
in February 2012, and was led by a 0.1 percent rise in computer and electronic equipment manufacturing 
prices. The price indexes for imports from Canada, Mexico, and the European Union rose in February, 
advancing 1.5 percent, 1.3 percent, and 0.7 percent, respectively. Higher fuel prices contributed to the 
increases. In contrast, prices for imports from Japan fell 0.4 percent in February, the largest monthly decline 
since the index fell 0.6 percent in September 2008.       

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials rose 0.1 
percent in February after a 0.4 percent increase in January. The February increase was led by higher prices 
for chemicals, selected building materials, unfinished metals, and paper, which more than offset a 0.9 
percent decrease in finished metal prices.     

Finished Goods: Finished goods prices were mostly flat in February. Prices for capital goods edged down 
0.1 percent, and have not recorded a monthly increase since a 0.2 percent advance in September 2012. In 
contrast, consumer goods prices ticked up 0.1 percent for the second consecutive month. The price index for 
automotive vehicles was unchanged in February.      
 
Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 0.6 percent in February after 
declining 0.1 percent in January. The advance was the first 1-month rise since a 1.4 percent increase in 
September 2012, and was led by a 2.6 percent rise in the import price index for fish and shellfish.      

Transportation Services: Import air passenger fares decreased 1.2 percent in February following a 3.7 
percent decline in January. The February drop was driven by a 6.4 percent decrease in Asian fares. Despite 
the recent declines, import air passenger fares advanced 2.3 percent for the year ended in February. The 
price index for import air freight fell 0.4 percent in February but rose 3.7 percent over the past 12 months.  

Export Prices
 
Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials 
prices increased 1.4 percent in February, the largest monthly rise since a 1.8 percent advance in September 
2012. The February rise followed a 0.6 percent advance the previous month, and was driven by a 4.1 percent 
increase in fuel prices.   
 
Finished Goods: Capital goods prices rose 0.4 percent in February after a 0.7 percent increase the previous 
month. A 1.4 percent advance in semiconductor prices was the largest contributor to the February rise, and 
marked the largest 1-month increase since a similar 1.4 percent advance in December 2010. Prices for 
automotive vehicles also increased in February, advancing 0.2 percent. In contrast, consumer goods prices, 
down 0.2 percent, fell for the fourth consecutive month.        

Transportation Services: Export air passenger fares fell 8.5 percent in February after rising 7.5 percent in 
January. A turnaround in Asian fares, down 18.0 percent, was the largest contributor to the February 
decline. Export air passenger fares decreased 1.7 percent over the past year. Export air freight prices fell 0.3 
percent in February. Despite the February decline, the index increased 1.5 percent over the past 12 months.     
		
Import and Export Price Index data for March 2013 are scheduled for release on Thursday, April 11, 
2013 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 two-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 http://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 PPI (Producer Price 
Index) 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 Index and excluded 
from the Export Air Passenger Fares Index. 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 http://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. 
 
Revision Policy -- To reflect the availability of late reports and corrections by respondents, monthly data 
may be revised in each of the three months after original publication.  After three months, no further data 
revisions take place.  So, for example, data released 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 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 National Income and Product Accounts, 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.

E-Mail Subscription -- The U.S. Import and Export Price Indexes news release is available through an 
e-mail subscription service at (http://www.bls.gov/bls/list.htm).
 
Additional Information -- More detailed data are available on the Import/Export Price Indexes home 
page at (http://www.bls.gov/mxp).  Flat Files and the FTP server are available for users requiring access 
to either a large volume of time series data or other related documentation. The FTP site can be accessed 
at ftp://ftp.bls.gov.   For technical assistance in using the BLS Internet site, send e-mail to 
(labstat.helpdesk@bls.gov).  For Import/Export Price Index data requests, send e-mail 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.