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                              U.S. IMPORT AND EXPORT PRICE INDEXES - NOVEMBER 2017                              

U.S. import prices rose 0.7 percent in November, the U.S. Bureau of Labor Statistics reported today, after 
ticking up 0.1 percent in October. Higher prices for fuel drove the increase in November and nonfuel prices 
recorded no change. U.S. export prices increased 0.5 percent in November following a 0.1-percent advance 
the previous month.

Imports

All Imports: Import prices advanced 0.7 percent in November following rises of 0.1 percent in October and 
0.8 percent in September. Higher fuel prices were the main contributor to the overall advance in import 
prices for November. The import price index increased 3.1 percent over the past 12 months. U.S. import 
prices have not recorded an over-the-year decline since a 0.2-percent drop in October 2016.

Fuel Imports: The import price index for fuels rose 7.6 percent in November, after a 0.2-percent increase in 
October. Rising prices for import petroleum and natural gas contributed to the increase. Petroleum prices 
advanced 7.2 percent in November, the largest monthly rise since the index increased 7.5 percent in October 
2016. Natural gas prices rose 26.3 percent, the first monthly advance since the index increased 8.0 percent 
in April and the largest rise since the index advanced 28.0 percent in July 2016. Import fuel prices rose 22.2 
percent over the past year driven by a 24.1-percent increase in petroleum prices. In contrast, import prices 
for natural gas decreased 5.6 percent for the year ended in November.

All Imports Excluding Fuel: Nonfuel import prices recorded no change in November following a 0.1-
percent rise in October. Lower prices for foods, feeds, and beverages offset higher prices for nonfuel 
industrial supplies and materials, consumer goods, and automotive vehicles. Import capital goods prices 
recorded no change in November. The price index for nonfuel imports advanced 1.4 percent between 
November 2016 and November 2017. The 12-month increase was driven by higher prices for nonfuel 
industrial supplies and materials, capital goods, and consumer goods which more than offset lower prices 
for automotive vehicles and foods, feeds, and beverages. The last over-the-year decline in nonfuel import 
prices was a 0.2-percent decrease for the 12-month period ended November 2016.

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

Exports

All Exports: The export price index rose 0.5 percent in November, after ticking up 0.1 percent in October 
and advancing 0.8 percent in September. In November, higher nonagricultural export prices offset lower 
prices for agricultural exports. U.S. export prices advanced 3.1 percent over the past 12 months and have not 
recorded an over-the-year decrease since the index fell 0.2 percent in November 2016.

Agricultural Exports: Agricultural export prices declined 0.6 percent in November following a 1.9-percent 
increase in October. Lower prices for vegetables and meats led the drop, more than offsetting higher prices 
for fruit. The agricultural export price index rose 2.1 percent for the year ended in November, driven by 
advancing prices for meat, wheat, and nuts.

All Exports Excluding Agriculture: The nonagricultural export price index increased 0.6 percent in 
November, after edging down 0.1 percent in October. Export nonagricultural industrial supplies and 
materials prices advanced in November, driving the monthly rise despite lower prices for capital goods and 
automotive vehicles. Export consumer goods prices recorded no change. Nonagricultural export prices 
increased 3.2 percent for the 12 months ended in November, continuing an upward trend since the index last 
fell on an over-the-year basis in November 2016. The price indexes for export nonagricultural industrial 
supplies and materials, capital goods, and automotive vehicles contributed to the 12-month advance.

                                          SELECTED NOVEMBER HIGHLIGHTS                                          

Import Prices

Imports by Locality of Origin: Prices for imports from China increased 0.3 percent in November, after 
recording no change in October. The price index for imports from China has not recorded an increase larger 
than 0.3 percent since advancing 0.4 percent in October 2011. Despite the rise, import prices from China 
edged down 0.1 percent over the past year. Import prices from Japan decreased 0.1 percent in November. 
Prices for imports from Japan fell 1.2 percent between November 2016 and November 2017, the largest 12-
month drop since a 1.3-percent decline for the year ended April 2016. Prices for imports from Canada 
increased 2.2 percent in November, the largest monthly rise since the index increased 2.3 percent in June 
2016. The price index for imports from the European Union ticked up 0.1 percent in November and import 
prices from Mexico edged down 0.1 percent. 

Nonfuel Industrial Supplies and Materials: The import price index for nonfuel industrial supplies and 
materials advanced 0.9 percent in November, following a 0.8-percent increase in October. Higher prices for 
import chemicals and nonferrous metals drove the November advance. Nonfuel industrial supplies and 
materials import prices rose 8.8 percent over the past year, driven by higher prices for unfinished metals.

Finished Goods: Import finished goods prices were mixed in November. The price indexes for consumer 
goods and automotive vehicles each rose 0.1 percent. Import prices for capital goods recorded no change.

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages declined 1.7 percent 
in November, after decreasing 0.4 percent in October. The drop was led by an 11.1-percent decrease in fruit 
prices and a 1.4-percent decline in fish and shellfish prices. Those decreases more than offset a 6.9-percent 
increase in vegetable prices.

Transportation Services: Import air passenger fares declined 2.3 percent in November, after an 8.8-percent 
increase in October. A 4.6-percent drop in Asian fares offset higher European and Latin America/Caribbean 
fares. Import air passenger fares declined 0.9 percent over the past 12 months. Import air freight prices 
increased 6.9 percent in November and rose 13.0 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and 
materials exports rose 2.1 percent in November. A 5.3-percent increase in fuel prices led the overall advance 
in November. Nonagricultural industrial supplies and materials prices increased 8.3 percent over the past 
year.

Finished Goods: Export prices for capital goods edged down 0.1 percent in November; the first decrease 
since the index fell 0.1 percent in October 2016. A 0.7-percent decline in telecommunications equipment 
prices led the November drop despite a 0.5-percent increase in computer peripherals, accessories and parts 
prices. Automotive vehicle prices fell 0.1 percent and prices for consumer goods recorded no change.

Transportation Services: Export air passenger fares rose 0.4 percent in November, led by increases in 
European, Latin America/Caribbean, and Asian fares. Despite the increase, export air passenger fares 
declined 1.7 percent for the year ended in November. The export air freight price index advanced 1.8 
percent in November and increased 9.9 percent over the past year.
		
Import and Export Price Index data for December 2017 are scheduled for release on Wednesday, January 10, 
2018 at 8:30 a.m. (EST).

                                                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 
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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.   

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