U.S. Import and Export Price Indexes summary

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                        U.S. IMPORT AND EXPORT PRICE INDEXES - NOVEMBER 2025

U.S. import prices increased 0.4 percent over the 2 months from September 2025 to November 2025, the 
U.S. Bureau of Labor Statistics reported today. Prices for U.S. exports increased 0.5 percent over the 2 
months from September 2025 to November 2025. BLS did not collect survey data for October 2025 due to a 
lapse in appropriations.
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            2025 Federal Government Shutdown Impact on U.S. Import and Export Price Indexes

Federal government agencies were shut down or operating at reduced staffing levels during a lapse in 
appropriations from October 1, 2025, through November 12, 2025. Because the import and export price 
indexes are calculated with both survey and nonsurvey data, many U.S. Import and Export Price Index 
values for October 2025 using primarily survey data will be suppressed for publication, including the all 
goods import and export index values, and will not be available in the BLS database.

For a full list of suppressed price indexes in October 2025 and additional information about the impact of
the shutdown on MXPI data see www.bls.gov/mxp/notices/2026/availability-of-oct-2025-mxpi-in-bls-database.htm.
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Imports

Import prices increased 0.4 percent over the 2 months ended November 2025. Prices for U.S. imports 
increased 0.1 percent from November 2024 to November 2025. (See table 1.)

Fuel Imports: Fuel import prices declined 2.5 percent over the 2-month period ended November 2025. Fuel 
import prices decreased 6.6 percent from November 2024 to November 2025, the largest year-over-year 
drop since the index declined 9.8 percent for the year ended August 2025. The price index for petroleum 
imports decreased 8.4 percent over the past 12 months and import natural gas prices increased 51.4 percent 
over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports advanced 0.6 percent for the 2-month period ended 
November 2025. Nonfuel import prices increased 0.7 percent on a 12-month basis. Higher prices for nonfuel 
industrial supplies and materials and for capital goods more than offset lower prices for automotive 
vehicles; foods, feeds, and beverages; and consumer goods over the past 12 months.

Foods, Feeds, and Beverages: Foods, feeds, and beverages import prices decreased 2.0 percent from 
November 2024 to November 2025, the largest over-the-year decline since the index fell 4.3 percent for the 
year ended April 2020. Lower prices for vegetables, fruit, and distilled alcoholic beverages contributed to 
the over-the-year decline.

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials 
increased 4.6 percent for the year ended November 2025. Higher prices for major nonferrous metals-crude, 
finished metals shapes and advanced manufacturing, and agricultural products drove the over-the-year 
advance in nonfuel industrial supplies and materials.

Finished Goods: The 12-month price movements for finished goods were mixed in November. Import 
capital goods prices increased 1.5 percent from November 2024 to November 2025, the largest over-the-
year advance since the index rose 1.6 percent for the year ended March 2023. Higher prices for computers, 
peripherals, and semiconductors as well as industrial and service machinery contributed to the 12-month 
advance in import capital goods prices. The price index for import automotive vehicles decreased 1.4 
percent and import prices for consumer goods declined 0.3 percent for the 12 months ended November 
2025.

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

Exports 

Prices for U.S. exports increased 0.5 percent over the 2-month period ended November 2025. Higher prices 
for agricultural exports and nonagricultural exports drove the advance. U.S. export prices increased 3.3 
percent over the 12-month period ended in November. (See table 2.)

Agricultural Exports: The price index for agricultural exports advanced 1.3 percent for the 2-month period 
ended November 2025. Agricultural export prices increased 2.6 percent over the past 12 months, as higher 
prices for vegetables, nuts, and fruit drove the year-over-year increase.  

All Exports Excluding Agriculture: Prices for nonagricultural exports rose 0.4 percent from September 
2025 to November 2025. The price index for nonagricultural exports increased 3.3 percent from November 
2024 to November 2025. Higher prices for nonagricultural industrial supplies and materials, capital goods, 
and consumer goods drove the 12-month increase.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials export 
prices increased 4.9 percent for the year ended November 2025. Higher prices for nonferrous and other 
metals as well as natural gas more than offset lower prices for petroleum over the past 12 months.

Finished Goods: The 12-month price movements for export finished goods were up in November. Capital 
goods prices increased 2.1 percent over the past year, driven by higher prices for industrial and service 
machinery as well as civilian aircraft, aircraft engines and parts. Export automotive vehicles prices increased 
2.5 percent and consumer goods prices advanced 2.4 percent from November 2024 to November 2025.

More information for the major import and export price indexes can be found at 
www.bls.gov/web/ximpim/largest.htm.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: The price index for imports from China decreased 3.6 percent over the past 
12 months. The 12-month decline in November was the largest over-the-year decrease since the index was 
first published in December 2003. The price index for imports from Japan increased 2.6 percent over the 
past 12 months, the largest over-the-year advance since October 2011. The price index for imports from the 
European Union edged down 0.1 percent for the 12 months ended November. Import prices from Mexico 
increased 0.5 percent for the year ended November and prices for imports from Canada rose 0.4 percent 
over the same period. (See table 7.)

Exports by Locality of Destination: Export prices to China increased 2.8 percent over the past 12 months. 
The index has not recorded a decrease on a 12-month basis since June 2025. The price index for exports to 
Japan increased 6.2 percent over the past 12 months. The price index for exports to the European Union rose 
0.4 percent for the year ended November and export prices to Mexico increased 5.0 percent over the same 
period. Prices for exports to Canada increased 5.4 percent year-over-year in November, the largest 12-
month advance since the index rose 8.7 percent for the year ended December 2022. (See table 8.)

Terms of Trade Indexes: Terms of trade indexes are based on country, region, or grouping and measure 
the change in the purchasing power of exports relative to imports. The U.S. terms of trade index with China 
increased 6.6 percent from November 2024 to November 2025. In November, the index for U.S. terms of 
trade with Japan increased 3.5 percent year-over-year. The index for U.S. terms of trade with the European 
Union rose 0.6 percent on a 12-month basis in November. U.S. terms of trade indexes with Canada and with 
Mexico increased for the 12 months ended November 2025, rising 5.0 percent and 4.6 percent, respectively. 
(See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 4.3 percent over the past year, the largest over-the-year 
advance since the index rose 5.9 percent for the year ended April 2024. Prices for import air freight declined 
3.9 percent over the past 12 months. (See table 10.)

Exports: The price index for export air passenger fares decreased 0.7 percent from November 2024 to 
November 2025. Export air freight prices decreased 8.7 percent over the past year. The over-the-year 
decline in November was the largest 12-month decrease since the index dropped 14.1 percent for the year 
ended February 2024.

U.S. Import and Export Price Index data for December 2025 are scheduled for release on Tuesday, 
February 10, 2026, at 8:30 a.m. (ET).