U.S. Import and Export Price Indexes summary

Transmission of material in this release is embargoed until                                      USDL-24-2306
8:30 a.m. (ET) Friday, November 15, 2024

Technical information: (202) 691-7101 * MXPinfo@bls.gov * www.bls.gov/mxp
Media contact:         (202) 691-5902 * PressOffice@bls.gov


                              U.S. IMPORT AND EXPORT PRICE INDEXES - OCTOBER 2024                               

U.S. import prices increased 0.3 percent in October following a 0.4-percent decline in September, the U.S. 
Bureau of Labor Statistics reported today. Higher nonfuel and fuel prices contributed to the October 
advance. The price index for U.S. exports rose 0.8 percent in October, after decreasing 0.6 percent the 
previous month.

Imports 

Prices for U.S. imports rose 0.3 percent in October, the largest 1-month advance since a 0.9-percent increase 
in April 2024. The advance in October followed declines of 0.4 percent in September and 0.3 percent in 
August. U.S. import prices increased 0.8 percent from October 2023 to October 2024. (See table 1.)

Fuel Imports: The price index for import fuel advanced 1.5 percent in October, after a 7.5-percent decrease 
in September. The rise in October was the largest monthly increase since a 3.9-percent advance in April 
2024. Higher prices for petroleum and natural gas in October contributed to the overall rise in import fuel 
prices. Despite the monthly increase, import fuel prices declined for the year ended in October, falling 13.6 
percent. Prices for import petroleum advanced 1.2 percent in October following a 10.8-percent decrease for 
the third quarter of 2024. Import petroleum prices fell 13.2 percent over the past 12 months. The price index 
for import natural gas rose 30.8 percent in October, the largest monthly advance since a 68.4-percent 
increase in December 2022. Despite the October rise, import natural gas prices fell 42.9 percent over the 
past year. 

All Imports Excluding Fuel: Nonfuel import prices increased 0.2 percent for the second consecutive 
month in October. Higher prices for nonfuel industrial supplies and materials, capital goods, consumer 
goods, and automotive vehicles in October more than offset lower foods, feeds, and beverages prices. The 
price index for nonfuel imports has not recorded a monthly decline since May 2024. Prices for nonfuel 
imports rose 2.3 percent over the past year, the largest 12-month increase since October 2022.            

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices fell 1.6 percent in October, the 
largest 1-month decline since November 2020. The October drop was led by a 13.3-percent decrease in 
prices for vegetables.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials advanced 1.3 
percent in October, the largest monthly increase since a 2.8-percent rise in April 2024. Higher unfinished 
and finished metals prices drove the advance in October.

Finished Goods: Prices for the major finished goods import categories increased in October. Capital goods 
prices ticked up 0.1 percent for the third consecutive month. Higher computer accessories, peripherals, and 
parts prices in October more than offset lower prices for telecommunications equipment and 
semiconductors. The price index for automotive vehicles advanced 0.1 percent in October, after increases of 
0.2 percent in September and August. The October rise was led by higher prices for non-engine parts and 
accessories. Prices for consumer goods advanced 0.1 percent for the second consecutive month in October.

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

Exports 

Prices for U.S. exports increased 0.8 percent in October following a 0.6-percent decline the previous month. 
The October advance was the largest monthly rise since the index increased 1.2 percent in August 2023. 
Higher prices for nonagricultural and agricultural exports in October contributed to the monthly increase. 
Despite the October rise, U.S. export prices declined 0.1 percent over the past year. (See table 2.)

Agricultural Exports: Prices for agricultural exports advanced 2.0 percent in October, the largest monthly 
increase since the index rose 2.8 percent in November 2022. Price increases for corn, soybeans, meat, and 
fruit in October drove the advance in export agricultural prices. Despite the rise in October, the price index 
for agricultural exports declined 1.9 percent over the past year.              

All Exports Excluding Agriculture: Prices for nonagricultural exports increased 0.6 percent in October, 
after declines of 0.8 percent in September and 0.6 percent in August. Higher prices for nonagricultural 
industrial supplies and materials; capital goods; automotive vehicles; and nonagricultural foods in October 
more than offset lower consumer goods prices. The price index for nonagricultural exports was unchanged 
from October 2023 to October 2024.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices 
rose 1.3 percent in October following a 2.0-percent decline the previous month. A 6.0-percent increase in 
export prices for nonmonetary gold led the October advance in nonagricultural industrial supplies and 
materials prices.

Finished Goods: Prices for the major finished goods export categories were mixed in October. Capital 
goods prices rose 0.2 percent in October, after being unchanged in September. Higher prices for industrial 
and service machinery, and computer accessories, peripherals, and parts drove the October advance. The 
price index for automotive vehicles increased 0.5 percent in October, the largest 1-month rise since April 
2024. Higher prices for passenger cars led the October advance in automotive vehicles prices. In contrast, 
prices for consumer goods declined 0.2 percent in October following increases of 0.3 percent in September 
and 0.1 percent in August. 

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: Import prices from China edged down 0.1 percent in October, after being 
unchanged the 2 previous months. Prices for imports from China have not increased on a monthly basis 
since rising 0.4 percent in October 2022. The price index for imports from China declined 1.1 percent for 
the 12 months ended in October. In contrast, import prices from Japan advanced 0.2 percent for the second 
consecutive month in October. Prices for imports from Japan ticked up 0.1 percent over the past year. The 
price index for imports from Canada increased 1.5 percent in October following a 1.3-percent drop in 
September. Despite the October advance, prices for imports from Canada declined 4.0 percent over the past 
12 months. Import prices from Mexico fell 1.1 percent in October and prices for imports from the European 
Union ticked up 0.1 percent over the same period. (See table 7.)
	
Exports by Locality of Destination: The price index for exports to China increased 1.8 percent in October, 
after declining 0.2 percent in September. Despite the monthly advance, prices for exports to China fell 1.4 
percent for the year ended in October. Export prices to Japan rose 1.7 percent in October following a 0.4-
percent decrease the previous month. Prices for exports to Japan advanced 1.9 percent over the past 12 
months. Export prices to Canada increased 1.0 percent in October, the largest 1-month rise since the index 
advanced 1.5 percent in May 2022. Prices for exports to Canada rose 0.7 percent from October 2023 to 
October 2024. Export prices to Mexico increased 1.2 percent in October, the largest monthly advance since 
April 2024. The price index for exports to the European Union rose 0.9 percent in October and increased 1.7 
percent over the past year. (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 index for U.S. terms of trade with 
China advanced 1.9 percent in October following a 0.2-percent decline in September. Despite the monthly 
rise, U.S. terms of trade with China fell 0.3 percent over the past year. U.S. terms of trade with Japan 
increased 1.5 percent in October, after declines of 0.6 percent in September and 1.4 percent in August. The 
index for U.S. terms of trade with Japan advanced 1.7 percent from October 2023 to October 2024. In 
contrast, U.S. terms of trade with Canada declined 0.4 percent in October following a 0.9-percent rise the 
previous month. U.S. terms of trade with Mexico and the European Union advanced 2.4 percent and 0.8 
percent, respectively, in October. (See table 9.)

Import and Export Services

Imports: The index for import air passenger fares increased 3.9 percent in October, after rising 13.9 percent 
the previous month. The September advance was the largest 1-month increase since the index rose 18.3 
percent in June 2008. The increases in import air passenger fares in October and September followed 
declines of 12.4 percent in August and 11.3 percent in July. Import air passenger fares increased 2.1 percent 
over the past year, the largest 12-month advance since the index rose 5.9 percent from April 2023 to April 
2024. Prices for import air freight fell 4.8 percent in October following a 6.6-percent advance the previous 
month. Despite the decline in October, prices for import air freight increased 17.9 percent over the past 12 
months. (See table 10.)

Exports: Export air passenger fares advanced 0.7 percent in October following a 1.4-percent drop the 
previous month. Higher Latin American/Caribbean fares in October more than offset lower Asian and 
European fares. Export air passenger fares rose 0.3 percent over the past 12 months. Prices for export air 
freight increased 8.5 percent in October, after declining 1.2 percent in September. Higher prices for Asian 
air freight in October drove the overall advance. Export air freight prices rose 8.5 percent over the past year.       
		
U.S. Import and Export Price Index data for November 2024 are scheduled for release on Friday, 
December 13, 2024, at 8:30 a.m. (ET).