Changes in import prices vary by locality of origin
May 21, 2003
The prices of goods imported into the U.S. from industrialized countries—which includes Western Europe, Canada, Japan, Australia, New Zealand and South Africa—increased by 3.1 percent from April 2002 to April 2003. Over 51 percent of U.S. imports come from industrialized countries.
The price index of goods from other countries—Eastern Europe, Latin America, OPEC countries, and other countries in Asia and Africa—increased 2.2 percent in the year ended in April. These goods accounted for 47 percent of U.S. total imports.
Import prices from Canada, which supplies 18 percent of U.S. imports, increased 5.4 percent over the past 12 months. Import prices from the European Union increased 5.1 percent and import prices from Latin America—Mexico, Central America, South America and the Caribbean—were up 4.5 percent; each region produces 17 to 18 percent of the goods imported into the U.S.
For the year ended in April, import prices from Japan, which accounts for 12 percent of U.S. imports, were down 1.6 percent. Prices of imports from the Asian Newly Industrialized Countries (NICs)—Hong Kong, Singapore, South Korea and Taiwan—were down 1.5 percent.
These data on imports are from the BLS International Price program. For additional information on imports and exports, see "U.S. Import and Export Price Indexes - April 2003" (PDF) (TXT), news release USDL-03-240. Percentage of trade figures are based on 2000 trade values. Data may be revised. Regions are not mutually exclusive.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Changes in import prices vary by locality of origin on the Internet at https://www.bls.gov/opub/ted/2003/may/wk3/art03.htm (visited January 28, 2021).
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