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Import petroleum and coal prices down 27.8 percent for the year ended in October 2020

November 20, 2020

Prices for U.S. imports decreased 1.0 percent for the year ended in October. Prices for imported manufactured goods increased 0.6 percent over the past year. Within manufactured goods, prices for imported petroleum and coal products decreased 27.8 percent from October 2019 to October 2020, while paper prices decreased 3.3 percent and furniture and related product prices were down 1.0 percent over this 12-month period.

U.S. import prices, manufacturing industries, percent change and relative importance, October 2020
Industry 12-month percent change, October 2019–October 2020 1-month percent change, September 2019–October 2020 Relative importance weight, September 2020

Manufacturing

0.6% 0.0% 92.565%

Food

-0.3 0.1 3.527

Beverage and tobacco product

3.4 0.0 1.191

Textile mills

1.3 -0.8 0.385

Textile product mills

-0.9 0.7 0.935

Apparel

0.6 0.1 3.783

Leather and allied product

0.5 0.1 1.654

Paper

-3.3 -1.0 0.995

Petroleum and coal products

-27.8 0.0 1.995

Chemical

-0.6 0.3 10.26

Plastics and rubber products

2.1 0.2 2.451

Nonmetallic mineral product

-0.1 0.0 1.084

Primary metal

13.3 -0.4 4.590

Fabricated metal product

0.1 -0.2 3.265

Machinery

1.3 0.2 7.847

Computer and electronic product

-0.4 -0.1 17.176

Electrical equipment, appliance, and component

0.4 0.0 5.555

Transportation equipment

1.3 -0.1 16.963

Furniture and related product

-1.0 0.0 1.906

Miscellaneous

1.3 -0.1 5.537

Note: Data may be revised in each of the 3 months after original publication. Relative importance figures are based on 2018 trade values. Because not all industries are shown, manufacturing component industries do not sum to total.

Primary metals import prices increased 13.3 percent. Beverage and tobacco product were up 3.4 percent, while prices for plastics and rubber products were up 2.1 percent over the October 2019 to October 2020 period.

Prices for imports of computer and electronic products, which made up 17.2 percent of total imports, decreased by 0.4 percent. Prices for transportation equipment, which were 17.0 percent of imports, increased 1.3 percent over the year ended in October.

These data are from the International Price program. Import and export price data are subject to revision. To learn more, see “U.S. Import and Export Prices — October 2020.” Also see more charts on import and export price trends.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import petroleum and coal prices down 27.8 percent for the year ended in October 2020 at https://www.bls.gov/opub/ted/2020/import-petroleum-and-coal-prices-down-27-point-8-percent-for-the-year-ended-in-october-2020.htm (visited November 23, 2020).

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