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U.S. import prices in March 2023 had largest over-the-year drop since May 2020

April 21, 2023

U.S. import prices fell 4.6 percent from March 2022 to March 2023. This was their largest over-the-year drop since import prices declined 6.3 percent from May 2019 to May 2020.

U.S. import prices for selected categories, 12-month percent change
Month All imports Fuel imports Petroleum Natural gas Nonfuel imports Foods, feeds, & beverages Nonfuel industrial supplies & materials Capital goods Automotive vehicles, parts & engines Consumer goods, excluding automotives

Mar 2018

3.3 16.4 17.5 6.5 1.9 2.7 8.0 1.1 0.5 0.4

Apr 2018

3.5 21.5 23.5 -3.2 1.7 2.1 7.6 1.1 0.0 0.4

May 2018

4.5 30.1 33.7 -23.8 1.8 1.5 8.9 0.9 -0.1 0.7

Jun 2018

4.7 38.5 42.9 -27.3 1.5 -2.3 9.1 0.4 0.0 0.4

Jul 2018

4.8 41.0 44.6 -8.8 1.4 -3.6 8.4 0.3 0.3 0.7

Aug 2018

3.8 32.7 35.4 -7.9 0.9 -3.3 6.3 0.1 0.2 0.5

Sep 2018

3.1 25.6 27.2 0.3 0.6 -3.1 4.2 0.0 0.2 0.6

Oct 2018

3.4 29.3 30.4 21.1 0.6 -0.8 3.4 -0.1 0.2 0.5

Nov 2018

0.7 3.5 1.2 56.5 0.4 -1.4 2.2 -0.1 0.2 0.5

Dec 2018

-0.9 -13.1 -16.6 54.4 0.6 -0.4 2.4 -0.2 0.3 0.7

Jan 2019

-1.5 -12.0 -12.5 -10.0 -0.2 -1.5 -0.1 -0.2 -0.5 0.3

Feb 2019

-0.7 -1.2 -2.6 20.4 -0.5 -2.6 -0.7 -0.6 -0.6 0.1

Mar 2019

0.1 8.7 6.3 66.2 -0.8 -2.0 -1.6 -0.9 -0.5 -0.2

Apr 2019

-0.2 6.5 6.5 -10.5 -0.9 1.0 -2.3 -1.3 -0.7 -0.5

May 2019

-0.9 3.9 2.9 16.5 -1.4 -0.2 -4.2 -1.2 -0.6 -0.7

Jun 2019

-2.0 -6.6 -7.4 -4.0 -1.4 1.1 -5.0 -1.2 -0.5 -0.5

Jul 2019

-2.0 -7.2 -7.6 -23.9 -1.2 2.2 -3.8 -1.3 -0.6 -0.6

Aug 2019

-2.1 -9.2 -9.9 -14.8 -1.1 1.1 -3.1 -1.3 -0.6 -0.5

Sep 2019

-2.1 -8.3 -9.0 -12.1 -1.2 -1.6 -2.1 -1.6 -0.8 -0.5

Oct 2019

-3.0 -12.7 -13.7 -1.6 -1.5 -3.7 -2.7 -1.8 -0.8 -0.5

Nov 2019

-1.2 1.6 2.3 -12.6 -1.4 -2.5 -2.4 -2.0 -0.6 -0.6

Dec 2019

0.5 18.6 21.8 -15.6 -1.4 -1.4 -2.3 -1.8 -0.7 -0.6

Jan 2020

0.5 13.2 13.4 11.4 -0.9 -0.6 -1.4 -1.7 0.0 -0.3

Feb 2020

-1.3 -6.6 -6.2 -15.2 -0.8 0.6 -0.8 -1.6 0.1 -0.6

Mar 2020

-4.2 -36.0 -35.8 -42.6 -0.6 -0.1 -0.6 -1.2 0.4 -0.6

Apr 2020

-6.8 -56.6 -58.5 5.0 -1.0 -4.3 -3.8 -0.6 0.9 -0.5

May 2020

-6.3 -52.3 -54.2 13.8 -0.7 -1.9 -3.3 -0.5 0.8 -0.4

Jun 2020

-4.0 -37.5 -39.7 53.8 -0.2 -0.7 -1.3 -0.1 0.7 -0.2

Jul 2020

-2.8 -28.2 -30.0 47.6 0.0 -1.2 -0.2 0.0 0.8 -0.2

Aug 2020

-1.4 -22.3 -24.3 56.8 0.8 -0.1 3.6 0.2 0.9 0.0

Sep 2020

-1.3 -26.7 -29.5 90.7 1.4 1.8 5.7 0.6 1.3 0.0

Oct 2020

-1.0 -26.2 -28.0 23.3 1.6 2.0 6.7 0.8 1.3 0.1

Nov 2020

-1.0 -24.6 -26.8 23.3 1.6 0.2 6.5 1.1 1.1 0.2

Dec 2020

-0.3 -20.1 -21.1 -0.2 1.9 -0.8 9.0 1.0 1.1 0.2

Jan 2021

1.0 -12.8 -13.6 12.3 2.6 0.4 13.4 1.1 1.1 0.2

Feb 2021

3.0 6.4 5.0 53.5 2.8 0.6 14.2 1.1 1.2 0.2

Mar 2021

7.1 56.4 56.7 79.9 3.8 3.8 18.9 1.3 1.1 0.6

Apr 2021

10.9 130.7 137.5 66.8 5.2 8.0 26.4 1.3 0.9 0.8

May 2021

11.6 113.1 118.0 69.4 6.1 5.9 33.3 1.2 1.2 1.0

Jun 2021

11.3 85.3 87.7 74.5 6.5 8.2 33.4 1.5 1.4 1.1

Jul 2021

10.2 65.6 64.6 120.1 6.3 9.9 29.9 1.8 1.9 1.1

Aug 2021

9.0 56.1 55.5 93.6 5.6 9.9 23.9 1.9 2.1 1.1

Sep 2021

9.3 69.8 71.5 66.8 5.1 10.2 20.1 1.8 1.9 1.4

Oct 2021

11.0 90.6 89.8 136.2 5.6 11.2 21.3 2.0 2.3 1.6

Nov 2021

11.8 87.0 87.3 100.6 6.4 13.6 24.0 2.3 2.6 1.9

Dec 2021

10.3 60.9 59.4 93.9 6.4 13.7 23.3 2.5 2.6 2.2

Jan 2022

10.8 58.4 55.3 125.7 7.0 15.4 22.2 3.2 2.8 2.6

Feb 2022

11.4 57.9 56.8 83.9 7.4 15.7 23.0 3.5 3.0 3.0

Mar 2022

13.0 72.3 72.9 69.8 7.7 13.6 23.3 3.7 3.0 3.2

Apr 2022

12.5 70.6 69.3 114.0 7.2 11.9 20.6 3.9 3.1 3.1

May 2022

11.6 72.0 69.7 143.5 5.9 11.5 13.2 4.1 3.5 2.7

Jun 2022

10.7 73.2 70.6 149.5 4.6 8.7 8.9 3.8 3.5 2.0

Jul 2022

8.8 56.6 56.6 70.2 4.1 7.3 7.4 3.6 3.5 2.0

Aug 2022

7.7 46.4 45.3 77.2 3.9 5.0 8.4 3.2 3.0 1.9

Sep 2022

6.1 32.5 31.5 52.4 3.5 3.9 7.6 3.1 3.0 1.5

Oct 2022

4.2 16.7 17.1 11.3 2.9 2.1 5.7 3.1 3.1 1.3

Nov 2022

2.7 9.4 10.3 -0.6 2.0 4.0 1.3 3.0 2.9 0.8

Dec 2022

3.2 15.9 11.5 87.0 1.9 4.3 0.8 3.0 3.0 0.5

Jan 2023

0.9 2.7 -2.9 80.5 0.6 2.2 -3.0 2.4 2.8 0.2

Feb 2023

-1.1 -12.4 -13.3 -5.6 0.2 2.1 -4.9 2.2 2.5 0.3

Mar 2023

-4.6 -27.9 -28.6 -28.3 -1.5 1.3 -10.5 1.6 2.3 -0.3

From March 2022 to March 2023, import fuel prices decreased 27.9 percent. A 28.6-percent decrease in petroleum import prices and a 28.3-percent decrease in natural gas import prices contributed to this decline.

Nonfuel import prices declined 1.5 percent from March 2022 to March 2023. Decreases in import prices for industrial supplies and materials (−10.5 percent) and for consumer goods, excluding automotive (−0.3 percent), outweighed increases in import prices for foods, feed, and beverages (+1.3 percent), capital goods (+1.6 percent), and automotive vehicles, parts, and engines (+2.3 percent).

These data are from the International Price program and are not seasonally adjusted. To learn more, see "U.S. Import and Export Price Indexes — March 2023." We also have more charts on U.S. import and export prices. Import price changes may be revised in each of the 3 months after original publication.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, U.S. import prices in March 2023 had largest over-the-year drop since May 2020 at https://www.bls.gov/opub/ted/2023/u-s-import-prices-in-march-2023-had-largest-over-the-year-drop-since-may-2020.htm (visited July 24, 2024).

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