U.S. IMPORT AND EXPORT PRICE INDEXES MAY 2015

Transcription

1 Transmission of material in this release is embargoed until 8:30 a.m. (EDT) Thursday, June 11, USDL Technical information: (202) Media contact: (202) U.S. IMPORT AND EXPORT PRICE INDEXES MAY U.S. import prices increased 1.3 percent in following declines in each of the previous 10 months, the U.S. Bureau of Labor Statistics reported today. The advance was driven by an increase in fuel prices. The price index for U.S. exports rose 0.6 percent in, after a 0.7-percent decrease in April. Chart 1. One-month percent change in the Import Price : '14 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr ' Chart month percent change in the Import Price : '14 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr '15

2 All Imports: U.S. import prices advanced 1.3 percent in, after decreasing 0.2 percent in April and March, and 0.4 percent in February. The increase was the first monthly rise since the index advanced 0.3 percent in June 2014 and the largest 1-month increase since the index rose 1.4 percent in March Despite the increase, prices for imports decreased 9.6 percent over the past year, and have not recorded a 12-month rise since the index advanced 0.9 percent between July 2013 and July Fuel Imports: Prices for import fuel rose 11.8 percent in following a 1.3-percent advance in April and a 1.4-percent increase in March. The rise was the largest monthly advance since the index increased 16.0 percent in June A 12.7-percent jump in petroleum prices in led the advance in overall fuel prices. The price index for import natural gas declined 0.2 percent in. Despite the increase, fuel prices fell 40.0 percent over the past year. A 40.6-percent drop in petroleum prices and a 41.9-percent decrease in natural gas prices both contributed to the overall decline. All Imports Excluding Fuel: The price index for nonfuel imports recorded no change in, after decreasing 0.3 percent the previous month. Nonfuel import prices have not increased on a monthly basis since the index ticked up 0.1 percent in July In, rising prices for foods, feeds, and beverages offset lower prices for capital goods; nonfuel industrial supplies and materials; and automotive vehicles. Prices for nonfuel imports fell 2.2 percent for the year ended in. Decreasing prices for finished goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages all contributed to the overall 12- month decline. Table A. in Import and Export Price es, selected categories 2

3 Chart 3. One-month percent change in the Export Price : '14 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr ' Chart month percent change in the Export Price : '14 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr '15 All Exports: Prices for U.S. exports increased 0.6 percent in following a 0.7-percent drop the previous month. The advance was the largest rise for the index since a 0.9-percent increase in March In, rising nonagricultural prices more than offset lower agricultural prices. Despite the upturn, the price index for overall exports declined 5.9 percent over the past 12 months. All Exports Excluding Agriculture: Nonagricultural export prices rose 0.7 percent in, after falling 0.7 percent in April. The increase in nonagricultural export prices was led by higher prices for nonagricultural industrial supplies and materials and automotive vehicles which more than offset lower prices for capital goods and consumer goods. Nonagricultural export prices fell 4.6 percent for the year ended in. Agricultural Exports: The price index for agricultural exports declined 1.0 percent in, continuing the downward trend over the past 12 months. In, falling wheat and corn prices more than offset higher prices for fruit and nuts. Agricultural export prices fell in every month over the past year except for a 0.1- percent uptick in November 2014, decreasing 16.8 percent over that period. The 12-month drop in was the largest year-over-year decline since a 22.5-percent drop between July 2008 and July

4 SELECTED MAY HIGHLIGHTS Import Prices Imports by Locality of Origin: Prices for imports from China declined 0.3 percent in, after recording no change in April. The decline was driven by a 0.7-percent drop in the price index for computer and electronic products, and was the largest 1-month decline since the index decreased 0.6 percent in Import prices from Japan continued to trend down in, declining 0.1 percent following a 0.5-percent drop in April. Prices for imports from Japan have not recorded a monthly increase since the index rose 0.2 percent in March In, the price indexes for imports from Canada, the European Union, and Mexico advanced 2.2 percent, 0.7 percent, and 0.5 percent, respectively, led by rising fuel prices. Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices edged down 0.1 percent in following a 0.8-percent drop in April. In, a 3.6-percent decline in iron and steel products and a 5.9-percent drop in lumber prices drove the decrease in nonagricultural industrial supplies and materials prices. Finished Goods: Prices for import finished goods were mostly down in. Capital goods prices declined 0.2 percent, after a 0.3-percent drop the previous month. The decrease was led by a 1.2-percent drop in computer prices. Automotive vehicles prices edged down 0.1 percent in following no change in April. Prices for consumer goods recorded no change in. Foods, Feeds, and Beverages: In contrast to the other major import categories, the price index for import foods, feeds, and beverages rose 0.3 percent in, after declining 1.0 percent the previous month. In, a 9.1-percent advance in vegetable prices more than offset lower prices for fish and shellfish. Transportation Services: Import air passenger fares rose 1.9 percent in following decreases in each of the previous 4 months. The advance was driven by higher European and Asian fares. Despite the increase, import air passenger fares fell 2.9 percent over the past year. Import air freight prices declined 0.4 percent in and 0.2 percent over the past 12 months. Export Prices Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials increased 2.4 percent in, the largest monthly advance since the index rose 3.3 percent in March The advance in nonagricultural industrial supplies and materials prices was driven by an 8.3-percent rise in fuel prices. Finished Goods: Export finished goods prices were mixed in. The price indexes for capital goods and for consumer goods each edged down 0.1 percent following larger decreases the previous month. In April, consumer goods prices fell 0.4 percent and prices for capital goods declined 0.2 percent. In contrast, automotive vehicle prices rose 0.2 percent in, after recording no change the previous month. Transportation Services: Export air passenger fares advanced 3.0 percent in following a 3.6-percent drop the previous month. The increase was led by a 9.1-percent rise in Asian fares and a 4.3-percent advance in European fares. Export air passenger fares decreased 12.9 percent for the year ended in. The price index for export air freight declined 0.5 percent in and 2.0 percent over the past year. Import and Export Price data for June are scheduled for release on Tuesday, July 14, at 8:30 a.m. (EDT). 4

5 Table 1. U.S. import price indexes and percent changes for selected categories of goods: 2014 to [2000=100, unless otherwise noted] End Use to Jan. to to to All commodities All imports excluding food and fuels (Dec. 2010=100) All imports excluding petroleum All imports excluding fuels (Dec. 2001=100) Foods, feeds, & beverages Agricultural foods, feeds & beverages, excluding distilled beverages Nonagricultural foods (fish, distilled beverages) Industrial supplies & materials Industrial supplies & materials excluding petroleum Industrial supplies & materials excluding fuels (Dec. 2001=100) Industrial supplies & materials, durable Industrial supplies & materials nondurable excluding petroleum Fuels & lubricants Petroleum & petroleum products Crude Fuels, n.e.s.-coals & gas Gas-natural Paper & paper base stocks Materials associated with nondurable supplies & materials Selected building materials Unfinished metals related to durable goods Finished metals related to durable goods Nonmetals related to durable goods Capital goods Electric generating equipment Nonelectrical machinery Transportation equipment excluding motor vehicles (Dec. 2001=100) Automotive vehicles, parts & engines Consumer goods, excluding automotives Nondurables, manufactured Durables, manufactured Nonmanufactured consumer goods to 1 figures are based on 2013 trade values. NOTES: Data may be revised in each of the three months after original publication. Dash = Not available 5

6 Table 2. U.S. export price indexes and percent changes for selected categories of goods: 2014 to [2000=100, unless otherwise noted] End Use to Jan. to to to All commodities Agricultural commodities All exports excluding food and fuels (Dec. 2010=100) Nonagricultural commodities Foods, feeds, & beverages Agricultural foods, feeds & beverages, excluding distilled beverages Nonagricultural foods (fish, distilled beverages) Industrial supplies & materials Industrial supplies & materials, durable Industrial supplies & materials, nondurable Agricultural industrial supplies & materials Nonagricultural industrial supplies & materials Fuels & lubricants Nonagricultural supplies & materials excluding fuels & building materials Selected building materials Capital goods Electrical generating equipment Nonelectrical machinery Transportation equipment excluding motor vehicles (Dec. 2001=100) Automotive vehicles, parts & engines Consumer goods, excluding automotives Nondurables, manufactured Durables, manufactured to 1 figures are based on 2013 trade values. NOTES: Data may be revised in each of the three months after original publication. Dash = Not available 6

7 Table 3. U.S. import price indexes and percent changes for selected categories of goods: 2014 to [December 2005=100, unless otherwise noted] NAICS to Jan. to to to Nonmanufactured articles Agriculture, forestry, fishing and hunting Crop production Animal production (Dec. 2014=100) Forestry and logging (Dec. 2012=100) Mining Mining (except oil and gas) (Dec. 2006=100) Manufactured articles Manufactured goods, part Food manufacturing Beverage and tobacco product manufacturing Textile mills (Dec. 2011=100) Textile product mills Apparel manufacturing Leather and allied product manufacturing Manufactured goods, part Wood product manufacturing Paper manufacturing Petroleum and coal products manufacturing Chemical manufacturing Plastics and rubber products manufacturing Nonmetallic mineral product manufacturing Manufactured goods, part Primary metal manufacturing Fabricated metal product manufacturing Machinery manufacturing Computer and electronic product manufacturing Electrical equipment, appliance, and component manufacturing Transportation equipment manufacturing Furniture and related product manufacturing Miscellaneous manufacturing to 1 figures are based on 2013 trade values. NOTES: Data may be revised in each of the three months after original publication. Dash = Not available 7

8 Table 4. U.S. export price indexes and percent changes for selected categories of goods: 2014 to [December 2005=100, unless otherwise noted] NAICS to Jan. to to to Nonmanufactured articles Agriculture, forestry, fishing and hunting Crop production Mining Mining (except oil and gas) Manufactured articles Manufactured goods, part Food manufacturing Beverage and tobacco product manufacturing Manufactured goods, part Paper manufacturing Petroleum and coal products manufacturing Chemical manufacturing Plastics and rubber products manufacturing Nonmetallic mineral product manufacturing Manufactured goods, part Primary metal manufacturing Fabricated metal product manufacturing Machinery manufacturing Computer and electronic product manufacturing Electrical equipment, appliance, and component manufacturing Transportation equipment manufacturing Furniture and related product manufacturing (Dec. 2011=100) Miscellaneous manufacturing to 1 figures are based on 2013 trade values. NOTES: Data may be revised in each of the three months after original publication. Dash = Not available 8

9 Table 5. U.S. import price indexes and percent changes for selected categories of goods: 2014 to [2000=100, unless otherwise noted] Harmonized system to Jan. to to to Live animals; animal products... I Meat and edible meat offal Fish and crustaceans, molluscs and other aquatic invertebrates Vegetable products... II Edible vegetables, roots, and tubers Edible fruit and nuts; peel of citrus fruit or melons Coffee, tea, mate and spices Animal or vegetable fats and oils (Dec. 2009=100)... III Prepared foodstuffs, beverages, and tobacco... IV Sugars and sugar confectionary (Dec. 2012=100) Cocoa and cocoa preparations (Dec. 2009=100) Preparations of cereals, flour, starch or milk; bakers wares (Dec. 2007=100) Preparations of vegetables, fruit, nuts, or other parts of plants Beverages, spirits, and vinegar Mineral products... V Mineral fuels, oils and residuals, bituminous substances and mineral waxes Products of the chemical or allied industries... VI Inorganic chemicals Organic chemicals Pharmaceutical products Fertilizers (Dec. 2009=100) Tanning extracts; dye, pigments, varnish, paints & putty (Dec. 2011=100) Miscellaneous chemical products Plastics and articles thereof; rubber and articles thereof... VII Plastics and articles thereof Rubber and articles thereof Raw hides, skins, leather, furskins, travel goods, etc... VIII Articles of leather; travel goods, bags, etc. of various materials Wood, wood charcoal, cork, straw, basketware and wickerwork... IX Wood and articles of wood; wood charcoal (Dec. 2014=100) Woodpulp, recovered paper, and paper products... X Paper and paperboard; articles of paper pulp, paper or paperboard Textile and textile articles... XI to See footnotes at end of table. 9

10 Table 5. U.S. import price indexes and percent changes for selected categories of goods: 2014 to Continued [2000=100, unless otherwise noted] Harmonized system to Jan. to to to Articles of apparel and clothing accessories, knitted or crocheted Articles of apparel and clothing accessories, not knitted or crocheted Made-up or worn textile articles Headgear, umbrellas, artifical flowers, etc... XII Footwear and parts of such articles Stone, plaster, cement, asbestos, ceramics, glass etc... XIII Ceramic products Glass and glassware Pearls, stones, precious metals, imitation jewelry, and coins... XIV Base metals and articles of base metals.... XV Iron and steel Articles of iron or steel Copper and articles thereof Aluminum and articles thereof Tools, implements, cutlery, spoons and forks, of base metal; parts thereof Miscellaneous articles of base metal Machinery, electrical equipment, TV image and sound recorders, parts, etc... XVI Machinery and mechanical appliances; parts thereof Electrical machinery and equip, sound and TV recorders & reproducers, parts Vehicles, aircraft, vessels and associated transport equipment... XVII Motor vehicles and their parts Aircraft, spacecraft, and parts thereof (Dec. 2002=100) Optical, photo, measuring, medical & musical instruments; & timepieces XVIII Optical, photographic, measuring and medical instruments Clocks and watches and parts thereof Miscellaneous manufactured articles... XX Furniture & stuffed furnishings; lamps & lighting fittings, nesoi; prefab bldgs Toys, games and sports equipment; parts and accessories thereof Miscellaneous manufactured articles figures are based on 2013 trade values. NOTES: Data may be revised in each of the three months after original publication. Dash = Not available to 10

11 Table 6. U.S. export price indexes and percent changes for selected categories of goods: 2014 to [2000=100, unless otherwise noted] Harmonized system to Jan. to to to Live animals; animal products... I Meat & edible meat offal (Dec. 2006=100) Fish and crustaceans, molluscs and other aquatic invertebrates Vegetable products... II Edible fruit and nuts; peel of citrus fruit or melons Cereals Oilseeds and misc. grains, seeds, fruits, plants, straw and fodder Animal or vegetable fats and oils (Dec. 2009=100)... III Prepared foodstuffs, beverages,and tobacco... IV Preparations of vegetables, fruit, nuts or other parts of plants (Dec. 2009=100) Beverages, spirits, and vinegar (Dec. 2008=100) Residues and waste from the food industries; prepared animal feed Mineral products... V Ores, slag and ash (Dec. 2012=100) Mineral fuels, oils and residuals, bituminous substances and mineral waxes Products of the chemical or allied industries... VI Inorganic chemicals Organic chemicals Pharmaceutical products Essential oils and resinoids; perfumery cosmetic or toilet preparations Soap; lubricants; waxes, polishing or scouring products; candles, pastes Miscellaneous chemical products Plastics and articles thereof; rubber and articles thereof... VII Plastics and articles thereof Rubber and articles thereof Raw hides, skins, leather, furskins, travel goods, etc... VIII Raw hides and skins other than furskins and leather (Dec.2014=100) Wood, wood charcoal, cork, straw, baskets and wickerwork (Dec. 2014=100)... IX Woodpulp, recovered paper, and paper products... X Woodpulp and recovered paper Paper and paperboard; articles of paper pulp, paper or paperboard Printed material (Dec. 2014=100) Textile and textile articles... XI to See footnotes at end of table. 11

12 Table 6. U.S. export price indexes and percent changes for selected categories of goods: 2014 to Continued [2000=100, unless otherwise noted] Harmonized system to Jan. to to to Cotton, including yarns and woven fabrics thereof Stone, plaster, cement, asbestos, ceramics, glass etc... XIII Glass and glassware Pearls, stones, precious metals, imitation jewelry, and coins... XIV Base metals and articles of base metals.... XV Iron and steel Copper and articles thereof Aluminum and articles thereof Miscellaneous articles of base metal Machinery, electrical equipment, TV image and sound recorders, parts, etc... XVI Machinery and mechanical appliances; parts thereof Electrical machinery and equipment and parts and accessories thereof Vehicles, aircraft, vessels and associated transport equipment... XVII Motor vehicles and their parts Optical, photo, measuring, medical & musical instruments; & timepieces XVIII Miscellaneous manufactured articles... XX Furniture; stuffed furnishings; lamps and lighting fittings nesoi; Toys, games and sports equipment; parts and accessories thereof figures are based on 2013 trade values. NOTES: Data may be revised in each of the three months after original publication. Dash = Not available to 12

13 Table 7. U.S. import price indexes and percent changes by locality of origin: 2014 to [2000=100, unless otherwise noted] to Jan. to to to to Industrialized Countries Nonmanufactured articles Manufactured articles Other Countries Nonmanufactured articles Manufactured articles Canada Nonmanufactured articles Manufactured articles European Union Manufactured articles France (Dec. 2003=100) Germany (Dec. 2003=100) United Kingdom (Dec. 2003=100) Latin America Nonmanufactured articles Manufactured articles Mexico (Dec. 2003=100) Nonmanufactured articles (Dec. 2008=100) Manufactured articles (Dec. 2008=100) Pacific Rim (Dec. 2003=100) China (Dec. 2003=100) Japan Asian NICs ASEAN (Dec. 2003=100) Asia Near East (Dec. 2003=100) figures are based on 2013 trade values. 2 Western Europe, Canada, Japan, Australia, New Zealand and South Africa. 3 Eastern Europe, Latin America, OPEC countries, and other countries in Asia, Africa and the Western Hemisphere. 4 European Union countries. 5 Mexico, Central America, South America and the Caribbean. 6 China, Japan, Australia, Brunei, Indonesia, Macao, Malaysia, New Zealand, Papua New Guinea, Philippines and the Asian Newly Industrialized Countries. 7 Asian Newly Industrialized Countries - Hong Kong, Singapore, South Korea and Taiwan. 8 Association of Southeast Asian Nations - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. 9 Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen. NOTES: Data may be revised in each of the three months after original publication. Regions are not mutually exclusive. Dash = Not available 13

14 Table 8. U.S. international price indexes and percent changes for selected transportation services: 2014 to [2000=100, unless otherwise noted] to Jan. to to to to Air Freight Import Air Freight Europe (Dec. 2003=100) Asia Export Air Freight Europe (Dec. 2006=100) Inbound Air Freight Europe (Dec. 2003=100) Asia Outbound Air Freight Europe (Dec. 2003=100) Asia Air Passenger Fares Import Air Passenger Fares Europe Asia Latin America/Caribbean Export Air Passenger Fares Europe Asia Latin America/Caribbean figures are based on 2013 trade values. NOTES: Data may be revised in each of the three months after original publication. Dash = Not available 14

15 TECHNICAL NOTE Import and Export Merchandise and Services Price es -- All indexes use a modified Laspeyres formula and are not seasonally adjusted. Price indexes are reweighted annually, with a two-year lag in the weights. Published series use a base year of 2000=100 where possible. More detailed index series and additional information may be obtained at or by calling (202) Merchandise Goods Classification Systems -- The merchandise price indexes are published using three classification systems. Items are classified by end use according to the Bureau of Economic Analysis Classification System, by industry according to the North American Industry Classification System (NAICS), and by product category according to the Harmonized System (HS). While classification by end use and product category are self-explanatory, some notes are in order for classifying items by industry. In the NAICS imports and exports tables, items are classified by output industry, not input industry. As an example, NAICS import index 326 (plastics and rubber products manufacturing) include outputs such as manufactured plastic rather than inputs such as petroleum. The NAICS classification structure also matches the classification system used by the PPI (Producer Price ) to produce the NAICS primary products indexes. Import Price es -- Products have been classified by the Harmonized Tariff Schedule of the United States Annotated (TSUSA). Import prices are based on U.S. dollar prices paid by the U.S. importer. The prices are generally either "free on board" (f.o.b.) foreign port or "cost, insurance, and freight" (c.i.f.) U.S. port transaction prices, depending on the practices of the individual industry. The index for crude petroleum is calculated from data collected by the U.S. Department of Energy. Export Price es -- Products have been classified by the Harmonized Schedule B classification system of the U.S. Bureau of the Census. The prices used are generally either "free alongside ship" (f.a.s.) factory or "free on board" (f.o.b.) transaction prices, depending on the practices of the individual industry. Prices used in the grain index, excluding rice, are obtained from the U.S. Department of Agriculture. Services Price es -- Starting in September 2008 the Import Air Passenger Fares es represent changes in the average revenue per passenger received by foreign carriers from U.S. residents and are calculated from data obtained from an airline consulting service. These data include tickets sold by travel agencies and travel websites. Tickets sold directly by the airlines are excluded, as are frequent flyer tickets generally. Starting in January 2008 the Export Air Passenger Fares es represent changes in the average revenue per passenger received by U.S. carriers from foreign residents and are calculated from data collected directly from airlines. These data include frequent flyer tickets and those sold by consolidators. Taxes and fees are included in the Import Air Passenger Fares and excluded from the Export Air Passenger Fares. The Air Freight es are calculated from data collected directly from airlines. These data exclude mail and passenger baggage. The scope of the service being priced is the movement of freight from airport to airport only, and does not include any ground transportation or port service. The Air Freight es are presented using two definitions: Balance of Payments (which represent transactions between U.S. and foreign residents) and International (which represent transactions inbound to and outbound from the U.S.). Fact sheets specifying detailed information for each services industry are available at under "MXP Publications." 15

16 Import es by Locality of Origin -- Prices used in these indexes are a subset of the data collected for the Import Price es. Beginning with January 2002, the indexes are defined by locality of origin using a nomenclature based upon the North American Industry Classification System (NAICS). Nonmanufactured goods are defined as NAICS 11 and 21 and manufactured goods are defined as NAICS Revision Policy -- To reflect the availability of late reports and corrections by respondents, monthly data may be revised in each of the three months after original publication. After three months, no further data revisions take place. So, for example, data released in the January release will be subject to revision in the releases for February, March, and April. Uses of the Data -- The primary use of the indexes is to deflate trade statistics, notably the foreign trade sector of the National Income and Product Accounts constructed by the Department of Commerce. Other published indexes are useful for general market analysis. For trade in international services, Balance of Payments indexes are used for deflating National Income and Product Accounts, while International indexes are more appropriate for market analysis. Merchandise and services indexes also can be used to study U.S. competitiveness and to compute price elasticities, and the merchandise import indexes by country or region of origin are useful in terms of trade analysis. Subscription -- The U.S. Import and Export Price es news release is available through an subscription service at ( Additional Information -- More detailed data are available on the Import/Export Price es home page at ( For technical assistance in using the BLS Internet site, send to (labstat.helpdesk@bls.gov). For Import/Export Price data requests, send to (mxpinfo@bls.gov). Information from this release will be made available to sensory impaired individuals upon request. Voice phone: ; Federal Relay Service: