Economic News Release

U.S. Import and Export Price Indexes

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8:30 a.m. (EDT) Friday, October 10, 2014

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                         U.S. IMPORT AND EXPORT PRICE INDEXES - SEPTEMBER 2014

Prices for U.S. imports fell 0.5 percent in September, after declining 0.6 percent in August and 0.3 percent 
in July, the U.S. Bureau of Labor Statistics reported today. Each of the 3 monthly decreases was led by 
falling fuel prices. The price index for U.S. exports also declined in September, decreasing 0.2 percent 
following a 0.5-percent drop in August.

Imports

All Imports: Overall import prices continued a 3-month downward trend in September, falling 0.5 percent. 
Prices for imports decreased 1.4 percent from June to September, the largest quarterly drop since the index 
declined 1.4 percent during the final quarter of 2013. In September, fuel prices drove the decrease, although 
nonfuel prices also declined. The price index for overall imports fell 0.9 percent for the year ended in 
September, the largest 12-month decrease since the index fell 1.1 percent in February.

Fuel Imports: Prices for import fuel decreased 2.1 percent in September following a 3.1-percent drop in 
August and a 1.5-percent decline in July. Lower petroleum and natural gas prices contributed to the 
September decline, falling 2.0 percent and 5.0 percent, respectively. Fuel prices decreased 5.8 percent over 
the past 12 months, the largest year-over-year decline since the index fell 8.1 percent between April 2012 
and April 2013. The decrease in fuel prices over the past year was led by a 6.6-percent drop in petroleum 
prices which more than offset a 35.6-percent increase in natural gas prices.

All Imports Excluding Fuel: Nonfuel import prices edged down 0.1 percent in September, after recording 
no change the previous month. In September, lower prices for nonfuel industrial supplies and materials and 
automotive vehicles more than offset an increase in the price index for foods, feeds, and beverages. Despite 
the decline, prices for nonfuel imports rose 0.5 percent over the past year. Higher prices for consumer 
goods; nonfuel industrial supplies and materials; and foods, feeds, and beverages all contributed to the 
advance.

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

Month IMPORTS EXPORTS
All
imports
Fuel
imports
Nonfuel
imports
All
exports
Agri-
cultural
exports
Non-
agricultural
exports

2013

September

0.3 1.0 0.1 0.4 0.6 0.3

October

-0.6 -3.3 0.1 -0.6 -1.3 -0.5

November

-0.9 -4.2 0.0 0.2 -0.2 0.1

December

0.1 0.7 -0.1 0.4 0.3 0.4

2014

January

0.4 0.8 0.3 0.3 0.0 0.4

February

1.1 5.9 0.0 0.8 1.4 0.6

March

0.5 1.0 0.3 0.9 2.8 0.7

April

-0.6 -2.6 0.0 -1.0 1.5 -1.2

May

0.3 1.2 0.0 0.1 0.3 0.0

June

(r)0.3 (r)1.6 -0.1 -0.5 (r)-1.9 -0.3

July

-0.3 (r)-1.5 (r)0.1 0.1 (r)-1.8 0.3

August

(r)-0.6 (r)-3.1 (r)0.0 -0.5 (r)-3.0 (r)-0.2

September

-0.5 -2.1 -0.1 -0.2 -0.9 -0.2

Sept. 2012 to 2013

-0.7 1.2 -1.2 -1.6 -6.3 -0.9

Sept. 2013 to 2014

-0.9 -5.8 0.5 -0.2 -2.9 0.0

Footnotes
(r) Revised

Exports

All Exports: The price index for exports declined 0.2 percent in September, which continued an overall 
downward trend for the index since April. In September, lower prices for both agricultural exports and 
nonagricultural exports contributed to the decline. Export prices decreased 0.2 percent for the year ended in 
September, the first 12-month decline for the index since a 0.1-percent drop in April. 

Agricultural Exports: Agricultural prices declined 0.9 percent in September following declines of 3.0 
percent, 1.8 percent, and 1.9 percent over the previous 3 months. In September, the decrease was driven by a 
6.2-percent drop in soybean prices, a 2.1-percent decline in meat prices, and a 3.9-percent fall in corn prices. 
The price index for agricultural exports fell 2.9 percent over the past year, led by lower prices for soybeans 
and corn.

All Exports Excluding Agriculture: Prices for nonagricultural exports declined 0.2 percent for the second 
consecutive month in September. Decreasing prices for nonagricultural industrial supplies and materials, 
consumer goods, and automotive vehicles all contributed to the drop in overall nonagricultural prices. The 
price index for nonagricultural prices recorded no change for the year ended in September. Each of the 
major finished goods categories rose over the past 12 months, while nonagricultural industrial supplies and 
materials prices declined. 

                                  SELECTED SEPTEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China edged down 0.1 percent in September, after 
recording no change in August. The September decline was led by lower prices for computers and electronic 
equipment. Prices for imports from Japan also decreased 0.1 percent in September, after remaining 
unchanged the previous month. The price indexes for imports from the European Union, Canada, and 
Mexico all decreased in September, falling 0.9 percent, 0.7 percent, and 0.4 percent, respectively. Lower 
fuel prices contributed to these declines.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials decreased 
0.2 percent in September, after recording no change the previous month. In September, the decrease was 
driven by a 0.5-percent drop in unfinished metals prices, which was led by lower prices for gold and other 
precious metals.

Finished Goods: The price indexes for each of the major finished goods areas were mostly unchanged for 
the second consecutive month in September. Automotive vehicles prices fell 0.1 percent in September, after 
ticking up 0.1 percent in August. In September, prices for capital goods were unchanged for the third 
consecutive month and prices for consumer goods were unchanged for the second consecutive month.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 0.2 percent in September 
following a 0.6-percent advance in August and a 1.1-percent rise in July. The September advance was 
driven by a 2.2-percent rise in fish and shellfish prices and a 2.4-percent increase in vegetable prices.

Transportation Services: Import air passenger fares decreased 0.3 percent in September following a 4.3-
percent decline in August and a 2.8-percent drop in July. The September fall was led by a 7.2-percent 
decrease in Asian fares, after the 2 previous monthly declines were driven mostly by lower European fares. 
Despite the recent drops, the index for import air passenger fares increased 6.3 percent for the year ended in 
September. Import air freight prices declined 0.5 percent in September, the largest monthly drop since a 0.5-
percent decline in April. Prices for import air freight rose 1.3 percent over the past year.

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial 
supplies and materials declined 0.5 percent in September following a 0.7-percent drop the previous month. 
Falling fuel and gold prices contributed to both decreases. 

Finished Goods: Capital goods prices ticked up 0.1 percent in September, after recording no change in 
August. In contrast, the price indexes for consumer goods and automotive vehicles each declined in 
September, falling 0.2 percent and 0.1 percent, respectively. Consumer goods prices were unchanged the 
previous month while automotive vehicles prices decreased 0.2 percent.

Transportation Services: Export air passenger fares fell 11.1 percent in September, the largest monthly 
drop since the index declined 12.5 percent in February. The September decrease was caused by a 23.0-
percent decline in Asian fares. Despite the September drop, export air passenger fares increased 2.9 percent 
over the past 12 months. Export air freight prices edged down 0.1 percent in September and advanced 8.6 
percent over the past year. 

Import and Export Price Index data for October 2014 are scheduled for release on Friday, November 
14, 2014 at 8:30 a.m. (EST).

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Last Modified Date: October 10, 2014
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