Economic News Release

U.S. Import and Export Price Indexes

Transmission of material in this release is embargoed until					USDL-14-2209
8:30 a.m. (EST) Thursday, December 11, 2014

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

U.S. import prices declined 1.5 percent in November, after falling 1.2 percent in October, the U.S. Bureau 
of Labor Statistics reported today. Both decreases were driven by declining fuel prices. The price index for 
U.S. exports fell 1.0 percent in November following a 0.9-percent drop the previous month.

Imports

All Imports: Prices for U.S. imports fell 1.5 percent in November, the largest monthly drop in import prices 
since a 2.3-percent decrease in June 2012. Led by lower fuel prices, overall import prices declined in each 
of the past 5 months, falling 4.2 percent over that period. The price index for imports fell 2.3 percent over 
the past 12 months, the largest year-over-year decline since a 2.7-percent decrease between April 2012 and 
April 2013.         

Fuel Imports: Fuel prices decreased 6.7 percent in November, after declining 6.0 percent in October. Those 
drops were the largest monthly decreases since the index fell 8.5 percent in June 2012. Both monthly 
declines were driven by lower petroleum prices, which fell 6.9 percent in November and 6.4 percent in 
October. In November, a 4.6-percent decrease in natural gas prices also contributed to the overall drop in 
fuel prices, and followed a 0.4-percent advance the previous month. Fuel prices fell 11.5 percent for the year 
ended November, the largest 12-month drop since the index fell 13.4 percent in July 2012. The November 
2014 decrease was led by a 12.3-percent drop in petroleum prices, which more than offset a 10.6-percent 
increase in natural gas prices over the same period.    

All Imports Excluding Fuel: The price index for nonfuel imports decreased 0.2 percent for the third 
consecutive month in November. Prior to the last 3 months, the last time the index fell by more than 0.2 
percent was a 0.4-percent decline in July 2013. Lower prices for nonfuel industrial supplies and materials; 
foods, feeds, and beverages; and each of the major finished goods categories contributed to the overall 
decline. Nonfuel import prices were unchanged over the past 12 months as higher prices for consumer 
goods and foods, feeds, and beverages offset falling prices for nonfuel industrial supplies and materials, 
automotive vehicles, and capital goods.        

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

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

0.3 1.6 -0.1 -0.5 -1.9 -0.3

July

-0.3 -1.5 0.1 0.1 -1.8 0.2

August

-0.8 (r)-3.8 0.0 -0.5 -3.1 -0.2

September

(r)-0.5 (r)-2.1 (r)-0.2 (r)-0.5 (r)-1.6 -0.2

October

(r)-1.2 (r)-6.0 -0.2 (r)-0.9 -2.1 (r)-0.8

November

-1.5 -6.7 -0.2 -1.0 0.5 -1.2

Nov. 2012 to 2013

-1.8 -4.1 -1.2 -1.5 -6.6 -0.9

Nov. 2013 to 2014

-2.3 -11.5 0.0 -1.9 -3.8 -1.7

Footnotes
(r) Revised

Exports

All Exports: Export prices fell 1.0 percent in November, the largest monthly decline since a 1.0-percent 
drop in April. Those were the largest 1-month decreases since the index fell 1.7 percent in June 2012. In 
November, lower prices for nonagricultural exports more than offset higher agricultural prices. The price 
index for overall exports fell 1.9 percent for the November 2013-14 period, the largest 12-month drop since 
a 2.2-percent decline in October 2013.            

Agricultural Exports: Prices for agricultural exports increased 0.5 percent in November following a 10.0-
percent decline over the previous 5 months. The November increase was the largest monthly advance since 
a 1.5-percent rise in April. A 7.0-percent advance in soybean prices led the overall increase, although higher 
prices for corn and wheat also contributed to the advance. Despite the November rise, agriculture exports 
fell 3.8 percent over the past 12 months. Lower prices for soybeans, corn, and wheat all factored into the 
decline over the past year.                               

All Exports Excluding Agriculture: The price index for nonagricultural exports decreased 1.2 percent in 
November, after falling 0.8 percent in October. Falling prices for both nonagricultural industrial supplies 
and materials and finished goods contributed to the overall decline. Nonagricultural exports decreased 1.7 
percent between November 2013 and November 2014, as lower prices for nonagricultural industrial supplies 
and materials and consumer goods more than offset higher prices for capital goods and automotive vehicles.     

                                        SELECTED NOVEMBER HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Import prices from China were unchanged for the third consecutive month 
in November. The price index for imports from China also recorded no change over the past year. Prices for 
imports from Japan edged down 0.1 percent in November, after recording no change the previous month. 
Import prices from Japan fell 1.2 percent over the past year. Led by lower fuel prices, the import price 
indexes for imports from Canada, the European Union, and Mexico all decreased in November. Prices for 
imports from Canada declined 2.3 percent, import prices from the European Union dropped 0.6 percent, and 
the price index for imports from Mexico fell 0.7 percent.        

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials 
decreased 0.9 percent following a 0.7-percent decline in October. Both drops were driven by falling metals 
prices. Unfinished metals prices decreased 2.1 percent in November, after falling 3.6 percent the previous 
month. Lower prices for gold and other precious metals led the declines in each month.          

Finished Goods: Each of the major finished goods areas edged down 0.1 percent in November. The 
November declines in the price indexes for consumer goods and automotive vehicles followed decreases of 
0.2 percent in October. Capital goods prices decreased following a 0.1-percent decline the previous month.         

Foods, Feeds, and Beverages: The price index for import foods, feeds, and beverages decreased 0.4 
percent in November, after advancing 1.1 percent in October. The November downturn was led by a 2.2-
percent drop in fish and shellfish prices and a 4.1-percent decline in coffee prices.     

Transportation Services: Import air passenger fares rose 1.0 percent in November following a 2.4-percent 
increase the previous month. Higher European fares, which advanced 2.8 percent in November and 2.3 
percent in October, were the main contributor to both monthly increases. The index for overall import air 
passenger fares increased 1.9 percent over the past 12 months. Prices for import air freight declined 0.5 
percent in November, after falling 1.2 percent in October. Import air freight prices decreased 3.6 percent for 
the year ended in November.         

Export Prices

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial 
supplies and materials decreased 3.2 percent in November following a 1.9-percent drop the previous month. 
The November decline was driven by a 7.9-percent fall in fuel prices, although lower prices for nonferrous 
metals and chemicals also factored into the overall decrease. 

Finished Goods: Finished goods prices were mostly down in November. Consumer goods prices fell 0.3 
percent for the third consecutive month, led by a 0.6-percent decline in medical, dental, and pharmaceutical 
materials prices. Capital goods prices also fell in November, edging down 0.1 percent. The price index for 
automotive vehicles recorded no change.      

Transportation Services: Export air passenger fares fell 4.9 percent in November, after a 3.0-percent drop 
in October. The November decline was led by a 5.7-percent decrease in European fares. Overall export air 
passenger fares fell 1.1 percent for the year ended in November. Export air freight prices decreased 0.3 
percent in November following a 0.4-percent decline the previous month. Despite the recent drops, the price 
index for export air freight increased 7.2 percent over the past year.  

Import and Export Price Index data for December 2014 are scheduled for release on Wednesday, 
January 14, 2015 at 8:30 a.m. (EST).    

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Last Modified Date: December 11, 2014
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