U.S. Import and Export Price Indexes

Transmission of material in this release is embargoed until					USDL-15-0387
8:30 a.m. (EDT) Thursday, March 12, 2015

Technical information: (202) 691-7101 * MXPinfo@bls.gov * www.bls.gov/mxp
Media contact:	       (202) 691-5902 * PressOffice@bls.gov

			     U.S. IMPORT AND EXPORT PRICE INDEXES - FEBRUARY 2015

U.S. import prices increased 0.4 percent in February following declines of 3.1 percent in January and 2.5 
percent in December, the U.S. Bureau of Labor Statistics reported today. An upturn in fuel prices led the 
February rise. Prices for U.S. exports edged down 0.1 percent in February, after a 1.9-percent drop the 
previous month.

Imports

All Imports: Import prices advanced 0.4 percent in February, the first monthly rise since a 0.3-percent 
increase in June 2014, and the largest 1-month advance since the index rose 0.5 percent in March 2014. In 
February, an upturn in fuel prices more than offset declining nonfuel prices. Despite the February increase, 
import prices fell 9.4 percent over the past 12 months, the largest year-over-year decrease since the index 
fell 12.0 percent between September 2008 and September 2009.          

Fuel Imports: The price index for import fuel increased 6.5 percent in February, the first advance since a 
1.6-percent rise in June 2014. The February increase was the largest monthly advance since the index rose 
7.6 percent in April 2011, and followed a 19.5-percent drop in January, the largest 1-month decline since a 
22.2-percent drop in December 2008. An 8.1-percent advance in petroleum prices led the February increase 
in the price index for fuel, more than offsetting a 17.9-percent drop in natural gas prices. Despite the 
February upturn, fuel prices declined 43.0 percent over the past year. Petroleum prices declined 43.2 percent 
for the year ended in February, and natural gas prices decreased 52.0 percent over the same period.       

All Imports Excluding Fuel: Nonfuel import prices decreased 0.3 percent in February, after a 0.6-percent 
drop the previous month. The price index for nonfuel imports has not recorded a monthly advance since the 
index ticked up 0.1 percent in July 2014. In February, decreasing prices for nonfuel industrial supplies and 
materials; capital goods; automotive vehicles; and foods, feeds, and beverages all contributed to the overall 
drop in nonfuel prices. In contrast, consumer goods prices increased in February. Nonfuel import prices fell 
1.2 percent for the year ended in February.          

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

2014

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 -3.8 0.0 -0.5 -3.1 -0.2

September

-0.8 -3.6 -0.2 -0.4 -1.6 -0.2

October

-1.4 -6.8 -0.1 -0.9 -2.2 -0.7

November

-1.8 (r)-9.3 -0.3 -0.9 0.1 -1.0

December

(r)-2.5 (r)-14.9 -0.1 (r)-0.9 -0.7 -1.0

2015

January

(r)-3.1 (r)-19.5 (r)-0.6 (r)-1.9 -1.2 (r)-2.0

February

0.4 6.5 -0.3 -0.1 -2.0 0.2

Feb. 2013 to 2014

-1.1 -0.1 -1.2 -1.0 -5.9 -0.5

Feb. 2014 to 2015

-9.4 -43.0 -1.2 -5.9 -9.5 -5.5

Footnotes
(r) Revised

Exports

All Exports: U.S. export prices edged down 0.1 percent in February, led by lower agricultural prices which 
more than offset rising nonagricultural prices. The price index for overall exports has not recorded a 
monthly advance since the index increased 0.1 percent in July 2014. Overall export prices also fell for the 
year ended in February, declining 5.9 percent, the largest 12-month drop since the index decreased 6.2 
percent in August 2009.             

Agricultural Exports: The price index for agricultural exports decreased 2.0 percent in February, after a 
1.2-percent drop the previous month. A 5.1-percent decline in soybean prices drove the decrease, although 
lower prices for wheat, fruit, and meat were contributing factors. Agricultural prices fell 9.5 percent over the 
past 12 months, led by decreasing prices for soybeans, fruit, corn, and wheat.                                  

All Exports Excluding Agriculture: Nonagricultural export prices rose 0.2 percent in February following a 
2.0-percent decline in January and 1.0-percent decreases in both December and November. The February 
increase was the first advance since a 0.2-percent rise in July 2014, and was driven by higher prices for 
nonagricultural industrial supplies and materials and capital goods. The increases more than offset lower 
prices for consumer goods and automotive vehicles. Despite the February advance, nonagricultural export 
prices fell 5.5 percent over the past year, the largest year-over-year decrease since the index fell 6.6 percent 
in July 2009. 

					 SELECTED FEBRUARY HIGHLIGHTS

Import Prices

Imports by Locality of Origin: Prices for imports from China declined 0.2 percent for the second 
consecutive month in February. The index fell 0.6 percent for the year ended in February, the largest 12-
month drop since a 0.7-percent decrease between January 2013 and January 2014. The price index for 
imports from Japan fell 0.2 percent in February, after declining 0.6 percent in January and 0.5 percent in 
December. Import prices from Japan have not recorded a monthly advance since the index rose 0.2 percent 
in March 2014. Prices for imports from the European Union also decreased in February, declining 1.0 
percent following a 1.4-percent drop in January. In contrast, higher petroleum prices led the price indexes 
for imports from Canada and Mexico up in February, 0.2 percent and 0.3 percent, respectively.              

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials 
decreased 1.3 percent in February following a 1.2-percent decline the previous month. Falling chemicals 
prices, down 2.2 percent in February and 2.1 percent in January, led both monthly declines.             

Finished Goods: Prices for capital goods fell 0.4 percent in February, after decreasing 0.3 percent in 
January. The February drop was the largest 1-month decline for the index since a 0.5-percent decrease in 
March 2009. Automotive vehicle prices also fell in February, declining 0.2 percent following a 0.7-percent 
decrease the previous month. In contrast, consumer goods prices rose 0.3 percent in February.        

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices decreased 0.2 percent in February 
following a 1.6-percent decline the previous month. Lower coffee and vegetable prices contributed to the 
overall drop in foods, feeds, and beverages prices in February.     

Transportation Services: Import air passenger fares fell 2.5 percent in February, after decreasing 6.8 
percent the previous month. The index for import air passenger fares decreased 0.6 percent for the year 
ended in February. Import air freight prices declined 2.2 percent in February, the largest monthly decrease 
since the index fell 3.3 percent in January 2012. Prices for import air freight decreased 6.7 percent over the 
past 12 months.          

Export Prices

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials 
prices rose 0.7 percent in February following a 5.6-percent drop the previous month. The February rise was 
the first 1-month advance since the index increased 0.7 percent in July 2014, and was driven by an upturn in 
export fuel prices.  

Finished Goods: The price index for export capital goods rose 0.2 percent for the second consecutive 
month in February. Both increases were led by higher prices for non-motor vehicle transportation 
equipment. In contrast, consumer goods prices and prices for automotive vehicles declined in February, 
down 0.5 percent and 0.3 percent, respectively.       

Transportation Services: Export air passenger fares fell 14.3 percent in February, after advancing 0.4 
percent in January. The drop was the largest monthly decline for the index since its first publication in 
January 2001. The index for export air passenger fares decreased 5.9 percent for the year ended in February. 
Export air freight prices declined 1.7 percent in February, the largest drop since the index fell 2.2 percent in 
July 2012. Despite the February decline, the index rose 4.2 percent over the past year.     
		
Import and Export Price Index data for March 2015 are scheduled for release on Friday, April 10, 2015 at 
8:30 a.m. (EDT).    

The PDF version of the news release

Table of Contents

Last Modified Date: March 12, 2015