Transmission of material in this release is embargoed until                            USDL-15-0564
8:30 a.m. (EDT) Friday, April 10, 2015

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

U.S. import prices fell 0.3 percent in March following a 0.2-percent upturn the previous month, the U.S. 
Bureau of Labor Statistics reported today. In March, lower nonfuel prices more than offset a rise in fuel 
prices. The price index for U.S. exports rose in March, ticking up 0.1 percent, after declining 0.2 percent in 
February.

Imports

All Imports: Import prices decreased 0.3 percent in March, after increasing 0.2 percent in February, the 
first monthly advance recorded since a 0.3-percent rise in June 2014. Prior to February, import prices 
decreased 10.3 percent from June 2014 to January 2015. U.S. import prices declined 10.5 percent over the 
past year, the largest 12-month decrease since the index fell 12.0 percent for the year ended September 
2009.

Fuel Imports: Fuel prices increased for the second consecutive month in March, rising 0.4 percent, after a 
3.9-percent advance in February. Fuel prices had fallen 47.6 percent between June 2014 and January 2015, 
and despite the recent upturn, declined 45.2 percent over the past 12 months. The increase in March was led 
by a 0.8-percent advance in petroleum prices, which more than offset a 7.5-percent decrease in natural gas 
prices. Both the price indexes for petroleum and natural gas fell for the year ended in March, declining 45.1 
percent and 59.1 percent, respectively.

All Imports Excluding Fuel: The price index for nonfuel imports continued to trend down in March, 
decreasing 0.4 percent following a 0.3-percent drop the previous month. Nonfuel import prices have not 
recorded a monthly increase since the index rose 0.1 percent in July 2014. In March, 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 in nonfuel import prices. Prices for nonfuel imports fell 1.9 
percent over the past 12 months, the largest year-over-year decrease since the index declined 3.1 percent 
between October 2008 and October 2009.

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

Exports

All Exports: The price index for U.S. exports ticked up 0.1 percent in March, after declining 0.2 percent the 
previous month. The March upturn in overall export prices was driven by higher nonagricultural prices, and 
was the first 1-month advance since the index rose 0.1 percent in July 2014. The last time overall export 
prices advanced more than 0.1 percent was a 0.9 percent increase in March 2014. Despite the March 2015 
advance, U.S. export prices fell 6.7 percent over the past year, the largest 12-month drop since the index 
declined 8.3 percent for the year ended July 2009.

Agricultural Exports: Prices for agricultural exports decreased 1.7 percent in March following a 2.1-
percent drop in February. The March decline was led by a 5.9-percent decrease in meat prices, a 5.0-percent 
drop in fruit prices, and a 2.2-percent decline in nut prices. Export agricultural prices fell 13.5 percent over 
the past 12 months, the largest year-over-year decrease since the index declined 16.7 percent between 
September 2008 and September 2009.

All Exports Excluding Agriculture: Nonagricultural prices rose 0.2 percent in March, after ticking up 0.1 
percent the previous month. The March increase matched a 0.2-percent rise in July 2014, and those were the 
largest 1-month advances since the index rose 0.7 percent in March 2014. The March 2015 increase was 
driven by higher prices for nonagricultural industrial supplies and materials. Despite the recent advances, 
the price index for overall nonagricultural prices declined 5.9 percent for the year ended in March. 


                                      SELECTED MARCH HIGHLIGHTS

Import Prices

Imports by Locality of Origin: The price index for imports from China fell 0.1 percent for the second 
consecutive month in March. Prices for imports from China declined 0.5 percent over the past 12 months. 
Import prices from Japan edged down 0.1 percent in March, after declining 0.2 percent the previous month. 
The price index for imports from Japan has not recorded a monthly advance since the index rose 0.2 percent 
in March 2014, and decreased 2.2 percent over the past year. Import prices from Canada and from Mexico 
also declined in March, decreasing 0.6 percent and 0.2 percent, respectively. Prices for imports from the 
European Union recorded no change in March.

Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices declined 1.3 
percent in March following a 1.0-percent decrease in February. The March drop was driven by a 3.0 percent 
decline in unfinished metal prices and a 0.7-percent drop in chemical prices.

Finished Goods: Prices for each of the major import finished goods categories recorded decreases in 
March. The price index for consumer goods and automotive vehicles each declined 0.3 percent. Consumer 
goods prices had increased 0.3 percent in February, while in contrast, prices for automotive vehicles fell 0.3 
percent in February. In March, capital goods prices edged down 0.1 percent following 0.3-percent declines 
in each of the previous 2 months.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices decreased 1.1 percent in March, after 
recording no change in February. The March decline was led by a 6.5-percent decrease in meat prices. 
Lower prices for coffee; fish and shellfish; and feed and grain also contributed to the overall drop.

Transportation Services: Import air passenger fares fell 2.4 percent in March following a 2.5-percent drop 
the previous month. The March decline was led by lower European fares, while the drop in February was 
driven by lower Asian fares. Despite the recent declines, import air passenger fares rose 0.5 percent over the 
past year. The price index for import air freight increased 3.5 percent in March, the largest 1-month advance 
since the index rose 5.8 percent in May 2011. Despite the March increase, import air freight prices fell 1.6 
percent over the past 12 months.

Export Prices

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and 
materials increased 0.7 percent in March, after advancing 0.2 percent the previous month. Both increases 
were driven by higher fuel prices which rose 4.9 percent in March and 3.7 percent in February.

Finished Goods: Export finished goods prices were mostly unchanged in March. Automotive vehicles 
prices ticked up 0.1 percent following a 0.2-percent decline in February. The price indexes for capital goods 
and consumer goods each recorded no change in March. Prices for capital goods had risen 0.2 percent the 
previous month, while consumer goods prices fell 0.5 percent.

Transportation Services: Export air passenger fares advanced 1.6 percent in March following a 13.3-
percent decline the previous month. The March increase was led by a 3.1-percent rise in Latin 
American/Caribbean fares. Overall export air passenger fares fell 6.7 percent over the past year. Export air 
freight prices decreased 1.7 percent in March, after a 1.8-percent drop in February. Despite those declines, 
prices for export air freight rose 4.1 percent over the past year.

Import and Export Price Index data for April 2015 are scheduled for release on Wednesday, May 13, 2015 at 
8:30 a.m. (EDT).

                                            TECHNICAL NOTE


Import and Export Merchandise and Services Price Indexes -- 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 http://www.bls.gov/mxp, or by calling (202) 691-7101.

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 Index) to 
produce the NAICS primary products indexes.

Import Price Indexes -- 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 Indexes -- 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 Indexes -- Starting in September 2008 the Import Air Passenger Fares Indexes 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 Indexes 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 Index and 
excluded from the Export Air Passenger Fares Index. The Air Freight Indexes 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 Indexes 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 http://www.bls.gov/mxp under "MXP 
Publications."

Import Indexes by Locality of Origin -- Prices used in these indexes are a subset of the data collected 
for the Import Price Indexes.  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 31-33. 

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.

E-Mail Subscription -- The U.S. Import and Export Price Indexes news release is available through an 
e-mail subscription service at (http://www.bls.gov/bls/list.htm).

Additional Information -- More detailed data are available on the Import/Export Price Indexes home 
page at (http://www.bls.gov/mxp). For technical assistance in using the BLS Internet site, send e-mail to 
(labstat.helpdesk@bls.gov).  For Import/Export Price Index data requests, send e-mail to 
(mxpinfo@bls.gov). 

Information from this release will be made available to sensory impaired individuals upon request.  Voice 
phone: 202-691-5200; Federal Relay Service: 1-800-877-8339.