Import prices up 4.8 percent, export prices up 4.3 percent, for year ending July 2018

August 16, 2018

For the year ending July 2018, U.S. import prices rose 4.8 percent and export prices rose 4.3 percent. The increase in import prices is the largest 12-month increase since the index rose 5.1 percent from February 2011 to February 2012. Import prices have not fallen on an over-the-year basis since a 0.2-percent decrease for the year ending October 2016.

Percent change in U.S. import and export price indexes for selected categories of goods, July 2017 to July 2018
Category Imports Exports

All imports

4.8%

Fuel imports

40.7

Nonfuel imports

1.3

All exports

4.3%

Agricultural exports

-2.0

Nonagricultural exports

5.0

Mineral products

40.8 27.1

Wood, wood charcoal, cork, straw, basketware and wickerwork

11.0 8.2

Base metals and articles of base metals

9.4 8.1

Woodpulp, recovered paper, and paper products

8.1 3.8

Products of the chemical or allied industries

5.1 3.6

Prepared foodstuffs, beverages, and tobacco

2.9 1.5

Stone, plaster, cement, asbestos, ceramics, glass, etc.

1.8 1.0

Plastics and articles thereof; rubber and articles thereof

1.5 6.4

Textile and textile articles

1.0 4.0

Optical photo, measuring, medical & musical instruments and timepieces

0.9 2.7

Vehicles, aircraft, vessels and associated transport equipment

0.5 1.9

Machinery, electrical equipment, TV image, and sound recorders, parts, etc.

-0.2 1.3

Live animals; animal products

-1.7 -0.5

Vegetable products

-13.6 -3.9

From July 2017 to July 2018, import fuel prices increased 40.7 percent, the largest over-the-year advance since prices rose 50.9 percent for the year ending March 2017. The increase was led by a 43.6-percent increase in petroleum prices that more than offset a 0.5-percent decline in natural gas prices.

Prices for nonfuel imports increased 1.3 percent for the year ending July 2018, primarily driven by higher prices for nonfuel industrial supplies and materials. Prices for capital goods, consumer goods, and automotive vehicles also increased.

From July 2017 to July 2018, prices for agricultural exports decreased 2.0 percent, the first 12-month drop since prices fell 1.8 percent for the year ending July 2017. Nonagricultural export prices rose 5.0 percent for the year ending July 2018.

These data are from the International Price program. Import and export prices are subject to revision. To learn more, see “U.S. Import and Export Prices — July 2018.” See more charts on import and export price trends in Charts related to the latest “U.S. Import and Export Price Indexes” news release.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import prices up 4.8 percent, export prices up 4.3 percent, for year ending July 2018 on the Internet at https://www.bls.gov/opub/ted/2018/import-prices-up-4-point-8-percent-export-prices-up-4-point-3-percent-for-year-ending-july-2018.htm (visited September 19, 2019).

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