EconomyU.S. Import and Export Price Indexes

U.S. Import and Export Price Indexes summary – 2022 M11 Results – TheFinanceHeadline

U.S. Import and Export Price Indexes summary

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                              U.S. IMPORT AND EXPORT PRICE INDEXES - NOVEMBER 2022                              
U.S. import prices decreased 0.6 percent in November following a 0.4-percent drop the previous month, the 
U.S. Bureau of Labor Statistics reported today. Lower nonfuel and fuel prices contributed to the November 
decline in U.S. import prices. Prices for U.S. exports fell 0.3 percent in November, after decreasing 0.4 
percent the previous month.
Imports 
The price index for U.S. imports fell 0.6 percent in November and has not recorded a monthly advance since 
a 0.2-percent increase in June 2022. U.S. import prices declined 4.6 percent from June to November, after 
rising 8.1 percent in the first half of 2022. Despite the recent decreases, prices for U.S. imports rose 2.7 
percent over the past year, the smallest 12-month advance since January 2021. (See table 1.)
Fuel Imports: Prices for import fuel fell 2.8 percent in November following a decline of 2.7 percent in 
October. Import fuel prices have not recorded a monthly increase since a 5.6-percent advance in June 2022. 
Lower petroleum prices in November more than offset higher natural gas prices. Prices for import petroleum 
declined 3.3 percent in November, after decreasing 2.2 percent in October. Petroleum prices also have not 
advanced on a monthly basis since June 2022. In contrast, natural gas prices rose 5.5 percent in November 
following an 11.8-percent drop in October. Import fuel prices advanced 10.1 percent from November 2021 
to November 2022, led by an 11.2-percent increase in petroleum prices. Despite the November advance, 
natural gas prices decreased 4.2 percent over the past year, the first 12-month decline since December 2020.        
All Imports Excluding Fuel: Nonfuel import prices decreased 0.4 percent in November, the largest 1-
month decline since a 0.5-percent drop in July 2022. Prices for nonfuel imports have not recorded a monthly 
advance since April 2022. Lower prices for nonfuel industrial supplies and materials and consumer goods in 
November more than offset higher prices for foods, feeds, and beverages and capital goods. Nonfuel import 
prices rose 1.9 percent over the past 12 months, the smallest over-the-year advance since a 1.9-percent 
increase in December 2020.   
Foods, Feeds, and Beverages: Import prices for foods, feeds, and beverages increased 1.8 percent in 
November, the largest 1-month rise since January 2022. The November advance was driven by a 13.1-
percent rise in fruit prices and a 10.0-percent increase in vegetable prices. 
Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices declined 2.4 
percent in November and have not recorded a monthly advance since rising 0.6 percent in April 2022. The 
November decrease was led by lower prices for nonferrous metals, chemicals, and steelmaking materials.     
Finished Goods: Import prices were mixed for the major finished goods categories in November. Consumer 
goods prices fell 0.2 percent following declines of 0.3 percent in October and 0.2 percent in September. 
Despite the recent drops, consumer goods prices rose 0.6 percent over the past year. In contrast, prices for 
capital goods ticked up 0.1 percent in November, after advancing 0.2 percent the previous month. The 
November increase was driven by a 0.5-percent rise in computer prices. The price index for automotive 
vehicles was unchanged in November, after advancing 0.6 percent in October.  
Table A. Percent change in Import and Export Price Indexes, selected categories

MonthIMPORTSEXPORTS
All
imports
Fuel
imports
Nonfuel
imports
All
exports
Agri-
cultural
exports
Non-
agricultural
exports

2021

November

0.72.50.60.71.10.6

December

-0.4-7.70.5-1.60.7-1.9

2022

January

2.07.31.42.83.02.8

February

1.810.60.83.22.93.3

March

2.917.81.23.94.53.8

April

0.50.80.41.01.21.1

May

0.56.1-0.32.72.42.7

June

0.25.6-0.61.10.01.2

July

-1.4-6.9-0.5-3.7-3.2-3.8

August

-1.2(r)-8.6-0.2-1.4(r)-0.5-1.4

September

(r)-1.0(r)-6.3-0.3(r)-0.9(r)-0.9(r)-1.0

October

(r)-0.4(r)-2.7-0.1(r)-0.4(r)-0.8-0.3

November

-0.6-2.8-0.4-0.32.3-0.6

Nov. 2020 to 2021

11.887.06.418.121.917.7

Nov. 2021 to 2022

2.710.11.96.312.05.6

Footnotes
(r) Revised

Exports 
U.S. export prices declined 0.3 percent in November and have not recorded a 1-month increase since rising 
1.1 percent in June 2022. Lower nonagricultural prices in November more than offset higher agricultural 
prices. Prices for U.S. exports advanced 6.3 percent from November 2021 to November 2022, the smallest 
12-month increase since February 2021. (See table 2.)
Agricultural Exports: The price index for agricultural exports rose 2.3 percent in November, after 
declining 0.8 percent in October and 0.9 percent in September. The November advance was the first 
monthly rise since the index increased 2.4 percent in May 2022. Higher prices for soybeans, vegetables, 
fruit, and corn more than offset lower prices for cotton, meat, and wheat. Prices for agricultural exports 
advanced 12.0 percent for the year ended in November.    
All Exports Excluding Agriculture: Nonagricultural export prices decreased 0.6 percent in November 
following a 0.3-percent drop the previous month. Prices for nonagricultural exports have not advanced on a 
monthly basis since June 2022. Lower prices for nonagricultural industrial supplies and materials, capital 
goods, consumer goods, and nonagricultural foods all contributed to the November decline. Despite the 
recent drops, nonagricultural export prices increased 5.6 percent over the past year.     
Nonagricultural Industrial Supplies and Materials: Export prices for nonagricultural industrial supplies and 
materials fell 1.1 percent in November and have not recorded a 1-month increase since June 2022. The 
November decline was led by lower prices for fuel and nonferrous metals.
Finished Goods: Export prices were mostly down for the major finished goods categories in November. 
Capital goods prices declined 0.2 percent, the first monthly decrease since the index fell 0.2 percent in 
November 2020. The November drop was driven by lower prices for computer peripherals, accessories, and 
parts. Prices for consumer goods declined 0.3 percent in November, after advancing 0.3 percent in October. 
The price index for automotive vehicles was unchanged in November following a 0.2-percent decline the 
previous month.    
More information for the major import and export price indexes can be found at 
www.bls.gov/web/ximpim/largest.htm.
Measures of Import and Export Prices by Locality
Imports by Locality of Origin: Import prices from China were unchanged in November, after a 0.4-
percent advance in October. Prices for imports from China increased 1.8 percent over the past year, the 
smallest 12-month advance since March 2021. The price index for imports from Japan edged down 0.1 
percent, the first 1-month decline since a 0.2-percent drop in July 2022. The November decline was led by 
lower prices for machinery manufacturing which more than offset higher prices for computer and electronic 
product manufacturing. Despite the decline in November, import prices from Japan rose 2.2 percent over the 
past 12 months. Prices for imports from Canada fell 1.4 percent in November following a 2.1-percent 
decline the previous month. The price index for imports from Canada has not recorded a monthly advance 
since June 2022. Import prices from the European Union and Mexico also decreased in November, 
declining 1.2 percent and 0.1 percent, respectively. (See table 7.)
	
Exports by Locality of Destination: Export prices to China fell 0.4 percent in November, after decreasing 
1.4 percent in October. The price index for exports to China advanced 1.3 percent over the past 12 months. 
Prices for exports to Japan decreased 0.7 percent in November following a 0.2-percent advance the previous 
month. Export prices to Japan fell 7.2 percent in the third quarter of 2022 prior to ticking up in October. 
Despite the recent declines, prices for exports to Japan increased 4.3 percent for the year ended in 
November. The price indexes for exports to Canada and the European Union also fell in November, 
decreasing 0.5 percent and 0.3 percent, respectively. Export prices to Mexico fell 2.2 percent in November, 
the largest monthly decline since a 5.4-percent decrease in July 2022. (See table 8.)
Terms of Trade Indexes: Terms of trade indexes are based on country, region, or grouping and measure 
the change in the purchasing power of exports relative to imports. U.S. terms of trade with China declined 
0.5 percent in November following a 1.8-percent decrease the previous month. The index for U.S. terms of 
trade with China fell 0.5 percent over the past 12 months, the first over-the-year decline since September 
2020. U.S. terms of trade with Japan decreased 0.7 percent in November, after declining 0.8 percent in 
October. Lower export prices to Japan in November more than offset lower import prices from Japan. In 
contrast, the index for U.S. terms of trade with Canada increased in November, advancing 0.9 percent 
following a 3.4-percent rise in October. U.S. terms of trade with the European Union rose 1.0 percent in 
November, and U.S. terms of trade with Mexico fell 2.1 percent over the same period. (See table 9.)
Import and Export Services
Imports: Import air passenger fares declined 0.6 percent in November, after increasing 4.4 percent in 
October and 4.7 percent in September. Lower European and Asian fares in November more than offset 
higher Latin American/Caribbean fares. Despite the November decrease, import air passenger fares 
advanced 12.4 percent over the past year. Import air freight prices fell 10.5 percent in November following 
an 11.9-percent decline the previous month. Prices for import air freight decreased 37.8 percent for the year 
ended in November, the largest over-the-year decrease since the 12-month percent change series was first 
published in September 1991. (See table 10.)
Exports: The index for export air passenger fares rose 0.3 percent in November, after decreasing 7.4 
percent from July to October. Higher Asian fares in November more than offset lower European and Latin 
American/Caribbean fares. Export air passenger fares increased 13.9 percent over the past 12 months. Prices 
for export air freight declined 2.5 percent in November following a 3.2-percent decrease in October. The 
November drop was driven by a 4.4-percent decline in Asian air freight prices. Despite the November and 
October decreases, export air freight prices advanced 10.5 percent over the past year.  
		
U.S. Import and Export Price Index data for December 2022 are scheduled for release on Friday, 
January 13, 2023, at 8:30 a.m. (ET).

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