EconomyU.S. Import and Export Price Indexes

U.S. Import and Export Price Indexes summary – 2023 M11 Results – TheFinanceHeadline

U.S. Import and Export Price Indexes summary

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                              U.S. IMPORT AND EXPORT PRICE INDEXES - NOVEMBER 2023                              
Prices for U.S. imports decreased 0.4 percent in November following a 0.6-percent decline the previous 
month, the U.S. Bureau of Labor Statistics reported today. Lower fuel prices in November more than offset 
an increase in nonfuel prices. U.S. export prices fell 0.9 percent for the second consecutive month in 
November.
Imports 
U.S. import prices decreased 0.4 percent in November and 0.6 percent in October, the first 1-month declines 
since June 2023. The October decrease was the largest 1-month decline since the index fell 0.8 percent in 
March 2023. Prices for U.S. imports fell 1.4 percent for the year ended in November. (See table 1.)
Fuel Imports: The price index for import fuel declined 5.6 percent in November following a 3.7-percent 
drop in October. The November decrease was the largest monthly decline since the index fell 5.6 percent in 
February 2023. Lower petroleum prices in November more than offset higher natural gas prices. Prices for 
import petroleum declined 7.1 percent in November, after decreasing 3.8 percent the previous month. The 
November drop was the largest 1-month decrease since August 2022. In contrast, natural gas prices rose 
38.3 percent in November, the largest 1-month rise since December 2022. Prices for import fuel declined 
10.3 percent over the past 12 months. Petroleum prices decreased 9.2 percent for the year ended in 
November, and prices for natural gas, despite the November advance, declined 34.8 percent over the same 
period.     
All Imports Excluding Fuel: Prices for nonfuel imports rose 0.2 percent in November, after declining 0.2 
percent in each of the 3 previous months. The November increase was the first 1-month advance since a 0.4-
percent rise in February 2023. Higher prices for foods, feeds, and beverages and nonfuel industrial supplies 
and materials more than offset lower prices for automotive vehicles. Despite the November increase, 
nonfuel import prices declined 0.4 percent over the past year.    
Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices advanced 0.9 percent in November, 
after declining 0.5 percent in October and 0.3 percent in September. Higher prices in November for 
vegetables and fruit more than offset lower prices for fish and shellfish, and meat.    
Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials 
rose 0.2 percent in November following a 0.6-percent decline the previous month. The November advance 
was the first 1-month increase since February 2023. Higher prices for nonmonetary gold in November drove 
the advance in nonfuel industrial supplies and materials prices.      
Finished Goods: Prices for the major finished goods import categories were mostly unchanged in 
November. Automotive vehicles prices edged down 0.1 percent in November, after increasing 0.3 percent in 
October. The November decline was the first monthly drop since June 2023 and was led by lower prices for 
parts, engines, bodies, and chassis. The price index for capital goods was unchanged in November, after 
declining 0.1 percent the previous month. Prices for consumer goods were unchanged in November 
following a 0.1-percent drop 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

2022

November

-0.8-3.9-0.3-0.42.8-0.9

December

0.1-2.30.4-3.0-2.4-3.1

2023

January

-0.4-4.80.20.2-0.80.3

February

-0.2-5.60.40.40.80.3

March

-0.8-4.4-0.5-0.4-1.8-0.2

April

0.34.6-0.1-0.10.4-0.1

May

-0.4-5.00.0-2.1-2.3-2.1

June

-0.21.1-0.3-0.6-1.4-0.5

July

0.01.2-0.10.30.50.4

August

0.68.8-0.21.2(r)-1.91.6

September

(r)0.56.3-0.20.5(r)-1.1(r)0.8

October

(r)-0.6(r)-3.7-0.2(r)-0.9(r)-1.0-1.0

November

-0.4-5.60.2-0.90.2-1.0

Nov. 2021 to 2022

2.79.42.06.112.85.2

Nov. 2022 to 2023

-1.4-10.3-0.4-5.2-10.5-4.5

Footnotes
(r) Revised

Exports 
U.S. export prices decreased 0.9 percent in November, after a 0.9-percent decline the previous month. 
Lower prices for nonagricultural exports in November more than offset higher agricultural prices. The price 
index for U.S. exports also declined over the past 12 months, decreasing 5.2 percent from November 2022 
to November 2023. (See table 2.)
Agricultural Exports: The price index for export agricultural goods advanced 0.2 percent in November 
following a 4.1-percent decline over the past 3 months. Higher fruit and soybeans prices in November more 
than offset lower prices for corn, meat, and other foods and food preparations. In spite of the advance, prices 
for agricultural exports declined 10.5 percent for the year ended in November, the largest 12-month drop for 
the index since a 10.7-percent decrease from March 2015 to March 2016.      
All Exports Excluding Agriculture: Nonagricultural export prices decreased 1.0 percent for the second 
consecutive month in November. The declines followed a 2.7-percent increase for the third quarter of 2023. 
Lower prices in November for nonagricultural industrial supplies and materials, capital goods, consumer 
goods, and automotive vehicles more than offset higher nonagricultural food prices. Prices for 
nonagricultural exports decreased 4.5 percent for the year ended in November.   
Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies 
and materials fell 2.2 percent in November, after decreasing 2.4 percent the previous month. Lower fuel 
prices drove the declines for both months, decreasing 5.1 percent in November and 4.3 percent in October. 
The November drop in fuel prices was the largest monthly decline since May 2023. 
Finished Goods: Prices for each of the major finished goods export categories declined in November. 
Consumer goods prices fell 0.2 percent following a 0.4-percent drop in October. Prices for consumer goods 
last rose on a monthly basis in June 2023. The price index for capital goods edged down 0.1 percent in 
November, the first 1-month decline since November 2022. Automotive vehicles prices also declined 0.1 
percent in November, the first monthly decrease since April 2023. The November drop was led by lower 
prices for parts, engines, bodies, and chassis.   
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: Prices for imports from China edged down 0.1 percent in November, after 
being unchanged the previous month. Prices for imports from China last increased on a monthly basis in 
October 2022. The price index for imports from China declined 2.9 percent from November 2022 to 
November 2023. In contrast, prices for imports from Japan ticked up 0.1 percent for the third consecutive 
month in November. Import prices from Japan last fell on a monthly basis in May 2023. Prices for imports 
from Japan rose 0.6 percent over the past year. Import prices from Canada declined 2.3 percent in 
November, the largest monthly decrease since a 4.0-percent drop in February 2023. The price index for 
imports from Canada fell 5.7 percent for the year ended November 2023. Import prices from the European 
Union fell 0.3 percent in November and prices for imports from Mexico decreased 0.1 percent over the 
same period. (See table 7.)
	
Exports by Locality of Destination: Export prices to China decreased 1.2 percent in November following a 
0.6-percent drop the previous month. The November decline was the largest monthly decrease since June 
2023. The price index for exports to China fell 5.5 percent over the past 12 months. Prices for exports to 
Japan decreased 2.0 percent in November, the largest monthly drop since May 2023. Export prices to Japan 
fell 10.8 percent for the year ended in November. Export prices to Canada fell 0.4 percent in November, 
after decreasing 0.3 percent in October. The November drop was the largest monthly decline since a 1.7-
percent decrease in May 2023. The price indexes for exports to the European Union and Mexico each fell in 
November, down 1.4 percent and 1.7 percent, respectively. (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 decreased 
1.1 percent in November, after a 0.6-percent decline the previous month. Lower export prices in November 
to China more than offset lower import prices from China. The index for U.S. terms of trade with China fell 
2.7 percent for the year ended in November. U.S. terms of trade with Japan decreased 2.1 percent in 
November following a 0.4-percent increase in October. U.S. terms of trade with Japan declined 11.4 percent 
over the past year. In contrast, the index for U.S. terms of trade with Canada rose 2.0 percent in November, 
the largest monthly increase since February 2023. U.S. terms of trade with the European Union and Mexico 
fell 1.1 percent and 1.5 percent, respectively, in November. (See table 9.)
Import and Export Services
Imports: Import air passenger fares fell 0.4 percent in November, after rising 2.5 percent in October and 9.9 
percent in September. Lower European fares in November more than offset higher Latin 
American/Caribbean and Asian fares. The index for import air passenger fares declined 5.1 percent over the 
past 12 months. Prices for import air freight rose 2.9 percent in November following a 0.6-percent decrease 
the previous month. A 5.0-percent advance in air freight prices from Asia drove the November increase. 
Despite the November rise, import air freight prices declined 8.7 percent over the past year. (See table 10.)
Exports: Export air passenger fares rose 1.3 percent in November, after declining 0.6 percent in October 
and 4.5 percent in September. The November advance was led by higher Latin American/Caribbean fares 
which more than offset lower European fares. In spite of the monthly increase, export air passenger fares 
fell 5.2 percent for the year ended in November. Export air freight prices declined 1.2 percent in November 
following a 4.4-percent drop in October. Lower European and Asian air freight prices each contributed to 
the November decline. Prices for export air freight decreased 11.4 percent from November 2022 to 
November 2023.     
		
U.S. Import and Export Price Index data for December 2023 are scheduled for release on Wednesday, 
January 17, 2024, at 8:30 a.m. (ET).

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