All Imports: Import prices advanced 1.5 percent in January, and for the first time since July 2008 the index advanced at least 1.0 percent for four consecutive months. Import prices increased 5.3 percent over the past year, the largest 12-month advance for the index since an 8.5 percent rise between May 2009 and May 2010. In addition to contributing to the January price increases, higher fuel and nonfuel prices also both contributed to the 12 month advance in overall imports.
Fuel Imports: Fuel prices rose 3.9 percent in January, after rising 14.1 percent over the previous three months. Rising prices for petroleum and natural gas led the overall increase in fuel prices in January. Petroleum prices advanced 3.4 percent in January and prices for natural gas surged 13.0 percent, the largest monthly rise for that index since a 17.7 jump in January 2010. Fuel prices advanced 12.4 percent over the past year, led by a 14.3 percent increase in petroleum prices. Despite the January rise, natural gas prices fell 18.8 percent over the past year.
All Imports Excluding Fuel: The price index for nonfuel imports increased 0.8 percent in January, with higher prices for nonfuel industrial supplies and materials, finished goods, and foods, feeds, and beverages all contributing to the overall advance. The January increase matched a similar 0.8 percent rise in November, the largest one-month advances for the index since a 1.1 percent increase in April 2008. Nonfuel import prices rose 3.4 percent for the year ended in January, led by a 13.0 percent advance in nonfuel industrial supplies and materials prices and a 14.8 percent increase in foods, feeds, and beverages prices.
Exports
All Exports: Export prices increased 1.2 percent in January, led up by rising prices for both agricultural and nonagricultural export prices. Overall export prices have not recorded a decline since July, and rose 6.8 percent over the past year. The 12-month increase in January was the largest year-over-year advance since a 7.0 percent increase between September 2007 and September 2008.
Agricultural Exports: Agricultural export prices rose 3.2 percent in January, and increased 23.9 percent since July. The January advance was driven by higher prices for soybeans, corn, and wheat, up 5.8 percent, 8.0 percent, and 8.2 percent, respectively. In contrast, cotton prices, which rose 111.8 percent over the past year, fell 0.2 percent in January, the first monthly decline for the index since February 2010. The price index for agricultural exports increased 22.6 percent for the year ended in January.
All Exports Excluding Agriculture: The price index for nonagricultural exports advanced 0.9 percent in January, the largest monthly increase for the index since a 1.3 percent rise in April 2010. Higher prices for nonagricultural industrial supplies and materials, capital goods, and automotive vehicles more than offset a 0.4 percent drop in prices for consumer goods. Nonagricultural prices rose 5.3 percent over the past year, led mostly by a 13.9 percent advance in the price index for nonagricultural industrial supplies and materials.
SELECTED JANUARY HIGHLIGHTS
Import Prices
Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices increased 2.3 percent in January after a 1.1 percent advance the previous month. Following a recent trend, the January increase was led by higher prices for unfinished metals and chemicals, up 3.2 percent and 2.3 percent, respectively. The price index for unfinished metals rose 20.5 percent over the past year, while chemicals prices advanced 13.7 percent for the same period.
Finished Goods: Each of the major finished goods categories increased in January. Consumer goods prices advanced 0.3 percent; the largest contributors to the increase were a 0.9 percent advance in apparel, footwear, and household goods prices and a 4.0 percent jump in jewelry prices. Prices for automotive vehicles rose 0.5 percent, led by a 1.2 percent increase in parts prices. The price index for capital goods ticked up 0.1 percent as a 0.8 percent increase in capital goods prices, excluding computers more than offset 1.4 percent drop in computers, peripherals, and semiconductor prices.
Foods, Feeds, and Beverages: Foods, feeds, and beverages prices advanced 2.6 percent in January following a 1.4 percent increase in December. Higher prices for food oils, fish, coffee, meat, and fruit all contributed to the January rise.
Imports by Locality of Origin: Prices for imports from China rose 0.3 percent for the fourth consecutive month in January, driving the index up 1.4 percent over the past year. The advance between January 2010 and January 2011 was the largest 12-month increase since a 1.5 percent rise in import prices from China in January 2009. The price index for imports from Japan rose 0.4 percent in January, the largest monthly increase since a 0.7 percent advance in June 2009. Higher fuel prices contributed to rising prices for imports from Canada, the European Union, and Mexico, up 2.8 percent, 1.0 percent, and 1.2 percent, respectively.
Transportation Services: Import air passenger fares declined 2.6 percent in January, led by lower Asian and Latin American/Caribbean fares. Despite the downturn, import air passenger fares rose 12.2 percent over the past 12 months. The price index for import air freight fell 1.6 percent in January, but advanced 6.7 percent over the past year.
Export Prices
Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials rose 2.3 percent in January after a 1.4 percent increase the previous month. The January advance was led by higher prices for fuel, metals, and chemicals.
Finished Goods: Finished goods prices were mixed in January. Prices for capital goods and automotive vehicles increased 0.2 percent and 0.1 percent, respectively. In contrast, consumer goods prices declined 0.4 percent.
Transportation Services: Export air passenger fares rose 7.9 percent in January, driven by a 12.4 percent increase in Asian fares and a 7.7 percent advance in Latin American/Caribbean fares. The index for overall export fares increased 15.6 percent over the past 12 months. Export air freight prices advanced 3.8 percent in January and 7.9 percent over the past year.
