Research >> Economics

U.S. Import Price Index ticked up 0.1% in November 2020


Prices for U.S. imports ticked up 0.1 percent in November, the U.S. Bureau of Labor Statistics reported today, after edging down 0.1 percent in October. Higher fuel prices in November more than offset lower nonfuel prices. U.S. export prices also rose in November, increasing 0.6 percent following advances of 0.2 percent in October and 0.6 percent in September.

Imports
The price index for U.S. imports increased 0.1 percent in November following a 0.1-percent decline the previous month. Import prices advanced 4.4 percent from April to September prior to the downturn in October. Despite the recent increases, prices for U.S. imports decreased 1.0 percent from November 2019 to November 2020.

Fuel Imports: Prices for import fuel increased 4.3 percent in November following a 0.9-percent decline in October and a 4.7-percent drop in September. Higher prices for both natural gas and petroleum contributed to the November advance. Natural gas prices increased 49.1 percent, after declining 14.7 percent the previous month. The November advance was the largest monthly rise since the index increased 62.4 percent in November 2018. The price index for import petroleum advanced 2.1 percent in November following declines of 0.1 percent in October and 6.1 percent in September. Despite the November rise, import fuel prices fell 24.6 percent over the past year. A 27.0-percent drop in petroleum prices for the year ended in November more than offset a 27.5-percent increase in natural gas prices.

All Imports Excluding Fuel: Nonfuel import prices declined 0.3 percent in November, the first time the index fell on a monthly basis since a 0.5-percent decrease in April. In November, lower prices for foods, feeds, and beverages; nonfuel industrial supplies and materials; and automotive vehicles more than offset higher prices for capital goods. Prices for nonfuel imports rose on a 12-month basis, increasing 1.6 percent from November 2019 to November 2020.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials decreased 0.4 percent in November, after advancing 9.6 percent from May to October. The November decline was led by a 9.3-percent drop in selected building materials prices which more than offset higher prices for unfinished metals and chemicals.

Finished Goods: Finished goods prices were mixed in November. The price index for capital goods ticked up 0.1 percent, automotive vehicles prices declined 0.1 percent, and prices for consumer goods were unchanged.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices declined 2.2 percent in November following a 0.1-percent increase in October. In November, the decrease was driven by an 11.0-percent drop in fruit prices and an 11.5-percent decline in vegetable prices.

Exports
Prices for U.S. exports increased 0.6 percent in November and have not recorded a monthly decline since decreasing 3.5 percent in April. Higher prices for both agricultural exports and nonagricultural exports contributed to the November rise. Despite increases in each of the last 6 months, export prices fell 1.1 percent from November 2019 to November 2020. (See table 2.)

Agricultural Exports: Agricultural export prices advanced 3.7 percent in November following increases of 3.4 percent in October and 2.7 percent in September. The November rise was the largest monthly increase since the index advanced 3.8 percent in December 2018. The increase in November was driven by 7.6-percent advances in prices for both soybeans and corn. Higher prices for dairy products and eggs, vegetables, wheat, fruit, meat, and cotton also contributed to the overall advance in November. Prices for agricultural exports rose 4.4 percent for the year ended in November, the largest 12-month advance since the index increased 5.3 percent in June 2018.

All Exports Excluding Agriculture: The price index for nonagricultural exports increased 0.3 percent in November, after edging down 0.1 percent the previous month. In November, higher prices for nonagricultural industrial supplies and materials; automotive vehicles; and nonagricultural foods more than offset lower prices for consumer goods and capital goods. Despite the monthly advance, prices for nonagricultural exports decreased 1.7 percent for the year ended in November and have not recorded an over-the-year increase since January 2020.

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and materials advanced 1.3 percent in November following a 0.4-percent drop in October. The November rise was led by 1.8-percent increases in fuel prices and chemicals prices.

Finished Goods: Finished goods prices were mixed in November. Prices for consumer goods decreased 0.8 percent, the largest decline since the index fell 1.0 percent in January 2017. Capital goods prices fell 0.2 percent in November, after edging down 0.1 percent the previous month. The November decline was the largest since a 0.2-percent drop in October 2019 and was driven by lower prices for industrial and service machinery and computers, peripherals, and semiconductors. In contrast, prices for automotive vehicles advanced 0.2 percent in November following a 0.3-percent advance in October.

Measures of Import and Export Prices by Locality
Imports by Locality of Origin: Prices for imports from China ticked up 0.1 percent in November following no change in each of the previous 2 months. The November advance was driven by higher prices for plastics and rubber products. The price index for imports from China rose 0.4 percent over the past year, the largest 12-month advance since the index increased 0.4 percent in September 2018. Import prices from Japan advanced 0.1 percent in November, after a 0.3-percent rise in October. Prices for imports from Japan increased 0.2 percent for the year ended in November. In contrast, import prices from the European Union decreased 0.2 percent and prices for imports from Mexico fell 0.9 percent in November. The price index for imports from Canada was unchanged in November following a 0.1-percent increase in October and a 0.1-percent drop in September.

Exports by Locality of Destination: Prices for exports to China rose 1.5 percent in November, after increasing 0.8 percent the previous month. The November advance was the largest rise since the index increased 3.0 percent in June. Export prices to China advanced 2.7 percent from November 2019 to November 2020. The price index for exports to Japan advanced 0.2 percent in November and 0.2 percent over the past 12 months. Prices for exports to the European Union decreased 0.2 percent in November following a 0.4-percent decline in October. Export prices to the European Union also fell over the past year, decreasing 1.5 percent. The price index for exports to Canada increased 1.1 percent in November and prices for exports to Mexico advanced 0.5 percent.

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. The U.S. terms of trade with China increased 1.4 percent in November following a 0.8-percent rise in October. The November advance was the largest monthly increase since the index rose 3.0 percent in June. The U.S. terms of trade with Japan ticked up 0.1 percent in November following 3 consecutive 0.7-percent advances in October, September, and August. In November, higher export prices to Japan more than offset increasing import prices from Japan. The index for U.S. terms of trade with the European Union was unchanged in November, after declining 0.5 percent in October and September. The U.S. terms of trade with Canada and Mexico each advanced in November, rising 1.1 percent and 1.4 percent, respectively.

Import and Export Services
Imports: Import air passenger fares declined 0.3 percent in November, after increasing 3.9 percent in October and 4.4 percent in September. In November, higher Asian fares more than offset lower European fares. Overall import air passenger fares fell 14.9 percent over the past 12 months. Import air freight prices rose 10.6 percent in November following a 4.1-percent advance the previous month. The November increase was the largest 1-month rise since a 26.2-percent increase in May and a 39.9-percent advance in June. The price index for import air freight increased 69.7 percent over the past year.

Exports: Export air passenger fares rose 14.5 percent in November, the largest advance since the index was first published on a monthly basis in December 2000. The November advance was driven by a 46.5-percent increase in Asian fares. Overall export air passenger fares also increased 14.5 percent from November 2019 to November 2020, the largest 12-month advance since the index rose 15.6 percent for the year ended February 2012. Prices for export air freight increased 3.4 percent in November, after declining 6.7 percent the previous month. Despite the November rise, export air freight prices decreased 2.2 percent over the past 12 months.




Posted: December 15, 2020 Tuesday 08:30 AM




Tags - Research
ADP EMPLOYMENT
BEIGE BOOK
BUSINESS BAROMETER
BUSINESS INVENTORIES
CASE-SHILLER
CEO CONFIDENCE
CHALLENGER LAYOFFS
CHICAGO FED MIDWEST MFG
CHICAGO FED NATL ACTIVITY
CHICAGO PMI
CONSTRUCTION SPENDING
CONSUMER CONFIDENCE
CONSUMER CREDIT
CPI
CURRENT ACCOUNT
DURABLE GOODS
EMPLOYMENT COST INDEX
EMPLOYMENT TRENDS INDEX
EXISTING HOME SALES
FACTORY ORDERS
FOMC STMT
FOMC
GDP
HELP WANTED HWOL
HOUSING STARTS
ICSC CHAIN STORE
IMPORT PRICE INDEX
INDUSTRIAL PRODUCTION
INTERNATIONAL TRADE
ISM MFG
ISM NON-MFG
JOB OPENINGS
JOBLESS CLAIMS
KANSAS CITY FED MFG
LEADING INDEX
MASS LAYOFFS
MICH CONSUMER CONFIDENCE
MORTGAGE APPS
NAHB INDEX
NAPM-NY
NBER
NEW HOME SALES
NEW YORK FED MFG
NFIB OPTIMISM INDEX
NONFARM EMPLOYMENT
PAYCHEX-IHS SMALL JOBS
PENDING HOME SALES
PERSONAL INCOME
PHILA FED FORECASTERS
PHILA FED MFG
PHILA FED NON-MFG
PPI
PRODUCTIVITY GROWTH
REAL HOURLY EARNINGS
RETAIL SALES
RICHMOND FED MFG
TEXAS FED MFG
TREASURY INTL CAPITAL
WHOLESALE INVENTORIES
Archives
Mar 2024
Feb 2024
Jan 2024
Dec 2023
Nov 2023
Oct 2023
Sep 2023
Aug 2023
Jul 2023
Jun 2023
May 2023
Apr 2023
Mar 2023
Feb 2023
Jan 2023
Dec 2022
Nov 2022
Oct 2022
Sep 2022
Aug 2022
Jul 2022
Jun 2022
May 2022
Apr 2022
Mar 2022
Feb 2022
Jan 2022
Dec 2021
Nov 2021
Oct 2021
Sep 2021
Aug 2021
Jul 2021
Jun 2021
May 2021
Apr 2021
Mar 2021
Feb 2021
Jan 2021
Dec 2020
Nov 2020
Oct 2020
Sep 2020
Aug 2020
Jul 2020
Jun 2020
May 2020
Apr 2020
Mar 2020
Feb 2020
Jan 2020
Dec 2019
Nov 2019
Oct 2019
Sep 2019
Aug 2019
Jul 2019
Jun 2019
May 2019
Apr 2019
Mar 2019
Feb 2019
Jan 2019
Dec 2018
Nov 2018
Oct 2018
Sep 2018
Aug 2018
Jul 2018
Jun 2018
May 2018
Apr 2018
Mar 2018
Feb 2018
Jan 2018
Dec 2017
Nov 2017
Oct 2017
Sep 2017
Aug 2017
Jul 2017
Jun 2017
May 2017
Apr 2017
Mar 2017
Feb 2017
Jan 2017
Dec 2016
Nov 2016
Oct 2016
Sep 2016
Aug 2016
Jul 2016
Jun 2016
May 2016
Apr 2016
Mar 2016
Feb 2016
Jan 2016
Dec 2015
Nov 2015
Oct 2015
Sep 2015
Aug 2015
Jul 2015
Jun 2015
May 2015
Apr 2015
Mar 2015
Feb 2015
Jan 2015
Dec 2014
Nov 2014
Oct 2014
Sep 2014
Aug 2014
Jul 2014
Jun 2014
May 2014
Apr 2014
Mar 2014
Feb 2014
Jan 2014
Dec 2013
Nov 2013
Oct 2013
Sep 2013
Aug 2013
Jul 2013
Jun 2013
May 2013
Apr 2013
Mar 2013
Feb 2013
Jan 2013
Dec 2012
Nov 2012
Oct 2012
Sep 2012
Aug 2012
Jul 2012
Jun 2012
May 2012
Apr 2012
Mar 2012
Feb 2012
Jan 2012
Dec 2011
Nov 2011
Oct 2011
Sep 2011
Aug 2011
Jul 2011
Jun 2011
May 2011
Apr 2011
Mar 2011
Feb 2011
Jan 2011
Dec 2010
Nov 2010
Oct 2010
Sep 2010
Aug 2010
Jul 2010
Jun 2010
May 2010
Apr 2010
Mar 2010
Feb 2010
Jan 2010
Dec 2009
Nov 2009
Oct 2009
Sep 2009
Aug 2009
Jul 2009
Jun 2009
May 2009
Apr 2009
Mar 2009
Feb 2009
Jan 2009
Dec 2008
Nov 2008
Oct 2008
Sep 2008
Aug 2008






National Association for Business Economics
NABE

Founded in 1920, the National Bureau of Economic Research is a private, nonprofit, nonpartisan research organization dedicated to promoting a greater understanding of how the economy works.

CFA Institute

Quick Links
Barron's Online
Bloomberg
CNBC
CNBC TV Live
CNet Investor
Financial Times (UK)
Forbes
Kudlow Podcast
MSNBC TV Live
NBC News
NY Times
The Economist
TheStreet.com
Wall St Journal
Dismal Scientist
Dr. Ed Yardeni
FRED Graph
Lawrence Kudlow
GDPNow
NABE
ABC News
CNNfn
Institutional Investor
MarketWatch
Cash Prices - WSJ.com
Dollar Index
Dr. Jeremy Siegel
Market Map
NY RBOB Gas
PriceStats
Rig Count
Shadow Fed - SOMC
The Billion Prices Project
BankStocks.com
Dow Jones Indices
Morningstar
SP Indices
Mt Washington Observatory
Weather.com
Yahoo!!