Prices for U.S. imports advanced 2.6 percent in March following a 1.6-percent increase in February and a 2.0-percent rise in January, the U.S. Bureau of Labor Statistics reported today. Higher fuel prices drove the March advance and nonfuel prices also increased. U.S. export prices rose 4.5 percent in March, after advancing 3.0 percent the previous month.

Imports
The price index for U.S. imports increased 2.6 percent in March, the largest monthly rise since April 2011. Prices for U.S. imports advanced 12.5 percent for the year ended in March, the largest 12-month increase since a 12.7-percent rise in September 2011.

Fuel Imports: Prices for import fuel advanced 14.6 percent in March, after increasing 10.0 percent in February and 7.3 percent in January. The March rise was the largest 1-month advance since a 15.2-percent increase in July 2020. The March increase was led by higher petroleum prices which rose 16.1 percent following an 11.3-percent advance in February. In contrast, natural gas prices declined 4.2 percent in March, after decreasing 4.3 percent the previous month. Import fuel prices rose 66.7 percent from March 2021 to March 2022. The price indexes for petroleum and natural gas advanced 66.5 percent and 79.7 percent, respectively, over the same period.

All Imports Excluding Fuel: Nonfuel import prices increased 1.2 percent in March following a 0.7-percent advance the previous month. Higher prices for nonfuel industrial supplies and materials; capital goods; consumer goods; and foods, feeds, and beverages each factored into the March increase in nonfuel import prices. Prices for nonfuel imports rose 7.5 percent for the year ended in March, the largest over-the-year advance since 12-month percent changes were first published in December 2002. Nonfuel prices have not recorded a 12-month decline since June 2020.

Foods, Feeds, and Beverages: Prices for import foods, feeds, and beverages ticked up 0.1 percent in March, after increasing 1.6 percent in February. Higher prices for food oils and fish in March largely offset a 5.3-percent decline in fruit prices.

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials advanced 4.7 percent in March following a 2.3-percent increase in February. Higher prices in March for unfinished metals, finished metals, selected building materials, and chemicals each contributed to the increase in nonfuel industrial supplies and materials prices.

Finished Goods: Prices for most of the major finished goods categories increased in March. The price index for capital goods advanced 0.3 percent for the second consecutive month. Capital goods prices last recorded a monthly decline in November 2019. Prices for consumer goods rose 0.2 percent in March, after increasing 0.3 percent in February. Consumer goods prices advanced 3.0 percent over the past year, the largest 12-month rise since a 3.4-percent increase from December 2010 to December 2011. Automotive vehicles prices were unchanged in March.

Exports
Prices for U.S. exports advanced 4.5 percent in March following a 3.0-percent rise in February and a 2.8-percent increase in January. All 3 advances were the largest monthly increases since 1-month percent changes were first published in January 1989. Higher prices for both agricultural and nonagricultural exports in March contributed to the overall rise in U.S. export prices. U.S. export prices advanced 18.8 percent over the past year, the largest over-the-year increase since 12-month percent changes were first published in September 1984.

Agricultural Exports: The price index for agricultural exports rose 4.7 percent in March, the largest monthly advance since May 2021. Higher prices for soybeans, wheat, and corn drove the rise in March. Agricultural export prices increased 20.8 percent for the 12 months ended in March, led by rising prices for soybeans, wheat, corn, and meat.

All Exports Excluding Agriculture: Nonagricultural export prices rose 4.5 percent in March, after 3.0-percent and 2.7-percent increases the 2 previous months. Higher prices for nonagricultural industrial supplies and materials; capital goods; consumer goods; automotive vehicles; and nonagricultural food all contributed to the March advance. Prices for nonagricultural exports rose 18.5 percent from March 2021 to March 2022.

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies and materials increased 8.7 percent in March, the largest 1-month advance since monthly percent changes were first published in October 1992. Higher prices for fuel, nonferrous metals, and chemicals led the March increase.

Finished Goods: Prices for each of the major finished goods categories advanced in March. Capital goods prices rose 0.5 percent driven by higher prices for industrial and service machinery and computers, peripherals, and semiconductors. The price indexes for consumer goods and automotive vehicles each advanced 0.8 percent in March.

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 increased 0.5 percent in March following a 0.2-percent rise in February. The March advance was led by higher fabricated metal prices. The price index for imports from China rose 4.8 percent for the year ended in March. The price index for imports from Japan increased 0.4 percent in March, after ticking up 0.1 percent the previous month. The March advance was the largest increase since the index rose 0.5 percent in April 2021. Import prices from Japan increased 1.8 percent over the past year. Prices for imports from Canada rose 7.3 percent in March, the largest 1-month advance since the index increased 13.8 percent in June 2020. The price indexes for imports from the European Union and Mexico also advanced in March, each rising 1.1 percent.

Exports by Locality of Destination: Prices for exports to China increased 5.0 percent in March following advances of 2.8 percent in February and 2.4 percent in January. The March rise was the largest monthly increase since 1-month percent changes were first published in January 2018. The price index for exports to China advanced 15.8 percent over the past 12 months, the largest over-the-year increase since May 2021. Export prices to Japan rose 5.2 percent in March, the largest 1-month advance since monthly percent changes were first published in January 2018. Prices for exports to Canada increased 2.9 percent in March, after rising 2.4 percent and 3.4 percent the 2 previous months. The price index for exports to the European Union advanced 4.6 percent in March and export prices to Mexico increased 3.9 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. U.S. terms of trade with China advanced 4.5 percent in March, the largest monthly increase since 1-month percent changes were first published in January 2018. Rising export prices to China more than offset advancing import prices from China. The index for U.S. terms of trade with China rose 10.5 percent over the past 12 months. U.S. terms of trade with Japan advanced 4.7 percent in March following increases of 3.3 percent and 3.8 percent the 2 previous months. U.S. terms of trade with Japan rose 17.1 percent over the past year, the largest 12-month advance since May 2021. The index for U.S. terms of trade with the European Union increased 3.5 percent in March following a 0.1-percent rise in February. U.S. terms of trade with Mexico advanced 2.7 percent in March, after a 3.2-percent increase the previous month. In contrast, U.S. terms of trade with Canada decreased 4.2 percent in March following a 2.3-percent decline in February.

Import and Export Services
Imports: Import air passenger fares rose 8.6 percent in March, after advancing 6.1 percent the previous month. Higher European fares, Asian fares, and Latin American/Caribbean fares all contributed to the March increase. The index for import air passenger fares rose 11.2 percent from March 2021 to March 2022, the largest over-the-year advance since September 2021. Prices for import air freight increased 1.7 percent in March following a 9.2-percent decrease in February. Import air freight prices advanced 18.3 percent for the year ended in March.

Exports: Export air passenger fares rose 7.0 percent in March, after declining 11.2 percent in February and increasing 7.7 percent in January. The March advance was driven by higher Latin American/Caribbean fares, European fares, and Asian fares. Export air passenger fares rose 9.8 percent over the past 12 months. The price index for export air freight advanced 3.4 percent in March following a 6.3-percent increase the previous month. Export air freight prices rose 19.6 percent over the past year, the largest 12-month increase since a 20.5-percent advance from September 2007 to September 2008.