U.S. Import and Export Price Indexes summary

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                                U.S. IMPORT AND EXPORT PRICE INDEXES - JUNE 2024                                

U.S. import prices were unchanged in June, after declining 0.2 percent in May, the U.S. Bureau of Labor 
Statistics reported today. Lower import fuel prices in June offset higher nonfuel prices. Prices for U.S. 
exports decreased 0.5 percent in June following a 0.7-percent drop the previous month.

Imports 

The price index for U.S. imports was unchanged in June, after declining 0.2 percent the previous month. 
The May decrease was the only 1-month decline recorded in the first half of 2024. Prices for U.S. imports 
advanced 1.6 percent for the year ended in June, the largest 12-month increase since a 3.2-percent rise in 
December 2022. (See table 1.)

Fuel Imports: Import fuel prices decreased 1.0 percent in June, after increasing 0.4 percent in May. The 
June decline was the first 1-month drop in import fuel prices since December 2023. Lower prices for both 
petroleum and natural gas in June led the overall decrease in fuel prices. Prices for import fuel advanced 8.2 
percent from June 2023 to June 2024. Import petroleum prices fell for the first time on a monthly basis since 
December 2023, declining 1.2 percent in June following a 0.7-percent increase in May. Despite the June 
decrease, import petroleum prices advanced 9.6 percent over the past year. The price index for import 
natural gas fell 4.5 percent in June, after declining 14.4 percent the previous month. Prices for natural gas 
have not increased on a monthly basis since November 2023. Natural gas prices declined 37.4 percent for 
the year ended in June.   

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.2 percent in June following a 0.3-
percent decline the previous month. Higher prices in June for nonfuel industrial supplies and materials; 
foods, feeds, and beverages; and automotive vehicles more than offset lower prices for consumer goods. 
Nonfuel import prices rose 1.0 percent for the year ended in June, the largest over-the-year advance since 
December 2022.           

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices rose 0.7 percent in June, after 
declining 1.6 percent in May. Higher prices for vegetables and green coffee in June more than offset lower 
fruit prices.      

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials 
advanced 0.6 percent in June following a 0.6-percent decline the previous month. The June increase was 
driven by higher prices for both unfinished and finished metals, which rose 1.7 percent and 1.9 percent, 
respectively.

Finished Goods: Prices for the major finished goods import categories were mixed in June. Consumer goods 
prices edged down 0.1 percent, after rising 0.1 percent in May. Lower prices for nonmanufactured goods in 
June more than offset higher prices for coins, gems, jewelry, and collectibles and medicinal, dental, and 
pharmaceutical products. In contrast, prices for automotive vehicles ticked up 0.1 percent in June, after 
being unchanged the previous month. Capital goods prices were unchanged in June following a 0.2-percent 
decline in May.            

Table A. Percent change in Import and Export Price Indexes, selected categories

Exports 

U.S. export prices decreased 0.5 percent in June, after declining 0.7 percent the previous month. The June 
and May drops were the first 1-month decreases since December 2023. Lower prices for nonagricultural 
exports in both months more than offset higher agricultural prices. Despite the recent declines, prices for 
U.S. exports advanced 0.7 percent over the past 12 months. (See table 2.)

Agricultural Exports: The price index for agricultural exports rose 0.6 percent in June following a 0.3-
percent increase in May. Higher prices for meat and nuts in June more than offset lower corn and vegetable 
prices. Despite the recent advances, export agricultural prices fell 4.8 percent over the past year.          

All Exports Excluding Agriculture: Prices for nonagricultural exports fell 0.6 percent in June, after 
decreasing 0.8 percent the previous month. Lower prices for nonagricultural industrial supplies and 
materials and consumer goods more than offset higher prices for automotive vehicles and nonagricultural 
foods. In spite of the recent monthly declines, nonagricultural export prices increased 1.4 percent from June 
2023 to June 2024.       

Nonagricultural Industrial Supplies and Materials: The price index for nonagricultural industrial supplies 
and materials declined 1.3 percent in June following a 2.1-percent drop in May. Lower prices for fuels and 
chemicals in June more than offset higher prices for nonferrous metals. Despite the recent decreases, 
nonagricultural industrial supplies and materials prices increased 1.7 percent over the past year, the largest 
12-month advance since a 4.7-percent increase for the year ended December 2022.   

Finished Goods: Prices for the major finished goods export categories were mixed in June. Consumer goods 
prices decreased 0.5 percent, the largest 1-month drop since January 2024. The June decline was led by 
lower prices for gem diamonds; toys, shooting, and sporting goods; and jewelry. In contrast, prices for 
automotive vehicles ticked up 0.1 percent for the second consecutive month in June. Export automotive 
vehicles prices have not declined on a monthly basis since April 2023. Capital goods prices were unchanged 
in June following a 0.2-percent advance 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: Prices for imports from China were unchanged for the third time in the past 
4 months in June. The price index for imports from China last advanced on a monthly basis in October 
2022. Import prices from China declined 1.6 percent for the year ended in June. Prices for imports from 
Japan decreased 0.2 percent in June, after ticking up 0.1 percent the previous month. The price index for 
imports from Japan advanced 0.1 percent from June 2023 to June 2024. Import prices from Mexico and 
Canada both increased in June, rising 0.2 percent and 0.1 percent, respectively. The June advance in prices 
for imports from Mexico followed a 0.7-percent drop in May and the increase for import prices from 
Canada followed a 0.2-percent decline in May. The price index for imports from the European Union rose 
0.4 percent in June, after advancing 0.2 percent the previous month. (See table 7.)
	
Exports by Locality of Destination: Export prices to China decreased 0.4 percent in June following a 0.3-
percent drop the previous month. The June decline was the largest monthly decrease since January 2024. 
The price index for exports to China fell 0.4 percent over the past 12 months. In contrast, prices for exports 
to Japan rose 0.5 percent in June, after declining 0.4 percent in May. Despite the June advance, export prices 
to Japan decreased 0.6 percent over the past year. The price index for exports to Mexico increased 1.9 
percent in June, after falling 1.0 percent in May and rising 2.0 percent in April. Export prices to Canada 
advanced 0.2 percent in June following no change the previous month. The price index for exports to 
Canada has not recorded a 1-month decline since January 2024. Export prices to the European Union fell 
0.4 percent in June, after decreasing 1.3 percent in May. (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 fell 0.4 
percent in June, after declining 0.2 percent the previous month. In spite of the recent declines, U.S. terms of 
trade with China rose 1.2 percent over the past year, the largest 12-month advance since September 2022. 
The index for U.S. terms of trade with Japan increased 0.6 percent in June following a 0.4-percent decrease 
in May. Higher export prices to Japan and lower import prices from Japan contributed to the June advance 
in U.S. terms of trade with Japan. U.S. terms of trade with Japan fell 0.8 percent over the past 12 months. 
The indexes for U.S. terms of trade with Mexico and Canada increased in June, advancing 1.7 percent and 
0.2 percent, respectively. In contrast, U.S. terms of trade with the European Union declined 0.8 percent in 
June. (See table 9.)

Import and Export Services

Imports: Import air passenger fares rose 9.0 percent in June, the largest 1-month advance since the index 
increased 9.9 percent in September 2023. Import air passenger fares have not declined on a monthly basis 
since January 2024. Higher prices for European, Asian, and Latin American/Caribbean fares all contributed 
to the June rise. Despite the recent increases, import air passenger fares fell 2.5 percent for the year ended in 
June. Prices for import air freight rose 2.0 percent in June, after declining 0.7 percent in May. Import air 
freight prices decreased 1.8 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares advanced 10.6 percent in June, the largest monthly 
increase since January 2024. Higher European, Latin American/Caribbean, and Asian fares in June all 
contributed to the rise in export air passenger fares. In spite of the June advance, export air passenger fares 
fell 1.3 percent over the past 12 months. Export air freight prices declined 0.5 percent in June following a 
1.9-percent drop in May and a 2.5-percent decrease in April. Prices for export air freight fell 3.9 percent 
from June 2023 to June 2024.       
		
U.S. Import and Export Price Index data for July 2024 are scheduled for release on Thursday, August 
15, 2024, at 8:30 a.m. (ET).