U.S. import prices were unchanged in April, after increasing 2.9 percent in March, the U.S. Bureau of Labor Statistics reported today. Higher nonfuel prices in April offset lower fuel prices. Prices for U.S. exports advanced 0.6 percent in April following a 4.1-percent increase the previous month.

Imports
The price index for U.S. imports was unchanged in April, after rising 6.8 percent over the first quarter of 2022. U.S. import prices have not recorded a monthly decline since the index fell 0.4 percent in December 2021. Prices for U.S. imports advanced 12.0 percent for the year ended in April, down from the 13.0-percent increase recorded last month.

Fuel Imports: Import fuel prices declined 2.4 percent in April following a 39.2-percent increase from December to March. The decrease in April was the first 1-month drop since the index fell 7.7 percent in December 2021. Lower petroleum prices in April more than offset higher natural gas prices. Despite the decrease in April, import fuel prices rose 64.3 percent over the past 12 months. Petroleum prices fell 2.9 percent in April, after advancing 19.4 percent the previous month. In contrast, natural gas prices increased 6.8 percent in April following a 9.5-percent decline in March. Petroleum and natural gas prices rose over the past year, advancing 63.0 percent and 102.2 percent, respectively.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.4 percent in April following advances of 1.2 percent, 0.9 percent, and 1.4 percent the 3 previous months. Nonfuel import prices have not recorded a 1-month drop since the index decreased 0.2 percent in November 2020. Higher prices for nonfuel industrial supplies and materials; capital goods; foods, feeds, and beverages; and automotive vehicles all contributed to the April increase in nonfuel import prices. The price index for nonfuel imports rose on a 12-month basis, advancing 7.2 percent.

Foods, Feeds, and Beverages: Foods, feeds, and beverages prices increased 0.9 percent in April, after rising 0.4 percent in March. Prices for foods, feeds, and beverages have not recorded a monthly decline since the index fell 0.1 percent in November 2021; the index advanced 12.1 percent for the year ended in April.

Nonfuel Industrial Supplies and Materials: Prices for nonfuel industrial supplies and materials rose 0.6 percent in April following a 4.6-percent advance in March. Higher prices in April for steelmaking materials, fertilizer, and steel mill products more than offset lower prices for unfinished building materials and precious metals.

Finished Goods: Prices for most of the major finished goods categories increased in April. Import capital goods prices advanced 0.4 percent for the second consecutive month and the index increased 3.8 percent for the year ended in April. The 12-month rise in capital goods prices was the largest over-the-year advance since September 1992. The price index for automotive vehicles also increased in April, rising 0.3 percent following a 0.1-percent advance in March. Prices for consumer goods were unchanged in April, the first time the index has not recorded a monthly increase since February 2021.

Exports
U.S. export prices rose 0.6 percent in April following a 10.5-percent advance from December to March. Higher prices for both agricultural and nonagricultural exports contributed to the overall increase in U.S. export prices in April. The price index for U.S. exports rose 18.0 percent over the past year.

Agricultural Exports: The price index for agricultural exports advanced 1.1 percent in April, after increasing 4.3 percent the previous month. Agricultural export prices have not declined on a monthly basis since September 2021. Higher prices in April for corn, cotton, meat, and nuts more than offset lower prices for wheat and soybeans. Prices for agricultural exports rose 20.9 percent from April 2021 to April 2022, led by higher prices for wheat, soybeans, corn, cotton, and meat.

All Exports Excluding Agriculture: Prices for nonagricultural exports advanced 0.5 percent in April following increases of 4.1 percent in March, 3.3 percent in February, and 2.8 percent in January. In April, higher prices for capital goods; nonagricultural industrial supplies and materials; automotive vehicles; and consumer goods all contributed to the rise in nonagricultural export prices. The price index for nonagricultural exports advanced 17.6 percent for the year ended in April, led by higher nonagricultural industrial supplies and materials prices.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices increased 0.4 percent in April following a 20.7-percent advance from December to March. Higher prices for chemicals and nonferrous metals more than offset a 1.3-percent drop in fuel prices. Despite the April decline, export fuel prices rose 72.8 percent over the past year.

Finished Goods: Prices for each of the major finished goods categories advanced in April. Capital goods prices increased 0.9 percent following consecutive 0.4-percent advances in March and February and a 0.9-percent rise in January. Prices for export capital goods increased 5.1 percent for the year ended in April, the largest 12-month advance since September 1982. The price index for automotive vehicles rose 0.8 percent in April and consumer goods prices advanced 0.5 percent for the same period.

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: The price index for imports from China advanced 0.2 percent in April following a 0.5-percent increase in March. The April rise was driven by higher prices for fabricated metal products manufacturing. Prices for imports from China rose 4.6 percent over the past year. Import prices from Japan advanced 0.3 percent in April, after increasing 0.5 percent the previous month. Prices for imports from Japan rose 1.9 percent from April 2021 to April 2022. The price indexes for imports from the European Union and Mexico also increased in April, advancing 0.2 percent and 0.6 percent, respectively. In contrast, the price index for imports from Canada declined 1.4 percent, after rising 20.1 percent from December to March.

Exports by Locality of Destination: Export prices to China decreased 0.3 percent in April, the first monthly drop since a 1.0-percent decline in December 2021. The decrease in April followed a 10.4-percent rise from December to March. Despite the April drop, prices for exports to China advanced 14.5 percent over the past 12 months. The price index for exports to Japan rose 0.7 percent in April following a 4.8-percent increase in March. Export prices to Japan advanced 18.7 percent for the year ended in April, the largest 12 month increase since May 2021. Prices for exports to the European Union fell 0.6 percent in April, after rising 4.5 percent the previous month. The price index for exports to Canada increased 1.3 percent in April and export prices to Mexico rose 1.4 percent over the same period.

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 declined 0.5 percent in April, after rising 9.0 percent from December to March. Higher import prices from China and decreasing export prices to China each contributed to the April drop in the U.S. terms of trade. Despite the April decline, the index for U.S. terms of trade with China rose 9.4 percent from April 2021 to April 2022. U.S. terms of trade with Japan advanced 0.4 percent in April following a 4.2-percent increase in March. U.S. terms of trade with Japan rose 16.5 percent for the year ended in April, the largest over-the-year advance since a 17.1-percent increase in May 2021. U.S. terms of trade with the European Union decreased 0.8 percent in April, after rising 3.1 percent the previous month. The index for U.S. terms of trade with Canada advanced 2.8 percent in April and U.S. terms of trade with Mexico increased 0.8 percent over the same period.

Import and Export Services
Imports: Import air passenger fares advanced 3.6 percent in April following an 8.6-percent rise in March and a 6.1-percent increase in February. In April, higher Asian, Latin American/Caribbean, and European fares all contributed to the overall advance. Import air passenger fares rose 14.2 percent over the past year, the largest 12-month increase since September 2021. Prices for import air freight declined 4.6 percent in April, after increasing 2.7 percent the previous month. Import air freight prices advanced 6.5 percent from April 2021 to April 2022.

Exports: The index for export air passenger fares ticked up 0.1 percent in April following a 7.0-percent advance in March. Higher Latin American/Caribbean fares in April offset declining Asian and European fares. Export air passenger fares rose 9.7 percent for the year ended in April. Export air freight prices were unchanged in April, after advances of 4.6 percent and 6.3 percent the previous 2 months. Prices for export air freight have not recorded a 1-month decline since July 2021 and rose 23.3 percent over the past year. The April 12-month advance was the largest over-the-year increase since the index rose 23.7 percent in August 2008.