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Economic News Release
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U.S. Import and Export Price Indexes summary

Transmission of material in this release is embargoed until 					USDL-22-0467
8:30 a.m. (ET) Wednesday, March 16, 2022

Technical information: (202) 691-7101 * MXPinfo@bls.gov * www.bls.gov/mxp
Media contact:	       (202) 691-5902 * PressOffice@bls.gov


			  U.S. IMPORT AND EXPORT PRICE INDEXES - FEBRUARY 2022

U.S. import prices rose 1.4 percent in February, after advancing 1.9 percent in January, the U.S. Bureau of 
Labor Statistics reported today. Higher fuel and nonfuel prices drove the increases in both months. Prices 
for U.S. exports advanced 3.0 percent in February following a 2.8-percent rise the previous month. //XIMPIM Test 05022022//  


Imports 

The price index for U.S. imports increased 1.4 percent in February following a 1.9-percent advance in 
January and a 0.4-percent decline in December. U.S. import prices rose 10.9 percent over the past 12 
months. (See table 1.)

Fuel Imports: Import fuel prices advanced 6.9 percent in February, after increasing 7.7 percent the previous 
month. Higher petroleum prices more than offset a decrease in natural gas prices. Prices for import fuel rose 
53.0 percent for the year ended in February. The price index for import petroleum increased 8.1 percent in 
February following a 7.9-percent rise in January. The February advance was the largest monthly increase for 
the index since October 2021. Import petroleum prices increased 52.8 percent over the past year. In contrast, 
natural gas prices declined 10.0 percent in February, after rising 6.8 percent in January and decreasing 10.5 
percent in December. Despite recent drops, the index advanced 61.6 percent from February 2021 to 
February 2022.

All Imports Excluding Fuel: Prices for nonfuel imports increased 0.8 percent in February following a 1.3-
percent rise the previous month. Nonfuel import prices have not recorded a monthly decline since 
November 2020. Higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; 
capital goods; consumer goods; and automotive vehicles all contributed to the February advance in nonfuel 
import prices. The price index for nonfuel imports increased 7.2 percent over the past 12 months, the largest 
over-the-year advance since 12-month percent changes were first published in December 2002.          

Foods, Feeds, and Beverages: Import foods, feeds, and beverages prices rose 1.5 percent in February, after 
increasing 3.5 percent in January. The February advance was led by higher prices for fruit, fish and 
shellfish, and meat, which more than offset lower vegetable prices. 

Nonfuel Industrial Supplies and Materials: The price index for nonfuel industrial supplies and materials 
rose 2.2 percent in February following a 3.2-percent increase the previous month. Higher prices for 
nonferrous metals, finished metals, selected building materials, and chemicals all contributed to the 
February advance.            

Finished Goods: Prices for each of the major finished goods categories increased in February. Consumer 
goods prices rose 0.3 percent, after advancing 0.4 percent in January. Prices for capital goods increased 0.3 
percent following a 0.8-percent rise the previous month. The February advance was driven by a 0.6-percent 
increase in computer, peripheral, and semiconductor prices. The price index for automotive vehicles 
advanced 0.2 percent for the second consecutive month in February.  

Table A. Percent change in Import and Export Price Indexes, selected categories
Month IMPORTS EXPORTS
All
imports
Fuel
imports
Nonfuel
imports
All
exports
Agri-
cultural
exports
Non-
agricultural
exports

2021

February

1.2 10.9 0.4 1.6 2.7 1.5

March

1.5 8.0 0.9 2.5 2.4 2.5

April

0.9 1.9 0.8 1.2 0.7 1.2

May

1.3 5.2 0.9 2.3 6.1 1.8

June

1.1 4.9 0.7 1.2 1.4 1.1

July

0.3 2.9 0.0 1.1 -1.7 1.3

August

-0.2 -2.2 0.0 0.2 0.9 0.1

September

0.4 3.6 0.1 0.3 -1.5 0.5

October

1.5 11.1 0.5 1.9 1.1 2.0

November

0.7 2.5 0.6 0.7 1.1 0.6

December

-0.4 (r)-7.7 0.5 -1.6 0.7 -1.9

2022

January

(r)1.9 (r)7.7 (r)1.3 (r)2.8 (r)2.9 (r)2.8

February

1.4 6.9 0.8 3.0 3.0 3.0

Feb. 2020 to 2021

3.0 6.4 2.8 5.4 15.9 4.3

Feb. 2021 to 2022

10.9 53.0 7.2 16.6 18.2 16.3

Footnotes
(r) Revised


Exports 

U.S. export prices rose 3.0 percent in February, after a 2.8-percent advance the previous month. The 
February increase was the largest monthly rise since 1-month percent changes were first published in 
January 1989. Higher prices for both agricultural and nonagricultural exports in February contributed to the 
overall advance in U.S. export prices. Prices for U.S. exports increased 16.6 percent for the year ended in 
February. (See table 2.)

Agricultural Exports: Prices for agricultural exports increased 3.0 percent in February following a 2.9-
percent rise in January. In February, higher prices for soybeans, corn, and cotton more than offset lower nut 
prices. The price index for agricultural exports increased 18.2 percent over the past year.                       

All Exports Excluding Agriculture: The price index for nonagricultural exports rose 3.0 percent in 
February, after increasing 2.8 percent in January. The February and January advances were the largest 
increases since monthly percent changes were first published in January 1989. For both months, higher 
prices for nonagricultural industrial supplies and materials; capital goods; consumer goods; automotive 
vehicles; and nonagricultural foods all contributed to the increases in nonagricultural export prices. 
Nonagricultural prices rose 16.3 percent from February 2021 to February 2022.                

Nonagricultural Industrial Supplies and Materials: Prices for nonagricultural industrial supplies and 
materials advanced 5.9 percent in February following a 5.2-percent increase the previous month. In 
February, an 11.5-percent rise in fuel prices led the advance in nonagricultural industrial supplies and 
materials prices and was the largest 1-month increase since the index rose 23.7 percent in June 2020.         

Finished Goods: Prices for each of the major finished goods categories advanced in February. The price 
index for capital goods rose 0.4 percent, after increasing 0.8 percent in January. Higher prices for industrial 
service machinery and computers, peripherals, and semiconductors drove the February advance. Prices for 
consumer goods and automotive vehicles also rose in February, increasing 0.7 percent and 0.3 percent, 
respectively. 

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 ticked up 0.1 percent in February, after 
rising 1.4 percent from October to January. Import prices from China have not recorded a monthly decline 
since October 2020. The price index for imports from China increased 4.6 percent for the year ended in 
February. Prices for imports from Japan rose 0.1 percent in February and 1.7 percent over the past 12 
months. The last decrease for import prices from Japan was a 0.1-percent drop in July 2020. The price index 
for imports from Canada advanced 2.7 percent in February, after a 5.9-percent increase in January. Higher 
fuel prices led the advances in both months. Prices for imports from the European Union rose 1.2 percent in 
February and import prices from Mexico increased 0.6 percent over the same period. (See table 7.)

Exports by Locality of Destination: Export prices to China rose 2.7 percent in February, after a 2.6-
percent advance the previous month. The February increase was the largest 1-month rise for the price index 
for exports to China since a 3.6-percent advance in March 2021. Prices for exports to China rose 14.2 
percent from February 2021 to February 2022. Export prices to Japan increased 3.3 percent in February 
following a 4.0-percent advance the previous month. The price index for exports to Japan rose 14.9 percent 
over the past 12 months. Prices for exports to Canada advanced 2.5 percent in February, after a 3.8-percent 
increase in January. The price indexes for exports to the European Union and Mexico also rose in February, 
advancing 0.8 percent and 4.1 percent, respectively. (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 increased 
2.6 percent in February following a 2.1-percent advance the previous month. In February, the rise in export 
prices to China more than offset the increase in import prices from China. The index for U.S. terms of trade 
with China advanced 9.2 percent over the past year. U.S. terms of trade with Japan rose 3.2 percent in 
February, after increasing 3.8 percent in January. U.S. terms of trade with Japan advanced 12.9 percent for 
the year ended in February. The index for U.S. terms of trade with Mexico rose 3.4 percent in February, the 
largest monthly increase since the index advanced 7.8 percent in May 2021. In contrast, U.S. terms of trade 
with Canada declined 0.2 percent in February and the U.S. terms of trade with the European Union 
decreased 0.5 percent. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 6.1 percent in February following a 19.4-percent decline the 
previous month. In February, higher Asian and European fares led the overall advance in air passenger 
fares. Import air passenger fares declined 1.3 percent for the year ended in February. Import air freight 
prices decreased 7.8 percent in February, after rising 6.3 percent in January. Despite the February decline, 
prices for import air freight advanced 13.2 percent over the past year. (See table 10.)

Exports: The index for export air passenger fares fell 11.2 percent in February following increases of 7.7 
percent and 2.3 percent the 2 previous months. The February decline was the largest monthly drop since an 
11.6-percent decrease in February 2017. The February 2022 decline was driven by a 26.1-percent drop in 
Latin American/Caribbean fares. Despite the February decrease, overall export air passenger fares rose 1.0 
percent over the past 12 months. Prices for export air freight increased 3.8 percent in February, after 
advances of 1.7 percent in January and 4.7 percent in December. Export air freight prices have not recorded 
a monthly decline since July 2021. The price index for export air freight rose 13.9 percent from February 
2021 to February 2022, the largest 12-month increase since the index advanced 15.0 percent in October 
2011.      

U.S. Import and Export Price Index data for March 2022 are scheduled for release on Thursday, April 14, 
2022 at 8:30 a.m. (ET).

Last Modified Date: May 02, 2022