U.S. IMPORT AND EXPORT PRICE INDEXES SEPTEMBER 2018

Transcription

1 Transmission of material in this release is embargoed until 8:30 a.m. (EDT) Friday, October 12, USDL Technical information: (202) Media contact: (202) U.S. IMPORT AND EXPORT PRICE INDEXES SEPTEMBER Prices for U.S. imports increased 0.5 percent in September, the U.S. Bureau of Labor Statistics reported today, after declining 0.4 percent in August and 0.1 percent in. The September advance was led by higher fuel prices. U.S. export prices recorded no change in September following declines of 0.2 percent and 0.5 percent the previous 2 months. Chart 1. One-month and 12-month percent changes in the Import Price : September 2017 September 1-month percent change 12-month percent change Sep'17 Oct Nov Dec Jan Feb Mar Apr Jun Aug Sep'18 Imports Import prices advanced 0.5 percent in September, the first monthly increase since a 0.9-percent rise in. The upturn reversed the declines in each of the previous 2 months. Prices for overall imports rose 3.5 percent from September September and have not recorded an over-the-year decrease since the index fell 0.2 percent in October (See table 1.) Fuel Imports: The price index for import fuels increased 3.8 percent in September, after declining 2.2 percent in August. The September advance was the largest monthly rise since a 6.1-percent increase in and was led by higher petroleum prices which more than offset lower natural gas prices. Prices for petroleum increased 4.1 percent in September following a 2.3-percent decline the previous month. In contrast, natural gas prices fell 4.0 percent, after decreasing 3.9 percent in August. Fuel prices increased 30.0 percent for the year ended in September, driven by a 32.1-percent advance in petroleum prices. The price index for natural gas fell 1.3 percent over the past 12 months.

2 All Imports Excluding Fuel: Prices for nonfuel imports recorded no change in September, after a 0.2- percent decline in August. Higher foods, feeds, and beverages prices in September offset decreasing prices for nonfuel industrial supplies and materials and consumer goods. The price index for nonfuel imports increased 0.6 percent over the past 12 months. The over-the-year advance was driven mostly by a 4.3- percent rise in nonfuel industrial supplies and materials, although higher prices for consumer goods and automotive vehicles also contributed to the increase. In contrast, prices for foods, feeds, and beverages fell over the same period and prices for capital goods recorded no change. Nonfuel Industrial Supplies and Materials: Nonfuel industrial supplies and materials prices decreased 0.4 percent in September following a 0.9-percent drop the previous month. The September decrease was driven by a 1.4-percent decline in unfinished metals prices and a 1.2-percent drop in prices for selected building materials. Finished Goods: Finished goods prices were mostly flat during September. Consumer goods prices edged down 0.1 percent and the price indexes for capital goods and automotive vehicles both recorded no change. Foods, Feeds, and Beverages: Import prices for foods, feeds, and beverages advanced 2.0 percent in September, after a 0.3-percent increase in August. The September advance was led by a 13.7-percent rise in fruit prices and a 4.5-percent increase in vegetable prices. Table A. in Import and Export Price es, selected categories 2

3 Chart 2. One-month and 12-month percent change in the Export Price : September 2017 September month percent change 12-month percent change Sep'17 Oct Nov Dec Jan Feb Mar Apr Jun Aug Sep'18 Exports U.S. export prices recorded no change in September following declines in each of the previous 2 months. Those were the first monthly decreases since In September, lower agricultural prices offset increasing nonagricultural prices. Despite decreasing over the past quarter, prices for U.S. exports advanced 2.7 percent for the year ended in September. (See table 2.) Agricultural Exports: Agricultural export prices fell 1.4 percent in September, after rising 0.3 percent in August and declining 5.2 percent in. Overall, agricultural prices decreased 6.2 percent in the third quarter of. The drop in agricultural prices in September and over the past 3 months was driven by lower soybean prices which fell 18.8 percent from to September. The price index for agricultural exports decreased 2.3 percent over the past year. Declining prices for soybeans, fruits, meat, and nuts all contributed to the 12-month decrease. All Exports Excluding Agriculture: Prices for nonagricultural exports rose 0.2 percent in September following a 0.2-percent decline the previous month. Higher prices for nonagricultural industrial supplies and materials; capital goods; automotive vehicles; and nonagricultural foods all contributed to the September advance in nonagricultural prices. The price index for nonagricultural exports increased 3.3 percent over the past 12 months and has not recorded an over-the-year decline since November Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials prices advanced 0.2 percent in September, after falling 0.7 percent in August. The increase was led by higher prices for fuel, chemicals, and iron and steel mill products, which more than offset lower nonferrous metals prices. Finished Goods: Finished goods prices were mostly up in September. The price indexes for capital goods and automotive vehicles each edged up 0.1 percent and consumer goods prices recorded no change. The rise in capital goods prices in September was driven by higher prices for computer peripherals and the increase in prices for automotive vehicles was led by a 0.1-percent advance in passenger cars prices. 3

4 Measures of Import and Export Prices by Locality Imports by Locality of Origin: Import prices from China edged down 0.1 percent for the third consecutive month in September. Despite the declines, the price index for imports from China advanced 0.4 percent from September September. Prices for imports from Japan decreased 0.2 percent in September, after recording no change the previous month. The September decline was the largest monthly drop since the index fell 0.3 percent in October Import prices from the European Union also decreased in September, declining 0.2 percent following a 0.1-percent drop in August. In contrast, prices for imports from Canada and Mexico increased 0.7 percent and 0.9 percent, respectively. Higher fuel prices factored into both advances. (See table 7.) Exports by Locality of Destination: Export prices to China decreased 1.7 percent in September, after falling 0.2 percent in August and 2.2 percent in. The index has not recorded a monthly advance since. Prices for exports to Japan fell 0.5 percent in September and have not recorded a monthly increase since a 1.4-percent advance in February. The price index for exports to Mexico edged down 0.1 percent in September following 0.1-percent increases in August and. In contrast, export prices to Canada rose 0.4 percent, after advancing 0.2 percent the previous month. The September rise was the largest monthly increase since a 0.8-percent advance in. The price index for exports to the European Union recorded no change, after edging down 0.1 percent in each of the previous 3 months. (See table 8.) Terms of Trade es: Terms of Trade indexes are based on the country, region, or grouping and measure the change in the purchasing power of exports relative to imports. The U.S. terms of trade index with China fell 1.6 percent in September following a 0.1-percent decline in August and a 2.1-percent drop in. The decreases over the past 3 months were driven by the drop in export prices to China which were greater than the declines in import prices from China. The index for U.S. terms of trade with Japan declined 0.3 percent for the second consecutive month, after falling 1.3 percent in. The U.S. terms of trade also declined with Canada and Mexico in September, falling 0.4 percent and 1.0 percent, respectively. In contrast, the index for U.S. terms of trade with the European Union increased 0.3 percent in September following 0.1-percent declines the previous 2 months. The September increase resulted from lower import prices from the European Union. (See table 9.) Import and Export Services Imports: The index for import air passenger fares increased 10.7 percent in September, the largest monthly advance since the index rose 10.7 percent in The last time the index increased by more than 10.7 percent was a 13.0-percent rise in The September advance was led by a 20.3-percent increase in European fares. Import air passenger fares rose 5.7 percent over the past year, the largest 12-month advance since a 7.9-percent increase in April. Import air freight prices rose 0.8 percent in September and 3.3 percent over the past 12 months. (See table 10.) Exports: Export air passenger fares declined 2.8 percent in September following a 3.7-percent drop the previous month. The September decrease was driven by a 7.1-percent decline in Asian fares. Despite the recent decreases, the index for export air passenger fares increased 2.4 percent from September September. Prices for export air freight rose 0.5 percent in September and 3.4 percent over the past year. Import and Export Price data for October are scheduled for release on Thursday, November 15, at 8:30 a.m. (EST). 4

5 Table 1. U.S. import price indexes and percent changes for selected categories of goods: September September [2000=100, unless otherwise noted] End Use 1 to to to All commodities All imports excluding food and fuels (Dec. 2010=100) All imports excluding petroleum All imports excluding fuels (Dec. 2001=100) Foods, feeds, & beverages Agricultural foods, feeds & beverages, excluding distilled beverages Nonagricultural foods (fish, distilled beverages) Industrial supplies & materials Industrial supplies & materials excluding petroleum Industrial supplies & materials excluding fuels (Dec. 2001=100) Industrial supplies & materials, durable Industrial supplies & materials nondurable excluding petroleum Fuels & lubricants Petroleum & petroleum products Crude Fuels, n.e.s.-coals & gas Gas-natural Paper & paper base stocks Materials associated with nondurable supplies & materials Selected building materials Unfinished metals related to durable goods Finished metals related to durable goods Nonmetals related to durable goods Capital goods Electric generating equipment Nonelectrical machinery Transportation equipment excluding motor vehicles (Dec. 2001=100) Automotive vehicles, parts & engines Consumer goods, excluding automotives Nondurables, manufactured Durables, manufactured Nonmanufactured consumer goods to 1 figures are based on 2016 trade values. 5

6 Table 2. U.S. export price indexes and percent changes for selected categories of goods: September September [2000=100, unless otherwise noted] End Use 1 to to to All commodities Agricultural commodities All exports excluding food and fuels (Dec. 2010=100) Nonagricultural commodities Foods, feeds, & beverages Agricultural foods, feeds & beverages, excluding distilled beverages Nonagricultural foods (fish, distilled beverages) Industrial supplies & materials Industrial supplies & materials, durable Industrial supplies & materials, nondurable Agricultural industrial supplies & materials Nonagricultural industrial supplies & materials Fuels & lubricants Nonagricultural supplies & materials excluding fuels & building materials Selected building materials Capital goods Electrical generating equipment Nonelectrical machinery Transportation equipment excluding motor vehicles (Dec. 2001=100) Automotive vehicles, parts & engines Consumer goods, excluding automotives Nondurables, manufactured Durables, manufactured to 1 figures are based on 2016 trade values. 6

7 Table 3. U.S. import price indexes and percent changes for selected industries: September September [December 2005=100, unless otherwise noted] NAICS 1 to to to Nonmanufacturing Agriculture, forestry, fishing and hunting Crop production Animal production (Dec. 2014=100) Mining Oil and gas extraction Manufacturing Manufacturing, part Food manufacturing Beverage and tobacco product manufacturing Textile mills (Dec. 2011=100) Textile product mills Apparel manufacturing Leather and allied product manufacturing Manufacturing, part Wood product manufacturing Paper manufacturing Printing and related support activities (Dec. 2016=100) Petroleum and coal products manufacturing Chemical manufacturing Plastics and rubber products manufacturing Nonmetallic mineral product manufacturing Manufacturing, part Primary metal manufacturing Fabricated metal product manufacturing Machinery manufacturing Computer and electronic product manufacturing Electrical equipment, appliance, and component manufacturing Transportation equipment manufacturing Furniture and related product manufacturing Miscellaneous manufacturing to 1 figures are based on 2016 trade values. 7

8 Table 4. U.S. export price indexes and percent changes for selected industries: September September [December 2005=100, unless otherwise noted] NAICS 1 to to to Nonmanufacturing Agriculture, forestry, fishing and hunting Crop production Mining Mining (except oil and gas) Manufacturing Manufacturing, part Food manufacturing Beverage and tobacco product manufacturing Textile mills (Dec. 2016=100) Leather and allied product manufacturing (Dec. 2016=100) Manufacturing, part Wood product manufacturing (Dec. 2017=100) Paper manufacturing Petroleum and coal products manufacturing Chemical manufacturing Plastics and rubber products manufacturing Nonmetallic mineral product manufacturing Manufacturing, part Primary metal manufacturing Fabricated metal product manufacturing Machinery manufacturing Computer and electronic product manufacturing Electrical equipment, appliance, and component manufacturing Transportation equipment manufacturing Furniture and related product manufacturing (Dec. 2011=100) Miscellaneous manufacturing to 1 figures are based on 2016 trade values. 8

9 Table 5. U.S. import price indexes and percent changes for selected categories of goods: September September [2000=100, unless otherwise noted] Harmonized system 1 to to to Live animals; animal products.... I Meat and edible meat offal Fish and crustaceans, molluscs and other aquatic invertebrates Vegetable products... II Edible vegetables, roots, and tubers Edible fruit and nuts; peel of citrus fruit or melons Coffee, tea, mate and spices Animal or vegetable fats and oils (Dec. 2009=100)... III Prepared foodstuffs, beverages, and tobacco... IV Sugars and sugar confectionary (Dec. 2012=100) Cocoa and cocoa preparations (Dec. 2009=100) Preparations of vegetables, fruit, nuts, or other parts of plants Miscellaneous edible preparations (Dec. 2017=100) Beverages, spirits, and vinegar Mineral products... V Mineral fuels, oils and residuals, bituminous substances and mineral waxes Products of the chemical or allied industries... VI Inorganic chemicals Organic chemicals Pharmaceutical products Fertilizers (Dec. 2009=100) Tanning extracts; dye, pigments, varnish, paints & putty (Dec. 2011=100) Essential oils and resinoids (Dec. 2016=100) Miscellaneous chemical products Plastics and articles thereof; rubber and articles thereof... VII Plastics and articles thereof Rubber and articles thereof Raw hides, skins, leather, furskins, travel goods, etc... VIII Articles of leather; travel goods, bags, etc. of various materials Wood, wood charcoal, cork, straw, basketware and wickerwork... IX Wood and articles of wood; wood charcoal (Dec. 2014=100) Woodpulp, recovered paper, and paper products... X Paper and paperboard; articles of paper pulp, paper or paperboard to See footnotes at end of table. 9

10 Table 5. U.S. import price indexes and percent changes for selected categories of goods: September September Continued [2000=100, unless otherwise noted] Harmonized system 1 to to to to Printed matter (Dec. 2015=100) Textile and textile articles.... XI Articles of apparel and clothing accessories, knitted or crocheted Articles of apparel and clothing accessories, not knitted or crocheted Made-up or worn textile articles Headgear, umbrellas, artificial flowers, etc... XII Footwear and parts of such articles Stone, plaster, cement, asbestos, ceramics, glass etc... XIII Articles of stone, plaster, cement, asbestos, or mica (Dec. 2015=100) Ceramic products Glass and glassware Pearls, stones, precious metals, imitation jewelry, and coins... XIV Base metals and articles of base metals.... XV Iron and steel Articles of iron or steel Copper and articles thereof Aluminum and articles thereof Tools, implements, cutlery, spoons and forks, of base metal; parts thereof Miscellaneous articles of base metal Machinery, electrical equipment, TV image and sound recorders, parts, etc... XVI Machinery and mechanical appliances; parts thereof Electrical machinery and equip, sound and TV recorders & reproducers, parts Vehicles, aircraft, vessels and associated transport equipment... XVII Motor vehicles and their parts Aircraft, spacecraft, and parts thereof (Dec. 2002=100) Optical, photo, measuring, medical & musical instruments; & timepieces XVIII Optical, photographic, measuring and medical instruments Clocks and watches and parts thereof Miscellaneous manufactured articles.... XX Furniture & stuffed furnishings; lamps & lighting fittings, nesoi; prefab bldgs Toys, games and sports equipment; parts and accessories thereof Miscellaneous manufactured articles figures are based on 2016 trade values. 10

11 Table 6. U.S. export price indexes and percent changes for selected categories of goods: September September [2000=100, unless otherwise noted] Harmonized system 1 to to to Live animals; animal products.... I Meat & edible meat offal (Dec. 2006=100) Fish and crustaceans, mollusks and aquatic invertebrates (Dec. 2016=100) Dairy products, eggs and honey (Dec. 2017=100) Vegetable products... II Edible fruit and nuts; peel of citrus fruit or melons Cereals Oilseeds and misc. grains, seeds, fruits, plants, straw and fodder Prepared foodstuffs, beverages, and tobacco... IV Preparations of vegetables, fruit, nuts or other parts of plants (Dec. 2009=100) Miscellaneous edible preparations (Dec. 2017=100) Beverages, spirits, and vinegar (Dec. 2008=100) Residues and waste from the food industries; prepared animal feed Mineral products... V Ores, slag and ash (Dec. 2012=100) Mineral fuels, oils and residuals, bituminous substances and mineral waxes Products of the chemical or allied industries... VI Inorganic chemicals Organic chemicals Pharmaceutical products Fertilizers (Dec. 2016=100) Tanning or dyeing extracts, dyes, paints varnish, putty, & inks (Dec. 2015=100) Essential oils and resinoids; perfumery cosmetic or toilet preparations Soap; lubricants; waxes, polishing or scouring products; candles, pastes Miscellaneous chemical products Plastics and articles thereof; rubber and articles thereof... VII Plastics and articles thereof Rubber and articles thereof Wood, wood charcoal, cork, straw, baskets and wickerwork (Dec. 2014=100)... IX Woodpulp, recovered paper, and paper products... X Woodpulp and recovered paper Paper and paperboard; articles of paper pulp, paper or paperboard Printed material (Dec. 2014=100) Textile and textile articles.... XI to See footnotes at end of table. 11

12 Table 6. U.S. export price indexes and percent changes for selected categories of goods: September September Continued [2000=100, unless otherwise noted] Harmonized system 1 to to to Cotton, including yarns and woven fabrics thereof Stone, plaster, cement, asbestos, ceramics, glass etc... XIII Articles of stone, plaster, cement, asbestos, or mica (Dec. 2015=100) Glass and glassware Pearls, stones, precious metals, imitation jewelry, and coins... XIV Base metals and articles of base metals.... XV Iron and steel Copper and articles thereof Aluminum and articles thereof Tools, implements, cutlery, spoons and forks, of base metal (Dec. 2015=100) Miscellaneous articles of base metal Machinery, electrical equipment, TV image and sound recorders, parts, etc... XVI Machinery and mechanical appliances; parts thereof Electrical machinery and equipment and parts and accessories thereof Vehicles, aircraft, vessels and associated transport equipment... XVII Motor vehicles and their parts Optical, photo, measuring, medical & musical instruments; & timepieces XVIII Miscellaneous manufactured articles.... XX Furniture; stuffed furnishings; lamps and lighting fittings nesoi; Toys, games and sports equipment; parts and accessories thereof figures are based on 2016 trade values. to 12

13 Table 7. U.S. import price indexes and percent changes by locality of origin: September September [2000=100, unless otherwise noted] 1 to to to Industrialized Countries Nonmanufacturing Manufacturing Canada Nonmanufacturing Manufacturing European Union Manufacturing France (Dec. 2003=100) Germany (Dec. 2003=100) United Kingdom (Dec. 2003=100) Latin America Nonmanufacturing Manufacturing Mexico (Dec. 2003=100) Nonmanufacturing (Dec. 2008=100) Manufacturing (Dec. 2008=100) Pacific Rim (Dec. 2003=100) China (Dec. 2003=100) Japan Asian NICs ASEAN (Dec. 2003=100) Asia Near East (Dec. 2003=100) to 1 figures are based on 2016 trade values. 2 Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 3 Mexico, Central America, South America, and the Caribbean. 4 China, Japan, Australia, Brunei, Indonesia, Macao, Malaysia, New Zealand, Papua New Guinea, Philippines, and the Asian Newly Industrialized Countries. 5 Asian Newly Industrialized Countries - Hong Kong, Singapore, South Korea, and Taiwan. 6 Association of Southeast Asian Nations - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. 7 Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, and Yemen. Regions are not mutually exclusive. 13

14 Table 8. U.S. export price indexes and percent changes by locality of destination: September September [December 2017=100, unless otherwise noted] 1 to to to to Industrialized Countries Nonmanufacturing Manufacturing Canada European Union Nonmanufacturing Manufacturing Germany Latin America Nonmanufacturing Manufacturing Mexico Nonmanufacturing Manufacturing Pacific Rim Nonmanufacturing Manufacturing China Nonmanufacturing Manufacturing Japan Nonmanufacturing Manufacturing figures are based on 2016 trade values. 2 Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 3 Mexico, Central America, South America, and the Caribbean. 4 China, Japan, Australia, Brunei, Indonesia, Macao, Malaysia, New Zealand, Papua New Guinea, Philippines, and the Asian Newly Industrialized Countries. Regions are not mutually exclusive. 14

15 Table 9. U.S. terms of trade indexes and percent changes by locality: September September 1 [December 2017=100, unless otherwise noted] to to to Industrialized Countries Canada European Union Germany Latin America Mexico Pacific Rim China Japan Terms of trade indexes are derived by dividing the export price index by the corresponding import price index and multiplying by Western Europe, Canada, Japan, Australia, New Zealand, and South Africa. 3 Mexico, Central America, South America, and the Caribbean. 4 China, Japan, Australia, Brunei, Indonesia, Macao, Malaysia, New Zealand, Papua New Guinea, Philippines, and the Asian Newly Industrialized Countries. Regions are not mutually exclusive. to 15

16 Table 10. U.S. international price indexes and percent changes for selected transportation services: September September [2000=100, unless otherwise noted] Air Freight 1 to to to Import Air Freight Europe (Dec. 2003=100) Asia Export Air Freight Europe (Dec. 2006=100) Inbound Air Freight Europe (Dec. 2003=100) Asia Outbound Air Freight Europe (Dec. 2003=100) Asia Air Passenger Fares Import Air Passenger Fares Europe Asia Latin America/Caribbean Export Air Passenger Fares Europe Asia Latin America/Caribbean to 1 figures are based on 2016 trade values. 16

17 TECHNICAL NOTE Import and Export Goods and Services Price es - All indexes use a modified Laspeyres formula and are not seasonally adjusted. Price indexes are reweighted annually, with a 2-year lag in the weights. Published series use a base year of 2000=100 where possible. More detailed index series and additional information may be obtained at or by calling (202) Merchandise Goods Classification Systems - The merchandise price indexes are published using three classification systems. Items are classified by end use according to the Bureau of Economic Analysis Classification System, by industry according to the North American Industry Classification System (NAICS), and by product category according to the Harmonized System (HS). While classification by end use and product category are self-explanatory, some notes are in order for classifying items by industry. In the NAICS imports and exports tables, items are classified by output industry, not input industry. As an example, NAICS import index 326 (plastics and rubber products manufacturing) includes outputs such as manufactured plastic rather than inputs such as petroleum. The NAICS classification structure also matches the classification system used by the Producer Price (PPI) to produce the NAICS primary products indexes. Import Price Goods es - Items are classified by the Harmonized Tariff Schedule of the United States Annotated (TSUSA). Import prices are based on U.S. dollar prices paid by the U.S. importer. The prices are generally either "free on board" (f.o.b.) foreign port or "cost, insurance, and freight" (c.i.f.) U.S. port transaction prices, depending on the practices of the individual industry. The index for crude petroleum is calculated from data collected by the U.S. Department of Energy. Export Price Goods es - Items are classified by the Harmonized Schedule B classification system of the U.S. Bureau of the Census. The prices used are generally either "free alongside ship" (f.a.s.) factory or "free on board" (f.o.b.) transaction prices, depending on the practices of the individual industry. Prices used in the grain index, excluding rice, are obtained from the U.S. Department of Agriculture. Services Price es - es for import and export air passenger fares calculate changes in the average revenue received per passenger by foreign carriers from U.S. residents and by U.S. carriers from foreign residents, respectively. Data are obtained from an airline consulting service and report on tickets sold by travel agencies, travel websites, and directly by the airlines. Taxes and fees are included in both the import and export air passenger fares indexes. Import air passenger fares data have used the airline consulting service source since September Before April, the export air passenger fares data were collected directly by BLS from U.S. airlines. The air freight indexes are calculated from data collected directly from airlines. These data exclude mail and passenger baggage. The scope of the service being priced is the movement of freight from airport to airport only, and does not include any ground transportation or port service. The air freight indexes are presented using two definitions: balance of payments (which represents transactions between U.S. and foreign residents) and international (which represents transactions inbound to and outbound from the United States.) Fact sheets specifying detailed information for each services industry are available at under "MXP Publications." 17

18 Import Price es by Locality of Origin - Prices used in these indexes are a subset of the data collected for the import price indexes. The indexes are specific to a country, region, or grouping and, beginning with January 2002, are based on the North American Industry Classification System (NAICS) covering goods-producing industries. Nonmanufactured goods are defined as NAICS 11 and 21, and manufactured goods are defined as NAICS Export Price es by Locality of Destination - Prices used in these indexes are a subset of the data collected for the export price indexes. The indexes are specific to a country, region, or grouping and are based on the North American Industry Classification System (NAICS) covering goods-producing industries. Nonmanufactured goods are defined as NAICS 11 and 21, and manufactured goods are defined as NAICS Terms of Trade es - Terms of trade indexes measure the relative price of exports in terms of import prices for a specific country, region, or grouping. The indexes are calculated as one country, region, or grouping s all-export goods price index divided by the corresponding all-import goods price index on a scale of 100. Importance - A relative is a specific index s price-updated value share (expressed as a percentage) of overall imports or exports at a specific point in time. values are affected by the trade weights at the point indexes are reweighted and index changes relative to other indexes since the reweight point. If an index is rising in value relative to other indexes over time, the relative will increase as well. Revision Policy - To reflect the availability of late reports and corrections by respondents, monthly data may be revised in each of the 3 months after original publication. After 3 months, no further data revisions take place. For example, data first published in the January release will be subject to revision in the releases for February, March, and April. Rounding Policy - values are rounded to the tenth decimal place after being calculated. All percent changes are then derived from the rounded index values and subsequently rounded to the tenth decimal place. Uses of the Data - The primary use of the indexes is to deflate trade statistics, notably the foreign trade sector of the National Income and Product Accounts (NIPA) constructed by the Department of Commerce. Other published indexes are useful for general market analysis. For trade in international services, balance of payments indexes are used for deflating NIPA, while international indexes are more appropriate for market analysis. Subscription - The U.S. import and export price indexes news release is available through an subscription service at Additional Information - More detailed data are available on the Import/Export Price es home page at For import and export price indexes data requests, send an to mxpinfo@bls.gov. Information from this release will be made available to sensory impaired individuals upon request. Voice phone: (202) ; Federal Relay Service: 1-(800)