Import and Export Price Indexes During and After Shutdown

I had thought it might be good to take a look at the impact of the shutdown. Just a one-time BLS report and no opinion on the impact by me . . . other than it being harmful to Labor.

Brief BLS Summary: US import prices increased 0.4% over the two months through November 2025, reversing revised declines in August and September, according to delayed data from the Bureau of Labor Statistics. Separate figures for October and November were unavailable due to last fall’s federal government shutdown. Over the two-month period, nonfuel import prices rose 0.6%, while fuel import prices fell 2.5%. On a year-over-year basis, import prices edged up 0.1% in November, driven by a 0.7% increase in nonfuel imports. Higher prices for nonfuel industrial supplies and materials and capital goods more than offset lower prices for automotive vehicles and foods, feeds, and beverages. Meanwhile, fuel import prices declined 6.6% year-on-year, the steepest drop since August 2025, reflecting an 8.4% fall in petroleum prices. Source: U.S. Bureau of Labor Statistics

U.S. Import and Export Price Indexes Summary:

January 15, 2026

U.S. import prices increased 0.4 percent over the 2 months from September 2025 to November 2025. Todays, U.S. Bureau of Labor Statistics report. Prices for U.S. exports increased 0.5 percent over the 2 months from September 2025 to November 2025. BLS did not collect survey data for October 2025 due to a lapse in appropriations.

Federal government agencies were shut down or operating at reduced staffing levels during a lapse in appropriations from October 1, 2025, through November 12, 2025. Because the import and export price indexes are calculated with both survey and nonsurvey data, many U.S. Import and Export Price Index values for October 2025 using primarily survey data will be suppressed for publication, including the-all goods import and export index values, and will not be available in the BLS database.

Import prices increased 0.4 percent over the 2 months ended November 2025. Prices for U.S. imports increased 0.1 percent from November 2024 to November 2025. (See table 1.)

Fuel Imports: Fuel import prices declined 2.5 percent over the 2-month period ended November 2025. Fuel import prices decreased 6.6 percent from November 2024 to November 2025, the largest year-over-year drop since the index declined 9.8 percent for the year ended August 2025. The price index for petroleum imports decreased 8.4 percent over the past 12 months and import natural gas prices increased 51.4 percent over the same period.

All Imports Excluding Fuel: Prices for nonfuel imports advanced 0.6 percent for the 2-month period ended November 2025. Nonfuel import prices increased 0.7 percent on a 12-month basis. Higher prices for nonfuel industrial supplies and materials and for capital goods more than offset lower prices for automotive vehicles; foods, feeds, and beverages; and consumer goods over the past 12 months.

Foods, Feeds, and Beverages: Foods, feeds, and beverages import prices decreased 2.0 percent from November 2024 to November 2025, the largest over-the-year decline since the index fell 4.3 percent for the year ended April 2020. Lower prices for vegetables, fruit, and distilled alcoholic beverages contributed to the over-the-year decline.

Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials increased 4.6 percent for the year ended November 2025. Higher prices for major nonferrous metals-crude, finished metals shapes and advanced manufacturing, and agricultural products drove the over-the-year advance in nonfuel industrial supplies and materials.

Finished Goods: The 12-month price movements for finished goods were mixed in November. Import capital goods prices increased 1.5 percent from November 2024 to November 2025, the largest over-the-year advance since the index rose 1.6 percent for the year ended March 2023. Higher prices for computers, peripherals, and semiconductors as well as industrial and service machinery contributed to the 12-month advance in import capital goods prices. The price index for import automotive vehicles decreased 1.4 percent and import prices for consumer goods declined 0.3 percent for the 12 months ended November 
2025.

Exports 

Prices for U.S. exports increased 0.5 percent over the 2-month period ended November 2025. Higher prices for agricultural exports and nonagricultural exports drove the advance. U.S. export prices increased 3.3 percent over the 12-month period ended in November. (See table 2.)

Agricultural Exports: The price index for agricultural exports advanced 1.3 percent for the 2-month period ended November 2025. Agricultural export prices increased 2.6 percent over the past 12 months, as higher prices for vegetables, nuts, and fruit drove the year-over-year increase.  

All Exports Excluding Agriculture: Prices for nonagricultural exports rose 0.4 percent from September 2025 to November 2025. The price index for nonagricultural exports increased 3.3 percent from November 2024 to November 2025. Higher prices for non-agricultural industrial supplies and materials, capital goods, and consumer goods drove the 12-month increase.

Nonagricultural Industrial Supplies and Materials: Nonagricultural industrial supplies and materials export prices increased 4.9 percent for the year ended November 2025. Higher prices for nonferrous and other metals as well as natural gas more than offset lower prices for petroleum over the past 12 months.

Finished Goods: The 12-month price movements for export finished goods were up in November. Capital goods prices increased 2.1 percent over the past year, driven by higher prices for industrial and service machinery as well as civilian aircraft, aircraft engines and parts. Export automotive vehicles prices increased 2.5 percent and consumer goods prices advanced 2.4 percent from November 2024 to November 2025.

More information for the major import and export price indexes can be found at Import/Export Price IndexesMXP MXP Program Links.

Measures of Import and Export Prices by Locality

Imports by Locality of Origin: The price index for imports from China decreased 3.6 percent over the past 12 months. The 12-month decline in November was the largest over-the-year decrease since the index was first published in December 2003. The price index for imports from Japan increased 2.6 percent over the past 12 months, the largest over-the-year advance since October 2011. The price index for imports from the European Union edged down 0.1 percent for the 12 months ended November. Import prices from Mexico 
increased 0.5 percent for the year ended November and prices for imports from Canada rose 0.4 percent over the same period. (See table 7.)

Exports by Locality of Destination: Export prices to China increased 2.8 percent over the past 12 months. The index has not recorded a decrease on a 12-month basis since June 2025. The price index for exports to Japan increased 6.2 percent over the past 12 months. The price index for exports to the European Union rose 0.4 percent for the year ended November and export prices to Mexico increased 5.0 percent over the same period. Prices for exports to Canada increased 5.4 percent year-over-year in November, the largest 12-
month advance since the index rose 8.7 percent for the year ended December 2022. (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. The U.S. terms of trade index with China increased 6.6 percent from November 2024 to November 2025. In November, the index for U.S. terms of trade with Japan increased 3.5 percent year-over-year. The index for U.S. terms of trade with the European Union rose 0.6 percent on a 12-month basis in November. U.S. terms of trade indexes with Canada and with 
Mexico increased for the 12 months ended November 2025, rising 5.0 percent and 4.6 percent, respectively. (See table 9.)

Import and Export Services

Imports: Import air passenger fares increased 4.3 percent over the past year, the largest over-the-year advance since the index rose 5.9 percent for the year ended April 2024. Prices for import air freight declined 3.9 percent over the past 12 months. (See table 10.)

Exports: The price index for export air passenger fares decreased 0.7 percent from November 2024 to November 2025. Export air freight prices decreased 8.7 percent over the past year. The over-the-year decline in November was the largest 12-month decrease since the index dropped 14.1 percent for the year ended February 2024.

U.S. Import and Export Price Index data for December 2025 are scheduled for release on Tuesday, February 10, 2026, at 8:30 a.m. (ET).