Import and Export Prices Climb Sharply as Fuel Costs Drive a Broad Trade Price Increase
U.S. import prices increased 1.9% in April, after rising 0.9% in March, with higher fuel and nonfuel prices driving the increase. Over the year, import prices advanced 4.2% in April, the largest 12-month increase since October 2022. Meanwhile, U.S. export prices stepped up 3.3% in April, driven by higher prices for nonagricultural and agricultural exports. Over the past year, export prices rose 8.8%, the largest over-the-year increase since September 2022.
In April, U.S. import prices for manufacturing moved up 3.5% over the year, although about half of the industry experienced price decreases. Petroleum and coal products manufacturing experienced the most significant over-the-year U.S. import price increase in April, surging 38.4%. On the other hand, the greatest yearly decline in U.S. import prices occurred in beverage and tobacco product manufacturing, which fell 11.2% from April 2025. Meanwhile, U.S. export prices for manufacturing advanced 6.9% over the year, with petroleum and coal products manufacturing exhibiting the largest rise (30.8%).
Fuel import prices climbed 16.3% in April, the largest monthly rise since March 2022, after increasing 10.0% in March. Higher prices for petroleum more than offset lower prices for natural gas. Import prices for petroleum and petroleum products jumped 19.0% in April. At the same time, prices for fuel imports surged 20.0% from April 2025. Meanwhile, natural gas prices plummeted 22.1% in April but edged up 0.1% over the year.
Nonfuel import prices increased 0.8% in April, after ticking up 0.2% in March. Higher prices for capital goods, nonfuel industrial supplies and materials, consumer goods and foods, feeds and beverages drove the increase. The price index grew 2.9% over the past year, the largest over-the-year gain since October 2022.
After rising 0.6% in March, agricultural export prices rose 1.6% in April. Over the past 12 months, agricultural exports advanced 4.3%, driven primarily by higher prices for soybeans and meat. Meanwhile, nonagricultural exports stepped up 3.4% in April. Higher prices for nonagricultural industrial supplies and materials, capital goods and consumer goods more than offset lower prices for automotive vehicles, parts and engines. Over the past year, nonagricultural export prices climbed 9.3%.