The US Bureau of Labor Statistics announced that as per the Us Import Statistics By Hs Code, import prices increased 2.0 percent in January after falling 0.4 percent in December. In January, higher gasoline and nonfuel costs led to an overall rise in import prices. After falling 1.6 percent in December, export prices in the United States increased by 2.9 percent in January.
Imports
Following a 0.4-percent dip in December, import prices in the United States increased 2.0 percent in January, resuming the rising pattern seen during most of 2021 based on the US import statistics by hs code. The gain in January was the highest monthly increase since April 2011. Import costs in the United States have risen 10.8% in the last year, owing to increasing fuel and nonfuel prices.
USA’s top importing industries in 2022
US imports data by company shows that car & automobile manufacturing in the US, communication equipment manufacturing, computer manufacturing, textile mills, medical instruments & supply, aircraft, engine & parts manufacturing, nonferrous metal refining, brand name pharmaceutical manufacturing, oil drilling and gas extraction, and petrol refining are the largest importing industries in the US according to the US imports data by company 2022.
USA’s top importing industries | Value in USD ($) | Year |
Textile mills | $43.5 Billion | 2022 |
Aircraft, engine and parts | $48.5 Billion | 2022 |
Medical instrument and supply | $46.5 Billion | 2022 |
Car and automobile | $154.8 Billion | 2022 |
Communication equipment | $122.5 Billion | 2022 |
Brand name pharmaceutical | $157.1 Billion | 2022 |
Oil drilling and gas extraction | $84.2 Billion | 2022 |
Petroleum refining | $62.7 Billion | 2022 |
Computer manufacturing | $67.3 Billion | 2022 |
Nonferrous metal refining | $61.9 Billion | 2022 |
Imports of fuel
Following an 8.3% decline in December, the import gasoline price index increased by 9.3% in January. Higher gasoline and natural gas prices fueled the January rally. Import fuel costs have risen by 60.3%in the last year.
Import gasoline prices rose 9.5%in January, after falling 8.3% the month before. For the year ending in January, oil prices increased by 57.7%. Natural gas prices increased by 10.5%in January, after decreasing by 10.5%in December. From January 2021 to JMaterials and Supplies for Non-Fuel Industries.
In January, the price index for nonfuel industrial goods and materials rose 3.2%, the highest one-month increase since May 2021. The surge in January was fueled by higher pricing for certain building materials, chemicals, and unprocessed metals. January 2022, natural gas prices soared by 118.4%.
All Imports
Nonfuel import prices rose 1.4%in January, marking the first monthly increase since November 2020. Since the inaugural publication of monthly percent changes in January 2002, the January gain was the highest one-month increase.
The increase in nonfuel import costs in January was fueled by higher prices for nonfuel industrial supplies and materials, meals, feeds, drinks, capital goods, consumer goods, and automobiles.
The price index for nonfuel imports increased 6.9% year over year, the highest annual increase since the 12-month percent changes were first released in December 2002.
Finished Goods
In January, prices for all of the main finished goods categories climbed. Prices for capital goods increased by 0.9% in April, the highest monthly increase since April 2008. Consumer prices rose 0.5% for the second month in a row, the highest one-month gain since February 2018.
Automobile car prices increased by 0.1% in the month of January.
Exports
Following a 1.6% drop the prior quarter, export prices in the United States jumped by 2.9% in January. Since the inaugural publication of monthly percent changes in January 1989, the January gain was the highest one-month increase according to the US export data by product.
The sudden rise in the prices for non-agricultural and agricultural exports resulted in a rise in overall US export prices in January. From January 2021 to January 2022, the price index for US exports increased by 15.1%.
Exports of Agricultural Products
The US export data by product also shows that after a 0.7-% gain in December, the price index for agricultural exports jumped 3.0% in January. Soybeans, other animal feeds, corn, vegetables, and cotton all saw higher prices in January, helping to boost export agricultural prices. Agricultural export prices have increased by 18.0% in the last year.
All Exports
Non-agricultural prices increased by 2.9% in January, after falling by 1.9% the last month. Since the inaugural publication of monthly percent changes in January 1989, the January rise was the greatest.
The increase in nonagricultural export prices in January was fueled by higher prices for nonagricultural industrial supplies and materials, capital goods, consumer products, motor vehicles, and nonagricultural foods. Nonagricultural export prices rose 14.7% in the year that ended in January.
Supplies and Materials for Non-Agricultural Industries
In January, the price index for nonagricultural industrial goods and materials increased by 5.5%, the most since March 2021. Based on the Us Export Data By Product, the increase in January was led by an 11.7% increase in export gasoline costs.
Finished Goods
In January, prices increased in all of the main finished goods categories. The increase in capital goods prices was 0.7%, the biggest since January 2013. Consumer prices increased by 1.0%, the most in a single month since June 2011. In January, the price index for automobiles climbed by 0.3%.
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