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Import and Export Price Indexes (MXP): The Complete Guide to How Trade Prices Shape Inflation, Policy, and Markets

Quick Answer: The Import and Export Price Indexes (MXP) are monthly economic indicators published by the U.S. Bureau of Labor Statistics that measure price changes for non-military goods and services traded between the United States and the rest of the world. Using a base year of 2000 (index = 100), the (U.S. Import and Export Price Indexes) help economists track inflation, guide Federal Reserve monetary policy, deflate trade statistics, and signal market-moving trends for investors in bonds and equities.

Last updated: May 2026 | Topic: Macroeconomic Indicators | Reading time: ~12 minutes

Key Takeaways

• The Import and Export Price Indexes (MXP) measure monthly price changes for non-military goods and services traded internationally by the U.S.
• The Bureau of Labor Statistics (BLS) publishes the Cross-border Trade Price Indexes through its International Price Program (IPP).
• The Cross-border Trade Price Indexes use a base year of 2000, with an index value of 100 as the benchmark.
• Together with the Consumer Price Index (CPI) and Producer Price Index (PPI), the MXP forms one of the three pillars of U.S. price measurement.
• Rising import prices typically pressure bond prices downward and prompt the Federal Reserve to raise interest rates, which can weigh on equity markets.
• The top 5 U.S. trading partners tracked are Canada, China, Germany, Japan, and Mexico.

What Are the Import and Export Price Indexes (MXP)?

The (U.S. Import and Export Price Indexes) (MXP) are official U.S. economic indicators that measure the change in prices of non-military goods and services purchased from abroad by U.S. consumers and businesses (imports) and sold to foreign buyers (exports).

The Foreign Trade Unit Value Indices provide critical insight into:

• The strength of U.S. consumer demand for foreign goods
• Foreign demand for U.S. exports
• The pace of imported inflation entering the U.S. economy
• The competitiveness of U.S. exporters in global markets

The Cross-border Trade Price Indexes are produced by the Bureau of Labor Statistics (BLS) International Price Program (IPP) and updated monthly, reflecting price changes from the previous month.

Who Publishes the Global Trade Price Metrics?

The Bureau of Labor Statistics (BLS), an agency within the U.S. Department of Labor, publishes the Terms of Trade (TOT) Indices every month through the International Price Program (IPP).

When Are the Import and Export Deflators Released?

The Cross-border Trade Price Indexes are released monthly, typically in the second or third week of each month, covering price changes from the prior month.

How Do the Import and Export Deflators Compare to CPI and PPI?

The Cross-border Trade Price Indexes are one of three major BLS measures tracking price change in the U.S. economy. Here is how they compare:

Each index captures a different stage of the inflation pipeline. The Inbound and Outbound Trade Price Indices often act as the earliest signal of inflation pressures, which later show up in PPI (producer level) and finally CPI (consumer level).

Which Countries Do the Global Trade Price Metrics Track?

The Inbound and Outbound Trade Price Indices place particular focus on the top 5 U.S. trading partners:

• Canada
• China
• Germany
• Japan
• Mexico

These five economies account for the majority of U.S. merchandise trade, making them the most influential drivers of imported inflation and export competitiveness.

How Are the Global Trade Price Metrics Calculated?

The BLS calculates the International Trade Price Indexes using a structured methodology that combines official trade documents and direct business surveys.

Data Collection Sources

Price data is compiled from:

• Exporter declarations filed with U.S. customs authorities
• Entry documents for imported goods crossing U.S. borders
• Direct surveys of U.S. importers and exporters selected by BLS field economists

After enrollment, businesses submit monthly price data through a secure internet portal, with telephone and fax as backup options.

Handling Foreign Currency Transactions

Not all U.S. trade is conducted in U.S. dollars. According to the BLS, approximately 6% of imports and exports currently surveyed are priced in foreign currencies. For consistency, all prices are converted into U.S. dollars using the average exchange rate from the month prior to the pricing month. This isolates true price changes from short-term currency volatility.

What Goods and Services Are Excluded from the MXP?

Not every traded item is included in the International Trade Price Indexes. The following are explicitly excluded:

• Military goods
• Works of art
• Used items
• Charity donations
• Railroad equipment
• Items leased for less than a year
• Rebuilt and repaired items

These exclusions exist because such items either cannot be priced consistently over time or do not reflect normal commercial trade flows.

How Do You Read and Interpret the Import and Export Price Indexes?

The International Trade Price Indexes use a base year of 2000, set to an index value of 100. All price changes are measured relative to this benchmark.

Examples of Index Interpretation

• An import price index of 106.8 means consumer goods prices rose 6.8% since 2000.
• A computer import price index of 39.2 means computer prices dropped 60.8% since 2000 (100 − 39.2 = 60.8).

How to Convert Index Changes Into Percentages

Investors and analysts typically compare the Import and Export Price Indexes on a month-over-month or year-over-year basis. Here is a worked example:

To calculate the percentage change:

1. Take the index point change: −5.8
2. Divide by the prior period value: −5.8 ÷ 168.4 = −0.034
3. Multiply by 100: −3.4%

The year-over-year change in the export price index was −3.4% from October 2016 to October 2017.

What Are "Core" Import Prices?

Core import prices exclude volatile components such as energy and used vehicles, whose prices can swing wildly month to month. Stripping out these items reveals the underlying, persistent inflation trend in traded goods — similar to how "core CPI" excludes food and energy. Economists and the Federal Reserve often watch core import prices as a cleaner signal of imported inflation.

Why Do the Import and Export Price Indexes Matter?

The Import and Export Price Indexes serve a wide range of analytical, policy, and contractual purposes.

Deflating Government Trade Statistics

Trade values are reported in nominal dollars. The MXP allows analysts to convert nominal figures into real (inflation-adjusted) values:

Without the Import and Export Price Indexes, the jump from $1,000B to $1,100B looks like 10% real growth. After deflating, the real increase is less than 1% — most of the apparent growth was simply higher prices.

Predicting Domestic Inflation

Many U.S. consumer goods rely on imported inputs or raw materials. Rising import prices typically foreshadow rising CPI months later.

Informing Federal Reserve Monetary Policy

The Federal Reserve (Fed) uses the Foreign Trade Price Indicesto assess external inflation pressures when setting interest rates. Persistent import inflation can tilt the Fed toward tighter monetary policy.

Setting Exchange Rates and Trade Contracts

The Import and Export Price Indexes are used to estimate exchange rate pass-through and build price escalation clauses into long-term international trade agreements.

Identifying Industry-Specific Trends

Granular MXP data — broken down by commodity, industry, or country of origin — helps analysts pinpoint where price pressures are concentrated.

How Do the Import and Export Price Indexes Affect Investors?

For investors, the Import and Export Price Indexes act as a leading indicator of inflation pressures that ripple across asset classes. Monitoring the MXP can help anticipate moves in both fixed income and equity markets.

Impact on Bond Markets

Rising import prices typically push inflation expectations higher. Because inflation erodes the real value of fixed coupon payments, bond prices generally fall when imported inflation rises. Yields move higher to compensate investors, hitting long-duration Treasuries and investment-grade corporate bonds particularly hard.

Impact on Equity Markets

Equity markets are also vulnerable to imported inflation. When inflation accelerates, the Federal Reserve often raises interest rates to cool demand. Higher rates:

• Make borrowing more expensive for companies and consumers
• Encourage saving over spending and investment
• Compress equity valuation multiples through higher discount rates

The net effect is often downward pressure on stock prices, especially for growth stocks whose valuations rely on future earnings. Import-heavy sectors — retail, electronics, consumer goods — can also face margin compression when imported costs rise faster than they can be passed through to consumers.

Tariffs and Exporter Behavior

The Import and Export Price Indexes also help analyze who absorbs the cost of tariffs. Because index movements can be tracked before and after tariff changes, analysts can infer whether foreign exporters are cutting prices (absorbing the tariff) or holding prices steady (passing the cost to U.S. importers and consumers).

Important Considerations When Using the Import and Export Price Indexes

Do the Import Price Indexes Include Tariffs?

No. The Import and Export Price Indexes do not include tariffs. They measure the price of goods as they cross the border, before any duties or taxes are added. To estimate the full landed cost of imports, tariff schedules must be analyzed separately.

How Is Respondent Data Protected?

All business data is kept strictly confidential under the Confidential Information Protection and Statistical Efficiency Act of 2002 (CIPSEA). This federal law prohibits the BLS from sharing identifiable company information and is critical to encouraging accurate, honest reporting from respondents.

Limitations to Keep in Mind

• The Import and Export Price Indexes measure average price changes, not the specific costs paid by any individual firm.
• Sample-based methodology means edge cases (rare goods, unique contracts) may not be fully captured.
• Tariff exclusion can cause the MXP to diverge from actual import costs during periods of active trade policy changes.

How Have the Foreign Trade Price Indices Evolved?

The Import and Export Price Indexes have grown significantly since the program's inception.

From Quarterly to Monthly Publication

The Foreign Trade Price Indices were first published on a quarterly basis in 1974. Recognizing the need for timelier data, the BLS transitioned to monthly publication in 1989, with full monthly coverage of major merchandise indexes by January 1993. Monthly frequency allows policymakers, investors, and businesses to react quickly to global price changes.

Expansion Into Services

Originally focused on goods, the program added international service indexes in the late 1980s, beginning with air freight and passenger fares. The BLS continues to expand coverage to additional services as reliable data sources emerge.

Integration of Administrative Trade Data

In recent years, the BLS has incorporated administrative trade data from U.S. Customs and Border Protection and the U.S. Census Bureau. This added hundreds of new, more granular indexes — including regional breakdowns for the Pacific Rim and ASEAN countries introduced in 2005 — giving analysts a sharper view of regional price dynamics.

Frequently Asked Questions About the Import and Export Price Indexes

What is the Import and Export Price Index used for?

The Import and Export Price Indexes are used to measure inflation in traded goods, deflate trade statistics into real values, inform Federal Reserve monetary policy, support trade contract negotiations, and signal future trends in domestic inflation.

What is the base year for the Import and Export Price Indexes?

The base year is 2000, with the index value set at 100. All subsequent price changes are measured relative to this benchmark.

How often are the Import and Export Price Indexes published?

The Import and Export Price Indexes are published monthly by the Bureau of Labor Statistics, typically in the second or third week of each month.

Do the Import and Export Price Indexes include tariffs?

No. The MXP measures the price of goods before tariffs or duties are applied. To estimate full landed import costs, tariffs must be calculated separately.

Which countries do the Import and Export Price Indexes focus on?

The Import and Export Price Indexes emphasize trade with the top five U.S. trading partners: Canada, China, Germany, Japan, and Mexico.

What is excluded from the Import and Export Price Indexes?

The Import and Export Price Indexes exclude military goods, works of art, used items, charity donations, railroad equipment, items leased for less than a year, and rebuilt or repaired items.

How do the Import and Export Price Indexes differ from CPI and PPI?

The CPI measures prices paid by consumers, the PPI measures prices received by producers, and the MXP measures prices in international trade. The MXP often acts as the earliest signal in the inflation pipeline.

How do rising import prices affect investors?

Rising import prices typically reduce bond prices (because inflation erodes fixed coupon value) and pressure equity markets (because the Federal Reserve may raise interest rates, which lowers stock valuations).

Are responses to the BLS survey kept confidential?

Yes. All respondent data is protected under the Confidential Information Protection and Statistical Efficiency Act of 2002 (CIPSEA), which legally prohibits the BLS from sharing identifiable company information.

What are "core" import prices?

Core import prices exclude volatile components such as energy and used vehicles, providing a cleaner read on underlying imported inflation trends.

The Bottom Line

The Import and Export Price Indexes (MXP) are an essential lens for understanding how global trade shapes the U.S. economy. Published monthly by the Bureau of Labor Statistics, anchored to a base year of 2000, and complementing the CPI and PPI, the Import and Export Price Indexes help measure inflation, guide Federal Reserve policy, deflate trade statistics, and inform investment decisions.

For investors, the Import and Export Price Indexes are far more than statistical curiosities. Rising import prices can erode bond values and trigger interest rate hikes that weigh on equities, while falling export prices can signal weakening foreign demand for U.S. goods. By tracking the MXP — especially core import prices and trade trends with Canada, China, Germany, Japan, and Mexico — investors and policymakers can gain an early read on the inflation forces that will shape markets in the months ahead.

Sources: U.S. Bureau of Labor Statistics (BLS) International Price Program; Confidential Information Protection and Statistical Efficiency Act of 2002 (CIPSEA); Federal Reserve Board publications on monetary policy and inflation indicators.

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