U.S. terms of trade with Mexico up 1.6 percent in November 2019

U.S terms of trade with Mexico rose 1.6 percent in November 2019, the largest monthly advance since the index was first published in December 2017. Prices for imports from Mexico declined 0.6 percent in November following a 0.1-percent drop in October. Prices for exports to Mexico increased 1.0 percent in November, the largest monthly increase since March 2019.

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Chart Data 1-month percent change in U.S. terms of trade indexes for selected countries and groups of countries, January 2018–November 2019 Index Jan 2018 Feb 2018 Mar 2018 Apr 2018 May 2018 Jun 2018 Jul 2018 Aug 2018 Sep 2018 Oct 2018 Nov 2018 Dec 2018 Jan 2019 Feb 2019 Mar 2019 Locality of Origin: Canada 1.4% -1.2% -0.5% 1.6% 3.2% 0.2% -0.1% -1.2% -1.9% 0.5% -6.7% -4.3% 8.5% 7.6% 3.2% Locality of Destination: Canada 2.5 -1.0 0.7 0.7 0.8 0.2 -0.1 0.1 0.4 0.4 0.2 2.1 -2.9 0.4 1.5 Terms of Trade: Canada 1.0 0.3 1.2 -0.9 -2.4 -0.1 0.1 1.3 2.3 -0.1 7.5 6.7 -10.5 -6.6 -1.5 Locality of Origin: China 0.0 0.1 0.2 0.0 0.1 0.0 -0.1 -0.2 0.0 -0.2 -0.1 0.0 -0.3 -0.2 0.0 Locality of Destination: China 0.8 0.7 1.2 -0.2 0.3 -0.6 -2.2 -0.2 -1.7 0.8 0.1 -0.5 -0.6 0.7 0.7 Terms of Trade: China 0.8 0.6 1.0 -0.2 0.2 -0.6 -2.1 0.0 -1.7 1.0 0.2 -0.5 -0.3 0.9 0.7 Locality of Origin: European Union 0.7 0.7 0.0 0.6 0.3 -0.3 0.0 -0.1 -0.1 0.1 -0.4 -0.1 0.1 0.3 0.1 Locality of Destination: European Union 1.9 0.4 0.2 0.7 0.3 -0.1 0.0 -0.1 0.1 0.4 0.1 -0.6 0.3 0.7 0.3 Terms of Trade: European Union 1.2 -0.3 0.2 0.1 0.0 0.2 0.0 -0.1 0.3 0.2 0.5 -0.4 0.2 0.4 0.1 Locality of Origin: Japan 0.5 0.2 0.2 0.2 0.0 -0.1 0.2 0.0 -0.1 0.1 -0.1 -0.1 0.0 0.1 0.1 Locality of Destination: Japan 1.0 1.4 -0.2 -0.3 0.0 -0.3 -0.9 0.1 -0.3 0.2 -0.1 -0.4 -1.4 1.1 0.2 Terms of Trade Japan 0.5 1.2 -0.5 -0.5 0.0 -0.2 -1.0 0.0 -0.1 0.1 0.0 -0.3 -1.4 1.0 0.1 Locality of Origin: Latin America 1.5 -0.1 -0.7 0.6 1.1 -0.5 0.1 -0.7 1.1 1.2 -1.7 -2.6 -1.1 1.2 0.1 Locality of Destination: Latin America 1.5 0.0 -0.2 0.7 1.3 0.3 0.1 0.0 0.2 1.3 -1.5 -1.8 -1.2 0.9 1.5 Terms of Trade: Latin America 0.0 0.1 0.5 0.1 0.2 0.7 0.1 0.6 -0.9 0.1 0.1 0.9 -0.1 -0.3 1.4 Locality of Origin: Mexico 0.6 -0.5 -0.2 -0.1 0.4 -0.2 -0.4 0.1 0.9 0.6 -0.6 -0.8 -1.3 0.4 0.0 Locality of Destination: Mexico 1.2 -0.1 -0.2 0.5 0.9 0.3 0.1 0.0 0.0 1.1 -1.2 -1.0 -1.3 0.5 1.3 Terms of Trade: Mexico 0.6 0.4 0.1 0.5 0.5 0.5 0.5 -0.1 -0.9 0.5 -0.6 -0.2 0.1 0.1 1.3 1-month percent change in U.S. terms of trade indexes for selected countries and groups of countries, January 2018–November 2019 (continued) Index Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Locality of Origin: Canada 1.7% 0.1% -4.4% -0.4% -0.8% 0.4% -1.2% 1.1% Locality of Destination: Canada -0.8 -0.3 -0.4 0.2 -0.7 -0.3 0.3 1.0 Terms of Trade: Canada -2.5 -0.3 4.1 0.6 0.1 -0.7 1.4 -0.1 Locality of Origin: China -0.2 -0.1 -0.2 -0.2 -0.2 -0.1 -0.1 -0.1 Locality of Destination: China 0.4 -1.4 -0.2 0.6 -1.2 -0.3 -0.2 0.3 Terms of Trade: China 0.6 -1.3 0.0 0.8 -1.0 -0.2 -0.1 0.4 Locality of Origin: European Union 0.0 0.3 -0.5 0.1 -0.2 0.1 -0.1 0.1 Locality of Destination: European Union 0.5 -0.1 -0.4 0.7 -0.3 -0.1 -0.3 0.0 Terms of Trade: European Union 0.5 -0.4 0.1 0.6 -0.1 -0.2 -0.2 -0.1 Locality of Origin: Japan 0.0 0.0 0.0 0.0 0.2 -0.1 0.0 0.1 Locality of Destination: Japan 0.7 -0.8 0.1 0.7 -0.5 0.0 0.5 0.0 Terms of Trade Japan 0.6 -0.7 0.1 0.6 -0.6 0.1 0.4 -0.1 Locality of Origin: Latin America 0.5 0.9 -1.3 -0.3 -0.7 0.1 -0.9 -0.4 Locality of Destination: Latin America 0.0 -0.2 -1.8 0.7 -1.1 -0.5 0.3 0.4 Terms of Trade: Latin America -0.5 -1.2 -0.5 1.1 -0.4 -0.6 1.2 0.9 Locality of Origin: Mexico 1.1 0.5 -1.3 -0.1 -0.3 -0.2 -0.1 -0.6 Locality of Destination: Mexico -0.4 -0.1 -1.3 0.6 -0.7 -0.5 0.0 1.0 Terms of Trade: Mexico -1.5 -0.6 0.0 0.7 -0.4 -0.3 0.1 1.6

In November 2019, the U.S. terms of trade with China increased 0.4 percent, after edging down 0.1 percent in October. A decrease of 0.1 percent in prices of imports from China and a 0.3-percent increase in prices of exports to China contributed to the U.S. terms of trade increase. Prices of imports from China have not increased on a monthly basis since advancing 0.1 percent in May 2018.

These data are from the International Price program. To learn more, see "U.S. Import and Export Price Indexes — November 2019." Also see charts on U.S. import and export prices and New Measures of Prices for Global Trade on the Commissioner's Corner Blog. Import and export price changes may be revised in each of the 3 months after their initial publication. 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.

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