As are all import prices.
Figure 1: Log import prices of non-petroleum goods (blue), and of goods imports from China (red), all normalized to 2014M06=0. Source: BLS via FRED, author's calculations.
Chinese import prices have fallen 3.3% (log terms) since mid-2014; overall non-petroleum by 4.2%. While the USD has appreciated less against the CNY than against a broad basket, the implied exchange pass-through is not substantially different.
Figure 2: Log goods import prices from China (blue), and USD/CNY exchange rate (red), both normalized to 2014M06=0. Exchange rate normalized so down is dollar appreciation. Source: BLS and Federal Reserve Board and via FRED, and author's calculations.
Figure 3: Log goods import prices ex.-petroleum (blue), and USD exchange rate against broad basket (red), both normalized to 2014M06=0. Exchange rate normalized so down is dollar appreciation. Source: BLS and Federal Reserve Board via FRED, and author's calculations.
The implied exchange rate pass-through for imports of Chinese goods is about 42.9%, for imports of nonpetroleum goods about 23%.
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