Press release No. 457 of 29 November 2023
Import prices, October 2023
-13.0% on the same month a year earlier
+0.3% on the previous month
Export prices, October 2023
-2.4% on the same month a year earlier
-0.1% on the previous month
WIESBADEN – Import prices were 13.0% lower in October 2023 compared with October 2022. The Federal Statistical Office (Destatis) also reports that the year-on-year change rate was -14.3% in September 2023 and -16.4% in August 2023. The large decreases are still primarily due to a base effect originating from the high price increases in 2022 as a result of the war in Ukraine. Compared with September 2023, import prices were up 0.3% in October 2023.
Export prices in October 2023 were down 2.4% compared with October 2022. Compared with the previous month, export prices fell slightly (-0.1%).
Year-on-year import prices decreased due to lower energy prices, but month-on-month prices rose
Energy imports in October 2023 cost 43.5% less than in October 2022 but were 1.8% more expensive than in September 2023. Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in October 2023 65.3% lower than they were in October 2022. Compared with September 2023, natural gas prices were up 4.3%.
All other imported energy sources were also considerably less expensive than in the same month a year earlier: the prices of hard coal fell by 45.2%, electricity by 43.3%, mineral oil products by 21.1%, and crude oil by 9.4%.
Compared with the previous month, the prices of hard coal (+8.3%) and crude oil (+3.0%) also increased in addition to the prices of natural gas. By contrast, the price of electricity dropped significantly by 14.4%, and mineral oil products cost 4.7% less than in the previous month.
When energy prices are excluded, import prices in October 2023 were 3.3% lower than in October 2022. Compared with September 2023, they were up 0.1%. If only crude oil and mineral oil products are not considered, the import price index was 12.9% below the level of the previous year (+0.4% compared with September 2023).
Lower prices for intermediate goods, consumer goods and agricultural products, higher prices for capital goods
The prices of imported intermediate goods were 8.6% lower in October 2023 than in October 2022. Compared with September 2023, they were down 0.2%. The prices of a number of goods were down compared with October 2022, including fertiliser and nitrogen compounds (-53.8%), unwrought aluminium and aluminium alloys (-22.3%), basic iron, steel and ferro-alloys (-17.2%), and plastics in primary forms (-15.7%). By contrast, higher prices were recorded particularly for starches and starch products (+24.4%) and hollow glass (+12.8%).
Imported agricultural products cost 1.8% less than in October 2022 (+1.5% on September 2023). Lower prices than in the same month a year earlier were recorded especially for grain (-22.4%) and green coffee (-11.0%). By contrast, substantially higher prices were paid for imports of cocoa beans (+53.9%) and live pigs (+28.2%).
On average, the prices of imported durable consumer goods were 0.6% lower than a year earlier. Compared with September 2023, they were up 0.5%.
Imported non-durable consumer goods were 0.7% less expensive than a year before (+0.2% compared with September 2023). The prices of pork (+14.0%), beverages (+6.1%) and preserved fruit and vegetables (+4.9%) increased compared with the previous year, while substantially lower prices were recorded for milk and milk products (-14.6%) and vegetable and animal oils and fats (-12.5%).
Capital goods were 1.8% more expensive than a year earlier. Compared with September 2023, they remained unchanged. Higher prices than in the same month a year earlier were recorded especially for motor vehicles, trailers and semi-trailers (+3.3%) and for machinery (+2.1%).
Decline in prices for exports of energy, agricultural products and intermediate goods
The index of export prices in October 2023 was 2.4% lower than in October 2022. The year-on-year rate of change was -4.1% in September 2023, and -5.1% in August 2023. Compared with September 2023, export prices fell slightly by 0.1% in October 2023.
Energy export prices were 34.9% lower in October 2023 than a year earlier (-1.5% on September 2023). As with import prices, the sharp drop in natural gas prices (-49.1%) was the main reason for the year-on-year decline in energy export prices. Natural gas was exported at much higher prices (+9.9%) compared with the previous month. Mineral oil products continued to be less expensive than a year earlier (-19.2%). The prices of mineral oil products also declined again compared with the previous month (-4.4% on September 2023), after having risen consistently month-on-month from May to September 2023.
The export prices of agricultural products were 13.8% lower than a year before (-1.9% compared with September 2023). The price of exported intermediate goods was down 5.1% on October 2022 (-0.2% on September 2023).
By contrast, capital goods were exported at prices which were 3.1% higher than a year earlier. The prices of exported consumer goods were also up year on year (+1.4%).
Methodological notes:
The indices of export and import prices will be rebased to 2021 as of reference month January 2024. First results for the new base year will be released in March 2024.
More information:
Long time series are also available in the tables on the index of import prices (61411-0002 and 61411-0006) and index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database. All current results are also provided in the statistical reports (only in German) on the statistics of import and export prices. As of reference month February 2023, the reports have replaced "Reihe 8.1 and 8.2" of the previous "Fachserie 17" publication.
Import price indices are also available on Dashboard Germany (www.dashboard-deutschland.de) (only in German). This data portal of the Federal Statistical Office combines up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, health and mobility. The portal also contains the Economic Pulse Monitor tool (Pulsmesser für die Wirtschaft) (only in German) for real-time economic monitoring.
Russia’s attack on Ukraine and the related sanctions are having an impact on many parts of the economy and society. Relevant data and information are provided on a special webpage (only in German).
