Press release No. 300 of 31 July 2023
Import prices, June 2023
-11.4% on the same month a year earlier
-1.6% on the previous month
Export prices, June 2023
-0.9% on the same month a year earlier
-0.1% on the previous month
WIESBADEN – Import prices were 11.4% lower in June 2023 compared with June 2022. The Federal Statistical Office (Destatis) reports that this represents the largest year-on-year decrease in prices recorded since September 2009 (also -11.4% from September 2008), when prices fell sharply in the context of the financial and economic crisis. The decline is primarily due to a base effect originating from the high price level in 2022 as a result of the war in Ukraine. The year-on-year rate of change for import prices was -9.1% in May 2023, and -7.0% in April 2023. Compared with March 2023, import prices also decreased notably by 1.6% in June 2023.
Export prices in June 2023 were down 0.9% compared with June 2022. They changed only slightly from May 2023 (-0.1%).
Drop in import prices due to much lower energy prices
Energy imports in June 2023 cost 44.9% less than in June 2022 and were 6.6% less expensive than in May 2023. This was a significant contributor to the decline in the overall index compared with the same month a year earlier and the previous month. Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in June 2023 50.6% lower than they were in June 2022. Compared with May 2023, they were down 15.5%.
All other imported energy sources were also considerably less expensive than in the same month a year earlier: the prices of electricity fell by 57.6%, hard coal by 53.6%, mineral oil products by 40.2%, and crude oil by 38.8%.
When energy prices are excluded, import prices in June 2023 were 2.0% lower than in June 2022. They were down 0.7% compared with May 2023. If only crude oil and mineral oil products are not considered, the import price index was 7.9% below the level of the previous year (-1.6% compared with May 2023).
Lower prices for intermediate and agricultural products, higher prices for consumer and capital goods
The prices of imported intermediate goods were 8.8% lower in June 2023 than in June 2022. Compared with May 2023, they were down 1.4%. Year-on-year price decreases were recorded for a number of goods including fertiliser and nitrogen compounds (-53.6%), carboxylic acids and their derivatives (-34.6%), unwrought aluminium and aluminium alloys (-25.9%), and basic iron, steel and ferro-alloys (-21.9%). By contrast, higher prices were recorded particularly for starches and starch products (+50.9%) and hollow glass (+21.8%).
The prices of imported agricultural products were 0.7% lower than in June 2022 (-1.6% compared with May 2023). Lower prices than in the same month a year earlier were recorded especially for natural rubber (-26.1%), grain (-22.2%) and green coffee (-20.3%). By contrast, higher prices were paid for imports of live pigs (+73.0%) and cocoa beans (+32.9%).
The prices of consumer goods were 2.7% higher than a year earlier. Compared with May 2023, they were down 0.4%.
Imported non-durable consumer goods were 2.7% more expensive year on year (-0.4% compared with May 2023), primarily due to the increase in the price of food (+6.1% compared with June 2022, but -1.2% compared with May 2023). The increase in the price of prepared and preserved fruit and vegetables was particularly pronounced, rising 11.0% from June 2022. Meat and meat products were 5.9% more expensive than a year earlier. Pork prices, in particular, were much higher than in June 2022 (+34.5%).
On average, imported consumer goods cost 2.5% more than in June 2022. Compared with May 2023, they changed only very slightly (-0.1%).
The price level of imported capital goods was 4.0% higher in June 2023 than in June 2022 (+0.1% compared with May 2023). Higher prices than in June 2022 were recorded especially for motor vehicles, trailers and semi-trailers (+5.6%) and for machinery (+4.9%).
Decline in prices for energy exports, agricultural products and intermediate goods
In June 2023, the index of export prices was 0.9% lower than in June 2022 and was therefore in negative territory again for the first time since December 2020. The year-on-year rate of change was +0.1% in May 2023, and +1.1% in April 2023. Compared with May 2023, export prices were down slightly, by 0.1%, in June 2023.
Energy export prices were 45.5% lower in June 2023 than a year earlier (+1.0% on May 2023). As with import prices, the sharp drop in natural gas prices (-51.2% on the previous year) was the main reason for the decline in energy export prices. Natural gas was also exported at lower prices (-5.6%) compared with the previous month. Mineral oil products were also less expensive than a year earlier (-36.8%) but had increased in price (1.8%) compared with May 2023.
Agricultural products were 5.5% less expensive than a year before (-0.5% compared with May 2023), and the price of exported intermediate goods was down 2.6% on June 2022 (-0.8% compared with May 2023).
By contrast, capital goods were exported at prices which were 5.2% higher than a year earlier (+0.3% compared with May 2023). Higher prices than in June 2022 were recorded especially for machinery (+7.1%), and motor vehicles, trailers and semi-trailers (+4.4%).
The prices of exported consumer goods were also higher than a year earlier (+4.2%).
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 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
