Press release No. 341 of 30 August 2023

Import prices, July 2023
-13.2% on the same month a year earlier
-0.6% on the previous month

Export prices, July 2023
-3.2% on the same month a year earlier
-0.3% on the previous month

WIESBADEN – Import prices were 13.2% lower in July 2023 compared with July 2022. The Federal Statistical Office (Destatis) reports that this represents the largest year-on-year decrease in prices recorded since January 1987 (-14.2% from January 1986). As in the previous months, the decline is primarily due to a base effect originating from the large price increases in 2022 as a result of the war in Ukraine. The year-on-year rate of change was -11.4% in June 2023, and -9.1% in May 2023. Import prices were also down in July 2023 (-0.6%) compared with June 2023.

The year-on-year export prices decreased substantially by 3.2% in July 2023. Compared with the previous month, export prices fell by 0.3%.

Drop in import prices due to much lower energy prices

Energy imports in July 2023 cost 47.4% less than in July 2022 but were 1.4% more expensive than in June 2023. Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in July 2023 58.7% lower than they were in July 2022. Compared with June 2023, however, prices were up 0.5%.

All other imported energy sources were also considerably less expensive than in the same month a year earlier: the prices of electricity fell by 75.4%, hard coal by 63.7%, crude oil by 33.0% and mineral oil products by 31.4%. While the prices of electricity (-17.8%) and hard coal (-10.4%) also fell from the previous month, the prices of mineral oil products (+5.1%) and crude oil (+3.2%) increased compared with June 2023.

When energy prices are excluded, import prices in July 2023 were 3.1% lower than in July 2022. They were down 0.9% compared with June 2023. If only crude oil and mineral oil products are not considered, the import price index was 11.0% below the level of the previous year (-1.0% compared with June 2023).

Lower prices for intermediate goods and agricultural products, higher prices for consumer and capital goods

The prices of imported intermediate goods were 9.5% lower in July 2023 than in July 2022. Compared with June 2023, they were down 1.6%. Year-on-year price decreases were recorded for a number of goods including fertiliser and nitrogen compounds (-53.6%), unwrought aluminium and aluminium alloys (-27.0%), plastics in primary forms (-23.0%), and basic iron, steel and ferro-alloys (-20.3%). By contrast, higher prices were recorded particularly for starches and starch products (+42.4%) and hollow glass (+21.3%).

The prices of imported agricultural products were 0.4% lower than in July 2022 (-1.5% compared with June 2023). Lower prices than in the same month a year earlier were recorded especially for natural rubber (-27.9%), green coffee (-24.1%) and grain (-19.6%). By contrast, higher prices were paid for imports of live pigs (+77.8%) and cocoa beans (+31.3%).

The prices of capital goods were 2.9% higher than a year earlier (-0.1% compared with June 2023). Higher prices than in July 2022 were recorded especially for motor vehicles, trailers and semi-trailers (+4.9%) and for machinery (+3.6%).
On average, consumer goods prices were also higher than a year earlier (+1.2%), while they dropped by 0.4% from June 2023.

Imported non-durable consumer goods were 1.4% more expensive year on year (-0.4% compared with June 2023), primarily due to the increase in the price of food (+3.9% compared with July 2022, but -0.4% compared with June 2023). The increase in the price of prepared and preserved fruit and vegetables was particularly pronounced, rising by 8.8% from July 2022. Beverage prices increased by 6.1%, meat and meat products were 5.6% more expensive than a year earlier. Pork prices, in particular, were much higher than in July 2022 (+34.9%). By contrast, milk and milk products were 11.5% less expensive than a year earlier.

On average, imported durable consumer goods cost slightly more than in July 2022 (+0.1%), while they were 0.6% less expensive than in June 2023.

Decline in prices for energy exports, agricultural products and intermediate goods

The index of export prices in July 2023 was 3.2% lower than in July 2022. This represents the largest year-on-year decline in prices recorded since September 2009 (-3.2% on September 2008, too). The year-on-year rate of change was -0.9% in June 2023, while it had stood at +0.1% in May 2023. Compared with June 2023, export prices were down 0.3% in July 2023.

Energy export prices were 54.7% lower in July 2023 than a year earlier (-0.5% on June 2023). As with import prices, the sharp drop in natural gas prices (-66.1% on the previous year) was the main reason for the year-on-year decline in energy export prices. Natural gas was also exported at lower prices (-1.6%) compared with the previous month. Likewise, mineral oil products were less expensive than a year earlier (-29.1%) but had increased in price (+4.9%) compared with June 2023.

The export prices of agricultural products were 6.0% lower than a year before (-2.8% compared with June 2023), and the price of exported intermediate goods was down 4.1% on July 2022 (-1.0% compared with June 2023).

By contrast, capital goods were exported at prices which were 4.2% higher than a year earlier. The prices of exported consumer goods were also higher than a year earlier (+2.8%).

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.