Press release No. 496 of 22 December 2023
Import prices, November 2023
-9.0% on the same month a year earlier
-0.1% on the previous month
Export prices, November 2023
-2.2% on the same month a year earlier
-0.2% on the previous month
WIESBADEN – Import prices were 9.0% lower in November 2023 compared with November 2022. The Federal Statistical Office (Destatis) also reports that the year-on-year change rate was -13.0% in October 2023 and -14.3% in September 2023. The large decreases are still primarily due to a base effect originating from the high price increases in 2022. Compared with October 2023, import prices fell slightly by 0.1% in November 2023.
The year-on-year export prices decreased by 2.2% in November 2023. Compared with the previous month, export prices fell by 0.2%.
Year-on-year import prices down due to lower energy prices
Energy imports in November 2023 cost 31.7% less than in November 2022 but were 1.4% more expensive than in October 2023. Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in November 2023 47.0% lower than they were in November 2022. Compared with October 2023, however, natural gas prices rose substantially by 16.2%.
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 31.6%, electricity by 47.3%, mineral oil products by 17.0%, and crude oil by 13.4%.
Compared with the previous month, the prices of electricity (+4.0%) and hard coal (+0.4%) also increased in addition to the prices of natural gas. By contrast, lower prices were recorded for crude oil (-6.7%) and mineral oil products (-6.5%).
When energy prices are excluded, import prices in November 2023 were 2.9% lower than in November 2022. They were down 0.3% compared with October 2023. If only crude oil and mineral oil products are not considered, the import price index was 8.4% below the level of the previous year (+0.6% compared with October 2023).
Lower prices for imported intermediate goods and consumer goods, higher prices for capital goods and agricultural products
The prices of imported intermediate goods were 8.0% lower in November 2023 than in November 2022. Compared with October 2023, prices were down 0.5%. The prices of a number of goods were down compared with November 2022, including fertiliser and nitrogen compounds (-44.0%), unwrought aluminium and aluminium alloys (-20.3%), basic iron, steel and ferro-alloys(-16.5%), paper and paperboard (-16.5%), and plastics in primary forms (-15.7%). By contrast, higher prices were recorded particularly for starches and starch products (+23.0%).
On average, the prices of imported durable consumer goods were 0.4% lower than a year earlier. They were down 0.5% compared with October 2023.
Imported non-durable consumer goods cost 0.2% less than they did a year earlier (-0.2% on October 2023). Compared with the previous year, significantly lower prices were recorded for milk and milk products (-12.9%), poultry meat (-11.0%) and vegetable and animal oils and fats (-8.5%). By contrast, the prices of pork (+14.5%), beverages (+6.4%) and preserved fruit and vegetables (+4.7%) increased compared with the previous year.
Capital goods were 1.7% more expensive than a year earlier. Compared with October 2023, they were down 0.2%.
Imported agricultural products cost 1.2% more than in November 2022 (+0.5% on October 2023). Higher prices than in the same month a year earlier were recorded especially for cocoa beans (+56.9%) and live pigs (+28.5%). By contrast, substantially lower prices were paid for imports of wheat (-31.1%) and green coffee (-5.3%).
Decline in prices for exports of energy, agricultural products and intermediate goods
The index of export prices in November 2023 was 2.2% lower than in November 2022. The year-on-year rate of change was -2.4% in October 2023, and -4.1% in September 2023. Compared with October 2023, export prices were down 0.2% in November 2023.
Energy export prices were 33.5% lower in November 2023 than a year earlier (-2.3% on October 2023). As with import prices, the drop in natural gas prices (-46.8%) was the main reason for the year-on-year decline in energy export prices. Natural gas was exported at higher prices (+1.7%) compared with the previous month. Mineral oil products also continued to cost less than a year earlier (-14.9%). The prices of mineral oil products were also down month on month (-6.1% on October 2023).
The export prices of agricultural products were 11.6% lower than a year before (-0.5% compared with October 2023). The price of exported intermediate goods was down 4.7% on November 2022 (-0.3% on October 2023).
By contrast, capital goods were exported at prices which were 2.9% 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 at the end of 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 import 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).
