Press release No. 389 of 29 September 2023

Import prices, August 2023
-16.4% on the same month a year earlier
+0.4% on the previous month

Export prices, August 2023
-5.1% on the same month a year earlier
+0.1% on the previous month

WIESBADEN – Import prices were 16.4% lower in August 2023 compared with August 2022. This represents the largest year-on-year decline in import prices recorded since November 1986 (-16.5% on November 1985). 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 Federal Statistical Office (Destatis) also reports that the year-on-year change rate was -13.2% in July 2023 and -11.4% in June 2023. Compared with July 2023, import prices were up 0.4% in August 2023, after having fallen consistently month on month since September 2022.

Export prices in August 2023 also decreased substantially year on year, dropping -5.1% from August 2022. Compared with the previous month, export prices rose by 0.1%. 

Drop in import prices due to much lower energy prices

Energy imports in August 2023 cost 54.0% less than in August 2022 but were 4.1% more expensive than in July 2023. Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in August 2023 73.4% lower than they were in August 2022. Compared with July 2023, prices were down 4.4%.

All other imported energy sources were also considerably less expensive than in the same month a year earlier: the prices of electricity fell by 79.7%, hard coal by 61.4%, crude oil by 23.0%, and mineral oil products by 19.3%.Compared with the previous month, the prices of imported energy sources were significantly higher, however: electricity was 20.9% more expensive than in July 2023, mineral oil products cost 11.9% more, and the prices of crude oil increased by 7.5% and hard coal by 1.2%. 

When energy prices are excluded, import prices in August 2023 were 3.4% lower than in August 2022. Compared with July 2023, they were down 0.3%. If only crude oil and mineral oil products are not considered, the import price index was 16.0% below the level of the previous year (-0.4% compared with July 2023). 

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

The prices of imported intermediate goods were 9.7% lower in August 2023 than in August 2022. Compared with July 2023, they were down 0.7%. The prices of a number of goods were down compared with August 2022, including fertiliser and nitrogen compounds (-53.7%), unwrought aluminium and aluminium alloys (-28.0%), plastics in primary forms (-21.5%), and basic iron, steel and ferro-alloys (-19.2%). By contrast, higher prices were recorded particularly for starches and starch products (+36.3%) and hollow glass (+14.3%).

The prices of imported agricultural products were 1.5% lower than in August 2022 (-0.2% compared with July 2023). Lower prices than in the same month a year earlier were recorded especially for green coffee (-29.2%), natural rubber (-20.7%) and grain (-19.4%). By contrast, higher prices were paid for imports of live pigs (+52.6%) and cocoa beans (+42.6%).

On average, imported durable consumer goods cost slightly less than in August 2022 (-0.3%), while they were 0.3% more expensive than in July 2023.

The prices of capital goods were 2.5% higher than a year earlier (unchanged from July 2023). Higher prices than in August 2022 were recorded especially for motor vehicles, trailers and semi-trailers (+4.7%) and for machinery (+3.1%).

On average, consumer goods prices were also higher than a year earlier (+0.5%) and were up 0.1% compared with July 2023.

Imported non-durable consumer goods were 0.7% more expensive year on year (+0.1% compared with July 2023), primarily due to the increase in the price of food (+2.2% compared with August 2022, but -0.5% compared with July 2023). Compared with August 2022, particularly sharp price increases were registered for prepared and preserved fruit and vegetables (+7.1%) and beverages (+6.5%). Meat and meat products were 2.5% more expensive than a year earlier. Pork prices, in particular, were much higher than in August 2022 (+26.6%). By contrast, milk and milk products were less expensive (-14.0%) than a year earlier. 

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

The index of export prices in August 2023 was 5.1% lower than in August 2022. This was the largest decline in export prices compared with the same month a year earlier since the monthly index calculation began in 1962. The year-on-year rate of change was -3.2% in July 2023, and -0.9% in June 2023. Compared with July 2023, export prices were up slightly by 0.1%, after having fallen consistently month on month since January 2023.

Energy export prices were 59.7% lower in August 2023 than a year earlier (+9.7% on July 2023). As with import prices, the sharp drop in natural gas prices (-73.8% on the previous year) was the main reason for the year-on-year decline in energy export prices. Natural gas was exported at higher prices (+3.3%) compared with the previous month. Mineral oil products were also less expensive than a year earlier (-17.5%) but had increased in price (+11.3%) compared with July 2023.

The price of exported intermediate goods was down 4.8% on August 2022 (-0.6% on July 2023). The export prices of agricultural products were 8.5% lower than a year before (-1.2% compared with July 2023).

By contrast, capital goods were exported at prices which were 3.5% higher than a year earlier. The prices of exported consumer goods were also higher than a year earlier (+2.1%).

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.