Press release No. 422 of 31 October 2023
Import prices, September 2023
-14.3% on the same month a year earlier
+1.6% on the previous month
Export prices, September 2023
-4.1% on the same month a year earlier
+0.4% on the previous month
WIESBADEN – Import prices were 14.3% lower in September 2023 compared with September 2022. The Federal Statistical Office (Destatis) also reports that the year-on-year change rate was -16.4% in August 2023 and -13.2% in July 2023. The large decreases are primarily due to a base effect originating from the high price increases in 2022 as a result of the war in Ukraine. Compared with August 2023, import prices were up 1.6% in September 2023.
The year-on-year export prices decreased by 4.1% in September 2023. Compared with the previous month, export prices rose by 0.4%.
Year-on-year import prices decreased due to lower energy prices, but month-on-month prices rose significantly
Energy imports in September 2023 cost 47.4% less than in September 2022 but were 9.7% more expensive than in August 2023. Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in September 2023 69.2% lower than they were in September 2022. Compared with August 2023, however, natural gas prices rose substantially by 12.3%.
All other imported energy sources were also considerably less expensive than in the same month a year earlier: the prices of electricity fell by 71.0%, hard coal by 53.6%, crude oil by 13.3%, and mineral oil products by 11.3%. In addition to the natural gas prices, the following prices of imported energy sources increased compared with the previous month: crude oil was 9.2% more expensive than in August 2023, mineral oil products cost 8.1% more, and the prices of electricity and hard coal increased by 7.5% and 6.2%, respectively.
When energy prices are excluded, import prices in September 2023 were 3.4% lower than in September 2022. Compared with August 2023, they were up 0.3%. If only crude oil and mineral oil products are not considered, the import price index was 14.6% below the level of the previous year (+0.9% compared with August 2023).
Lower prices for intermediate goods and agricultural products, higher prices for capital goods
The prices of imported intermediate goods were 8.9% lower in September 2023 than in September 2022. Compared with August 2023, they were up 0.2%. The prices of a number of goods were down compared with September 2022, including fertiliser and nitrogen compounds (-58.1%), unwrought aluminium and aluminium alloys (-26.2%), basic iron, steel and ferro-alloys (-19.2%), and plastics in primary forms (-18.3%). By contrast, higher prices were recorded particularly for starches and starch products (+29.5%) and hollow glass (+13.2%).
Imported agricultural products cost 3.7% less than in September 2022 (+0.8% on August 2023). Lower prices than in the same month a year earlier were recorded especially for green coffee (-28.6%) and grain (-20.6%). By contrast, substantially higher prices were paid for imports of cocoa beans (+44.6%) and live pigs (+31.5%).
On average, consumer goods prices were slightly lower than a year earlier (-0.1%). Compared with August 2023, they were up 0.3%.
Here, the average prices of imported durable consumer goods decreased by 0.6% from September 2022, while they rose by 0.6% compared with August 2023.
By contrast, the prices of imported non-durable consumer goods remained unchanged compared with a year earlier (+0.3% on August 2023). The prices of pork (+13.3%), preserved fruit and vegetables (+6.4%) and beverages (+6.1%) increased compared with the previous year, while substantially lower prices were recorded for milk and milk products (-14.9%) and vegetable and animal oils and fats (-12.0%).
Capital goods were 2.2% more expensive than a year earlier (+0.3% compared with August 2023). Higher prices than in the same month a year earlier were recorded especially for motor vehicles, trailers and semi-trailers (+4.3%) and for machinery (+2.6%).
Decline in prices for energy exports, agricultural products and intermediate goods
The index of export prices in September 2023 was 4.1% lower than in September 2022. The year-on-year rate of change was -5.1% in August 2023, and -3.2% in July 2023. Compared with August 2023, export prices were up 0.4% in September 2023.
Energy export prices were 51.9% lower in September 2023 than a year earlier (+5.4% on August 2023). As with import prices, the sharp drop in natural gas prices (-70.2% 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 (+3.5%) compared with the previous month. Mineral oil products also continued to be less expensive than a year earlier (-9.1%). They cost 5.9% more than in August 2023, however, and therefore had increased in price month on month for the fourth time in succession.
The export prices of agricultural products were 10.9% lower than a year before (-1.0% compared with August 2023). The price of exported intermediate goods was down 5.0% on September 2022 (+0.1% on August 2023).
By contrast, capital goods were exported at prices which were 3.3% higher than a year earlier. The prices of exported consumer goods were also up year on year (+1.7%).
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 (only in German).
