Press release No. 167 of 28 April 2023
Import prices, March 2023
-3.8% on the same month a year earlier
-1.1% on the previous month
Export prices, March 2023
+2.3% on the same month a year earlier
-0.2% on the previous month
WIESBADEN – The index of import prices decreased by 3.8% in March 2023 compared with the corresponding month of the preceding year. As the Federal Statistical Office (Destatis) reports, this was the first decrease compared with the preceding year since January 2021 (-1.2% compared with January 2020). The year-on-year rate of change had been +2.8% in February 2023 and +6.6% in January 2023. Compared with February 2023, import prices were down 1.1% in March 2023. This was the seventh decrease in a row.
Year-on-year price decrease mainly due to lower prices for energy
Import prices for energy decreased by 27.3% compared with March 2022. The year-on-year decrease was mainly due to the price decrease of natural gas (-27.2% compared with March 2022). Compared with February 2023, natural gas prices fell by 9.0%. The prices for imported electric power were lower than a year before (-59.9%), likewise crude oil (-25.4%) and mineral oil products (-24.4%).
The index of import prices, excluding crude oil and mineral oil products, decreased by 1.2% in March 2023 compared with March 2022 and fell by 0.8% in comparison with February 2023.
Import prices for intermediate goods decreased by 1.9% compared with March 2022.
Prices for consumer goods and capital goods increased by 6.6% and 5.7% compared to March 2022.
Export prices pushed by increases in prices of capital and intermediate goods
The index of export prices was 2.3% higher in March 2023 than in March 2022. In February 2023 and January 2023, the year-on-year rate of change had been +6.6% and +7.8%, respectively. Compared with February 2023, export prices were down 0.2% in March 2023.
The price increase in March 2023 in comparison with March 2022 was mainly due to the development of capital goods. Prices of exported capital goods were 6.1% higher than in March 2022 (+0.2% compared with February 2023). The price development of capital goods was mainly influenced by the development of machinery prices, which were up 8.7% on March 2022, followed by that of motor vehicle prices (+5.0%).
Intermediate goods prices increased by 4.0% compared with March 2022.
Energy exports were 42.5% cheaper than in March 2022 (-8.2% compared with February 2023). This was mainly due to the price decrease of natural gas (-54.5% compared with March 2022). Compared with February 2023 these prices decreased by 10.6%.
More detailed data and long time series are available in the tables Index of import prices (61411-0002 and 61411-0006) and Index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database.
Import price indices are also available in the Dashboard Germany (www.dashboard-deutschland.de) (only in german). This data portal of the Federal Statistical Office combines up-to-date indicators of official statistics and from other data providers on the topics of economy and finance as well as health and mobility.A tool also available there is the Economic Pulse Monitor (Pulsmesser für die Wirtschaft) (only in german). It can be used for real-time monitoring of the economic development.
