Press release No. 039 of 31 January 2024

Import prices, December and full year 2023
-8.5% on the same month a year earlier
-1.1% on the previous month
-8.3% on an annual average in 2023 compared with 2022

Export prices, December and full year 2023
-2.4% on the same month a year earlier
-0.2% on the previous month
-0.3% on an annual average in 2023 compared with 2022

WIESBADEN – Import prices were 8.5% lower in December 2023 compared with December 2022. The Federal Statistical Office (Destatis) reports that the year-on-year rate of change was -9.0% in November 2023 and -13.0% in October 2023. The large decreases are still primarily due to a base effect originating from the high price increases in 2022. Compared with November 2023, import prices were down 1.1% in December 2023. On an annual average basis, import prices were 8.3% lower in 2023 than in 2022. That was the largest year-on-year drop in prices since 2009 (-8.6% on 2008).

Export prices in December 2023 were down 2.4% year on year. Compared with the previous month, they declined by 0.2%. On an annual average basis, export prices were 0.3% lower in 2023 than in 2022.

Drop in import prices compared with December 2022 due to lower energy prices

Energy imports in December 2023 cost 32.1% less than in December 2022 and were 6.3% less expensive than in November 2023. Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in December 2023 49.0% lower than they were in December 2022.

All other imported energy sources were also considerably less expensive than in the same month a year earlier: the prices of electricity fell by 72.0%, hard coal by 35.3%, mineral oil products by 10.8%, and crude oil by 7.5%.

The prices of all energy sources also decreased compared with November 2023. The prices of natural gas dropped by 4.9%, electricity by 25.2%, crude oil by 8.1%, mineral oil products by 5.7% and hard coal by 2.8%.

When energy prices are excluded, import prices in December 2023 were 2.4% lower than in December 2022. They were down 0.1% compared with November 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 (-0.5% compared with November 2023).

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

The prices of imported intermediate goods were 7.2% lower in December 2023 than in December 2022. Compared with November 2023, prices were down 0.2%. The prices of a number of goods decreased compared with December 2022, including fertiliser and nitrogen compounds (-39.9%), unwrought aluminium and aluminium alloys (-19.1%), paper and paperboard (-15.9%), basic iron, steel and ferro-alloys (-15.2%), and plastics in primary forms (-15.2%). By contrast, higher prices were recorded particularly for starches and starch products (+19.3%).

Capital goods prices were 1.8% higher than a year earlier. They remained unchanged compared with November 2023.

Imported agricultural products cost 0.8% more than in December 2022 (+0.6% on November 2023). Higher prices than in the same month a year earlier were recorded especially for cocoa beans (+60.0%), tomatoes (+46.1%) and live pigs (+19.9%). By contrast, substantially lower prices were paid for imports of wheat (-29.4%) and green coffee (-2.7%).

On average, the prices of imported durable consumer goods were 0.2% higher than a year earlier. They were down 0.4% compared with November 2023.

Imported non-durable consumer goods were also 0.2% more expensive than a year earlier, while the prices remained unchanged compared with November 2023. Substantially higher prices than a year earlier were recorded for confectionery (+15.8%), pork (+10.3%) and beverages (+6.6%). By contrast, lower year-on-year prices were observed for milk and milk products (-11.9%), poultry meat (-10.5%) and vegetable and animal oils (-9.6%).

Decrease in import prices on an annual average basis also due to lower energy prices

On an annual average basis, import prices were 8.3% lower in 2023 than in 2022. In 2022, they were 26.3% higher than a year earlier, in 2021 they exceeded the previous year's prices by 13.5%.

The price development for imported energy sources had the biggest influence on the rate of change in import prices, resulting in a 35.4% decrease compared with 2022. The average prices of all energy sources were considerably lower in 2023 than in 2022. A particularly large decline was recorded not only for natural gas prices (-48.0%), but also for electricity (-59.4%) and hard coal (-43.3%). On average, mineral oil product prices were down 20.1% and crude oil was 19.9% less expensive than in 2022.

The import price index excluding energy was 0.7% lower in 2023 than in 2022, on an annual average basis. If only crude oil and mineral oil products are not considered, import prices decreased by 7.1% from 2022.

The prices of intermediate goods were also down in 2023 (-5.9%) compared with 2022. By contrast, the average prices of imported capital goods were 3.6% higher than a year earlier, those of consumer goods increased by 2.9% and of agricultural products by 0.5%.

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

The index of export prices in December 2023 was 2.4% lower than in December 2022. The year-on-year rate of change was -2.2% in November 2023, and -2.4% in October 2023. Compared with November 2023, export prices were down 0.2%.

Energy export prices were 43.6% lower in December 2023 than a year earlier (-9.1% on November 2023). As with import prices, the drop in natural gas prices (-57.0%) was the main reason for the year-on-year decline in energy export prices. The price of natural gas was down 8.8% from the previous month. Mineral oil products continued to be less expensive than a year earlier (-9.2%). Their prices were also down from the previous month (-5.7% on November 2023).

The export prices of agricultural products were 8.9% lower than a year before (+1.4% compared with November 2023). Exports of intermediate goods were 4.4% less expensive than in December 2022 (-0.1% on November 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 up compared with the previous year (+1.8%).

Year-on-year decline in export price index in 2023 mainly due to lower energy prices

On an annual average basis, export prices were 0.3% lower in 2023 than a year earlier (2022 on 2021: +14.6%).

The 40.6% decrease in energy prices was the main factor influencing the year-on-year rate of change. Lower prices than in 2022 were also recorded for agricultural products
(-5.1%) and intermediate goods (-1.1%). By contrast, capital goods and consumer goods were 4.6% and 4.0% more expensive, respectively, compared with the previous year's average.

Methodological notes:

The present results for December 2023 are the last to be published on base 2015. 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) tool (only in German) for real-time economic monitoring.