Press release No. 170 of 30 April 2024
Import prices, March 2024
-3.6% on the same month a year earlier
0.4% on the previous month
Export prices, March 2024
-1.0% on the same month a year earlier
0.1% on the previous month
WIESBADEN – Import prices were 3.6% lower in March 2024 compared with March 2023. The year-on-year rate of change was -4.9% in February 2024, and -5.9% in January 2024. The Federal Statistical Office (Destatis) also reports that import prices in March 2024 were up 0.4% on February 2024.
Export prices in March 2024 were 1.0% lower than in March 2023. The year-on-year rate of change was -1.1% in February 2024, and -1.3% in January 2024.Compared with February 2024, export prices were up slightly by 0.1%.
Drop in import prices compared with March 2023 due to lower prices for intermediate goods and energy
The decline in the prices of imported intermediate goods compared with the same month of the previous year (-5.9%) had the biggest impact on the overall development of import prices in March 2024. A number of goods in this category were less expensive than a year earlier, including fertiliser and nitrogen compounds (-21.1%), paper and paperboard (-14.4%), metals (-10.9%) and plastics in primary forms (-10.7%). Compared with February 2024 intermediate goods prices were up 0.6%.
The prices of energy imports in March 2024 were down 15.1% from March 2023, and were up 0.2% compared with February 2024. Natural gas had the biggest influence on the year-on-year rate of change for energy, with prices in March 2024 35.3% lower than they were in March 2023. Electricity (-35.5%) and hard coal (-22.4%) were also considerably less expensive than in the same month a year earlier. The prices of mineral oil products were just 0.4% lower than they were in March 2023. Crude oil, on the other hand, cost 4.1% more than a year earlier. Compared with February 2024, the prices of hard coal (-1.5%), natural gas (-1.4%) and mineral oil products (-1.0%) declined. By contrast, price increases were recorded for electricity (+5.9%) and crude oil (+2.2%).
When energy prices are excluded, import prices in March 2024 were 2.3% lower than in March 2023.Compared with February 2024, they were up 0.4%.If only crude oil and mineral oil products are not considered, the import price index was 4.1% below the level of the previous year (+0.4% compared with February 2024).
Lower prices for imported agricultural products, higher prices for consumer and capital goods
In March 2024, imported agricultural products cost 2.5% less than in March 2023 (+2.8% on February 2024). The prices of wheat and tomatoes, in particular, were much lower than in March 2023, with a price decline of -23.0% recorded for both products. Green coffee was also less expensive than a year earlier (-2.1%). Green coffee prices were up 3.6% on the previous month, however. By contrast, the price of raw cocoa was more than double that recorded in March 2023 (+121.1%), and was up 10.1% on the previous month.
Capital goods were 0.3% more expensive than a year earlier and were down 0.1% compared with February 2024.
Consumer goods were up 0.4% year on year and were up 0.3% on the previous month. While the prices of non-durable consumer goods rose by 0.6% year on year and were up 0.4% on the previous month, the prices of durable consumer goods only registered a slight increase (0.1%) compared with both the same month of the previous year and the previous month. In the case of non-durable consumer goods, cocoa butter, fat and oil, in particular, cost more than two and a half times (+159.0%) the amount registered in March 2023. Compared with February 2024, prices here were up 33.0%.
Decline in prices for exports of intermediate goods, energy and agricultural products
The drop in the prices of intermediate goods also had the biggest influence on the overall development of export prices. Exports of intermediate goods were 3.7% less expensive than in March 2023 (+0.3% compared with February 2024). The decrease in the price of exported plastics in primary forms (-7.4%) and the drop in the price of metals, which were 7.0% less expensive than a year earlier, had the strongest impact here.
Energy export prices were 21.3% lower in March 2024 than a year earlier (-4.4% on February 2024). As with import prices, the drop in natural gas prices (-40.4%) was the main reason for the year-on-year decline in energy export prices. The price of natural gas was down 12.3% from the previous month. On the other hand, mineral oil products cost more than they did a year earlier (+0.7%). Compared with February 2024, they were 0.8% less expensive, however.
The export prices of agricultural products were down 6.9% compared with the previous year (+1.9% compared with February 2024).
By contrast, capital goods were exported at prices which were 2.1% higher than a year earlier. The prices of exported consumer goods were also up compared with the previous year (+1.1%).
More information:
All current results are also provided in the statistical reports on the statistics of import and export prices. 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. The provision of results for the period before 2021 will be delayed due to rebasing.
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.
