Press release No. 291 of 31 July 2024

Import prices, June 2024
+0.7% on the same month a year earlier
+0.4% on the previous month 

Export prices, June 2024
+0.6% on the same month a year earlier
+0.3% on the previous month 

WIESBADEN – Import prices were 0.7% higher in June 2024 than in June 2023. Compared with the same month a year earlier, the rate of change was -0.4% in May 2024, and -1.7% in April 2024. The Federal Statistical Office (Destatis) also reports that import prices in June 2024 were up 0.4% on May 2024.

Export prices in June 2024 were 0.6% higher than in June 2023. The year-on-year rate of change was 0.2% in May 2024, and -0.2% in April 2024. Compared with May 2024, export prices were up 0.3%. 

Increase in import prices compared with June 2023 due to higher prices particularly for energy and consumer goods

The increase in the prices of imported energy (+4.3%) and consumer goods (+1.8%) compared with the same month of the previous year had the biggest impact on the overall development of import prices in June 2024.

Compared with May 2024, the prices of energy imports increased by 2.3% and those of consumer goods by 0.2%.

Crude oil had the biggest influence on the year-on-year rate of change for energy, with prices in June 2024 10.5% higher than they were in June 2023. Compared with May 2024, the prices of crude oil were down 2.3%.

Mineral oil products (+6.5%) and natural gas (+1.4%) were also more expensive than a year earlier. The last time a year-on-year increase in the price of natural gas was recorded was in December 2022.

By contrast hard coal (-12.4%) and electricity (-9.5%) were considerably less expensive than in the same month a year earlier. While hard coal prices were also down month on month (-2.1%), electricity cost considerably more (+28.5%) compared with May 2024.

When energy prices are excluded, import prices in June 2024 were 0.3% higher than in June 2023. They remained unchanged compared with May 2024. If only crude oil and mineral oil products are not considered, the import price index was 0.2% above the level of the previous year (+0.4% compared with May 2024).

In the case of consumer goods, imports of non-durable consumer goods, in particular, became more expensive (+2.0% on June 2023). Durable consumer goods were 0.7% more expensive than a year earlier.

In the case of non-durable consumer goods, the prices of cocoa butter, fat and oil, in particular, were still markedly higher (+171.2%) than in June 2023. Compared with May 2024, prices here were down 6.2%.

Overall, imported food was 3.0% more expensive compared with the previous year (+0.2% compared with May 2024). 

Higher prices also for imports of agricultural goods  and capital goods

The prices of imported agricultural goods in June 2024 were 8.6% higher than in June 2023 (+1.5% compared with May 2024). In particular, the prices of raw cocoa were up 178.6% year on year and rose 11.2% on the previous month. The prices of green coffee were 16.6% higher than in June 2023, and were also up on the previous month (+2.0%). By contrast, the prices of onions (-44.5%), tomatoes (-9.4%) and cereals (-6.1%), for example, were down from the previous year.

Reporting an increase of 0.3%, capital goods prices were also higher than in June 2023.

By contrast, intermediate goods were 1.4% less expensive than in June 2023. A number of goods in this category were less expensive than a year earlier, including starches and starch products (-27.7%) and batteries and accumulators (-9.2%). Compared with May 2024, there was hardly any change in the prices of intermediate goods (-0.1%). 

Price increases for exports of capital and consumer goods

In the case of exports, the increase in the prices of intermediate goods had the biggest influence on the development of prices, with the prices of these goods up 1.4% on June 2023 (unchanged compared with May 2024). The year-on-year price increases for machinery (+2.2%) and motor vehicles, trailers and semi-trailers (+1.5%) played a key role here.

Compared with June 2023, the prices of consumer goods were up 2.0%. While durable consumer goods were only 0.8% more expensive year on year, the prices of exported non-durable consumer goods were 2.3% higher than in June 2023.

The 6.2% decline in the price of energy exports compared with the previous year (+4.5% on May 2024, however) was unable to offset the rise in the prices of exported capital and consumer goods. While natural gas and electricity were, respectively, 17.1% and 9.5% less expensive compared with the previous year, the prices of mineral oil products were 4.6% higher than a year earlier. Compared with May 2024, the prices of mineral oil products were down slightly (-0.2%). By contrast, the prices of electricity (+28.5%) and natural gas (+5.7%) were up on May 2024.

Intermediate goods were also cheaper than in June 2023 (-0.8%). Compared with the previous month, the price level here remained unchanged.

The export prices of agricultural products were unchanged compared with the previous year (+0.7% compared with May 2024).

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 the rebasing of the indices.

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.