German Import and Export Prices – October 2023

In October 2023, German import prices experienced a substantial year-on-year decrease of 13.0%, with a marginal increase of 0.3% compared to the previous month. Conversely, export prices saw a 2.4% decline year-on-year and a slight dip of 0.1% from the previous month.

Import Prices:

  • October 2023: -13.0% YoY, +0.3% MoM
  • Mainly influenced by a base effect from high price increases in the previous year due to the Ukraine conflict.
  • Energy imports dropped by 43.5% YoY, driven by significantly lower prices for natural gas, while still 1.8% higher than September 2023.
  • Excluding energy, import prices were 3.3% lower YoY, with a 0.1% increase from September 2023.
  • Prices for intermediate goods, consumer goods, and agricultural products decreased, while prices for investment goods rose.

Export Prices:

  • October 2023: -2.4% YoY, -0.1% MoM
  • Energy exports were 34.9% cheaper YoY, particularly due to a significant decline in natural gas prices by 49.1%, despite a 9.9% increase compared to September 2023.
  • Prices for agricultural and intermediate goods for export decreased, while investment and consumer goods saw increases.

Methodological Note:

  • Price indices for import and export will transition to the new base year 2021 in January 2024.
  • The first release of results based on the new base will be in March 2024.