The import prices in Germany experienced a significant drop of 7.0% in April 2023 compared to the same month of the previous year, according to the Federal Statistical Office (Destatis). This marks the sharpest decline in import prices since October 2009 when prices plummeted by 8.1% compared to October 2008. In March 2023, the year-on-year rate of change was -3.8%, while in February 2023, it stood at +2.8%. Furthermore, import prices decreased by 1.7% compared to March 2023.
The decline in import prices was predominantly driven by lower energy prices. Prices for energy imports witnessed a significant decrease of 31.8% compared to April 2022 (and a 6.6% decrease compared to March 2023). The drop was mainly attributed to the decline in natural gas prices, which decreased by 38.7% compared to April 2022. In comparison to March 2023, natural gas prices fell by 14.0%. Additionally, prices for imported hard coal (-44.3%), electric power (-38.6%), mineral oil products (-28.4%), and crude oil (-21.2%) were considerably lower than the previous year.
Excluding crude oil and mineral oil products, the index of import prices declined by 5.2% in April 2023 compared to April 2022, and it fell by 1.8% compared to March 2023. Import prices for intermediate goods decreased by 6.5% compared to April 2022 (and by 1.2% compared to March 2023). However, prices for consumer goods and capital goods experienced an increase of 4.6% and 4.7%, respectively, compared to April 2022.
On the other hand, export prices in Germany saw a slight increase, rising by 1.1% in April 2023 compared to the same month of the previous year. The year-on-year rate of change for export prices in March 2023 was +2.3% and +6.6% in February 2023. However, export prices decreased by 0.4% compared to March 2023.
The rise in export prices was primarily driven by increases in prices for capital goods and consumer goods. Exported capital goods recorded a 5.4% increase compared to April 2022 (and a 0.2% increase compared to March 2023), primarily influenced by higher machinery prices (+8.0%) and motor vehicle prices (+3.9%). Consumer goods prices increased by 4.9%, while intermediate goods prices decreased slightly by -0.2% compared to April 2022.
Energy exports witnessed a significant decrease in prices, dropping by 34.3% compared to April 2022 (and by 2.4% compared to March 2023), primarily due to the decline in natural gas prices (-45.1% compared to April 2022). In comparison to March 2023, natural gas prices decreased by 1.6%.