Germany sees a significant drop in import prices in Nov

26 Dec '23

1 min read

Pic: Daniela Baumann - stock.adobe.com

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In November 2023, Germany's import prices fell sharply by 9.0 per cent year-on-year, with energy imports dropping 31.7 per cent, significantly influenced by a 47.0 per cent decrease in natural gas prices.
Despite this, some energy prices rose month-on-month. Excluding energy, import prices declined by 2.9 per cent.
Export prices decreased by 2.2 per cent.

Germany's import prices have markedly decreased by 9.0 per cent in November 2023 compared to the same month last year, continuing a downward trend observed in recent months, as per the Federal Statistical Office (Destatis). This decline is notably sharper than the 13.0 per cent and 14.3 per cent year-on-year decreases observed in October and September 2023, respectively.

Energy costs have significantly influenced this trend, with a substantial 31.7 per cent drop in energy imports in November 2023 compared to the previous year, driven mainly by a 47.0 per cent decrease in natural gas prices. Despite the year-on-year decline, some energy commodities like natural gas, electricity, and hard coal saw a slight increase in prices from October to November 2023.

Excluding energy, import prices were still 2.9 per cent lower than in November 2022, highlighting broader deflationary trends beyond just energy commodities, Destatis said in a press release.

Export prices have also fallen, with a 2.2 per cent decrease in November 2023 compared to the previous year. The decline was reflected across several categories, including energy, agricultural products, and intermediate goods, although there was a slight increase in prices for capital goods and consumer goods.

Fibre2Fashion News Desk (KD)

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