Import prices in Germany plunge 7% in Apr; highest decrease since 2009

01 Jun '23

2 min read

Pic: Shutterstock/Igor_PS

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Germany's import prices saw a significant 7.0 per cent year-on-year decrease in April 2023, the highest since 2009, according to the Destatis.
Import prices for energy dropped by 31.8 per cent year-on-year, largely due to falling natural gas prices.
Export prices were 1.1 per cent higher YoY in April 2023, despite falling 0.4 per cent month-on-month.

Germany’s index of import prices decreased by 7.0 per cent year-on-year (YoY) in April 2023. This was the highest decrease compared with the preceding year since October 2009, which was at -8.1 per cent compared with October 2008. The YoY rate of change had been -3.8 per cent in March 2023 and 2.8 per cent in February 2023. Import prices were down 1.7 per cent month-on-month (MoM) in April 2023.

Import prices for energy in April 2023 decreased by 31.8 per cent YoY, -6.6 per cent compared with March 2023. The YoY decrease was mainly due to the price decrease of natural gas at -38.7 per cent compared with April 2022. Compared with March 2023, natural gas prices fell by 14.0 per cent. The prices for imported hard coal were considerably lower than a year before at -44.3 per cent, likewise crude oil was at -21.2 per cent, the Federal Statistical Office (Destatis) said in a press release.

The index of import prices, excluding crude oil and mineral oil products, decreased by 5.2 per cent in April 2023 compared with April 2022 and fell by 1.8 per cent in comparison with March 2023.

Import prices for intermediate goods decreased by 6.5 per cent compared with April 2022, -1.2 per cent compared with March 2023. In contrast prices for consumer goods increased by 4.6 per cent compared to April 2022.

The index of export prices was 1.1 per cent higher in April 2023 than in April 2022. In March 2023 and February 2023, the YoY rate of change had been 2.3 per cent and 6.6 per cent, respectively. Compared with March 2023, export prices were down 0.4 per cent in April 2023.

Prices of exported consumer goods increased by 4.9 per cent, while intermediate goods’ prices decreased by -0.2 per cent compared with April 2022.

Energy exports were 34.3 per cent cheaper than in April 2022, at -2.4 per cent compared with March 2023. This was mainly due to the price decrease of natural gas at -45.1 per cent compared with April 2022. Compared with March 2023, these prices decreased by 1.6 per cent.

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