Import and export prices fall in November 2023

Import prices in free fall: November 2023 records a significant decline of 9.0%. A look at the impact on the economic market.

Wiesbaden - The latest figures from the Federal Statistical Office (Destatis) show a clear trend on the import and export market in November 2023.

Import prices: Significant decline of 9.0%

Compared to November 2022, import prices recorded a significant decline of 9.0%. This decline is largely due to the sharp drop in energy prices. Natural gas prices fell by a massive 47.0 % compared to November of the previous year. Energy imports as a whole were 31.7 % cheaper than in the previous year. Excluding energy prices, import prices were still 2.9% lower than in the previous year. Other imported goods such as intermediate goods and consumer goods also showed price declines.

Export prices: Decrease of 2.2%

Export prices in November 2023 fell by 2.2% compared to the previous year. Energy exports recorded a drastic decline of 33.5% compared to the previous year. Agricultural goods and intermediate goods were also exported at lower prices.

Details on price changes

• Imported intermediate goods recorded a price decline of 8.0% compared to the previous year.
• The average price of imported consumer goods fell by 0.4% compared to the previous year.
• Some imported consumer goods such as dairy products were significantly cheaper than in the previous year.

Outlook

The current figures indicate a continuing trend towards lower import and export prices, with the fall in energy prices playing a particularly significant role. This could bring both challenges and opportunities for start-ups and companies in the import and export business. For energy-intensive sectors such as production, manufacturing or data centers, these figures are of crucial importance. The direct impact on costs and competitiveness is particularly significant here.

Politics has a strong influence on the economy, which should not be underestimated at this point. New guidelines and requirements can present companies with challenges, but also open up new opportunities and business areas for start-ups. 2024 is a time of adaptation.