Import prices in July 2024: +0.9% on July 2023 (2024)

Press release No. 330 of 30 August 2024

Import prices, July 2024
+0.9% on the same month a year earlier
-0.4% on the previous month

Export prices, July 2024
+0.8% on the same month a year earlier
-0.1% on the previous month

WIESBADEN – Import prices were 0.9% higher in July 2024 than in July 2023. Compared with the same month a year earlier, the rate of change was +0.7% in June 2024, and -0.4% in May 2024. The Federal Statistical Office (Destatis) also reports that import prices in July 2024 fell by 0.4% on June 2024.

Export prices in July 2024 were 0.8% higher than in July 2023. The year-on-year rate of change was +0.6% in June 2024, and +0.2% in May 2024. Compared with June 2024, export prices were down 0.1% in July 2024.

Increase in import prices compared with July 2023 due to higher prices particularly for consumer goods and agricultural products

The increase in the prices of imported agricultural products (+7.6%) and consumer goods (+2.3%) compared with the same month of the previous year had the biggest impact on the overall development of import prices in July 2024. The prices of agricultural products were 2.5% lower than in the previous month, however, whereas the prices of consumer goods remained unchanged.

In the case of imported agricultural products, raw cocoa, in particular, was much more expensive than a year earlier (+158.7%) but cost 4.6% less than in the previous month. The prices of green coffee were 24.3% higher than in July 2023, and were also up on June 2024 (+2.5%). By contrast, the prices of onions (-39.2%), live pigs (-14.6%) and cereals (-8.9%), for example, were down from the previous year.

In the case of consumer goods, imports of non-durables, in particular, became more expensive (+2.5% on July 2023). Durable consumer goods cost 1.4% more than a year earlier.

In the case of non-durable consumer goods, the prices of cocoa butter, fat and oil, in particular, were still markedly higher (+148.2%) than in July 2023. Compared with June 2024, prices here were down 2.4%.

Overall, imported food was 3.9% more expensive than in the previous year (+0.2% compared with June 2024).

Higher prices also for energy imports

The prices of energy imports increased by 1.7% compared with July 2023.Crude oil had the biggest influence on the year-on-year rate of change for energy, with prices in July 2024 8.7% higher than they were in July 2023. Compared with June 2024, the prices of crude oil were up 2.3%.Mineral oil products (+1.6%) were also more expensive than a year earlier. They cost 0.2% less than in June 2024.

By contrast, electricity (-13.0%), natural gas (-3.3%) and hard coal (-2.4%) were considerably less expensive than in the same month a year earlier. Price drops were also recorded compared with June 2024. Electricity cost 21.0% less, natural gas prices were down 5.6%, and hard coal was 1.6% less expensive than in the previous month.

When energy prices are excluded, import prices in July 2024 were 0.9% higher than in July 2023. Compared with June 2024, they were down 0.2%. If only crude oil and mineral oil products are not considered, the import price index was 0.6% above the level of the previous year (-0.5% compared with June 2024).

Prices of intermediate and capital goods remain unchanged

The prices of intermediate goods and capital goods did not change year on year. Compared with the previous month, they were down 0.1% (intermediate goods) and 0.2% (capital goods).

A number of goods in the intermediate goods category were less expensive than a year earlier, including starch and starch products (-27.4%), batteries and accumulators (-8.7%) and basic iron, steel and ferro-alloys (-4.1%), whereas lignin and pulp cost 19.6% more and non-ferrous metals and non-ferrous semi-finished metal products were 6.3% more expensive.

In the case of capital goods, lower prices than a year earlier were reported in particular for computers and peripheral equipment (-5.5%), while imports of motor vehicles, trailers and semi-trailers cost 3.1% more.

Price increases for exports of capital and consumer goods

In the case of exports, the increase in the prices of intermediate goods had the biggest influence on the development of prices, with the prices of such goods up 1.7% on July 2023 (+0.4% compared with June 2024). The year-on-year price increases for motor vehicles, trailers and semi-trailers (+2.3%) and machinery (+2.0%) played a key role here.

Compared with July 2023, the prices of consumer goods were up 2.2%. While durable consumer goods were only 0.9% more expensive year on year, the prices of exported non-durable consumer goods were 2.4% higher than in July 2023.

The 8.6% decline in the price of energy exports compared with the previous year (-4.3% on June 2024) was unable to offset the rise in the prices of exported capital and consumer goods. While natural gas and electricity were, respectively, 18.2% and 13.0% less expensive compared with the previous year, the prices of mineral oil products were 0.2% higher than a year earlier. The prices of electricity (-21.0%) and natural gas (-5.9%) were also down compared with June 2024, while exports of mineral oil products were up 0.3%.

Agricultural products also cost less in comparison (-0.4% from July 2023 and -2.3% from June 2024).

On average, the prices of exported intermediate goods did not change year on year (0.0%), and there was only a slight change on the previous month (-0.1%).

More information:

All current results are also provided in the statistical reports on the statistics of import and export prices. Long time series are also available in the tables on the index of import prices (61411-0002 and 61411-0006) and index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database. The provision of results for the period before 2021 will be delayed due to the rebasing of the indices.

Import price indices are also available on Dashboard Germany (www.dashboard-deutschland.de) (only in German). In this data portal, the Federal Statistical Office brings together up-to-date indicators from official statistics producers and other data providers on the topics of the economy, finance, the labour market, construction, housing, energy and Ukraine. The portal also contains the Economic Pulse Monitor tool (Pulsmesser für die Wirtschaft) (only in German) for real-time economic monitoring.