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MIL OSI Translation. Region: Germany / Deutschland –

Source: Destatis Federal Statistical Office

Press release No. 382 from September 30, 2020

Import prices, August 2020 + 0.1% on the previous month-4.0% on the same month last year

Export prices, August 2020 – 0.1% on the previous month – 1.1% on the same month last year

WIESBADEN – Import prices were 4.0% lower in August 2020 than in August 2019. As the Federal Statistical Office (Destatis) also reports, the year-on-year change rate was -4.6% in July 2020 and in June 2020 -5.1%. Compared to July 2020, import prices rose slightly by 0.1% in August.

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Sharp fall in energy prices compared to the previous year

The decline in import prices compared to August 2019 was mainly influenced by the development of import prices for energy. Energy imports were 26.2% cheaper in August 2020 than in August 2019. Compared to July 2020, energy prices showed an increase of 2.8%. Oil had the greatest influence on the annual rate of change for energy with a minus of 25.7%. After the prices for imported oil had slumped by 68.7% from December 2019 to April 2020, the index level is still below the previous year’s level despite the continuously increasing prices since then.

The prices for petroleum products fell by 32.2% compared to the previous year, the prices for natural gas were 21.7% below those of August 2019, but increased significantly compared to July 2020 (+15.1%).

The import price index excluding energy was 1.3% lower in August 2020 than in August 2019. If only petroleum and petroleum products are disregarded, the import price index was 2.0% below the level of the previous year.

Price decreases for intermediate goods overall, but significant price increases for precious metals compared to the previous year

The prices for imported intermediate goods in August 2020 were 2.7% below those of the same month of the previous year. Among other things, wood and cellulose pulp (-15.4%), plastics in primary forms (-9.6%), pig iron, steel and ferro-alloys (-8.1%) and electronic components (-6.2%) were cheaper. . In contrast, the prices for precious metals and semi-finished products from them were still significantly higher than in the same month of the previous year (+28.9%).

The prices for imported capital goods in August 2020 were 0.8% lower than in August 2019. While tablets (-6.7%) and smartphones (-5.2%) were cheaper, cars and car engines became 1, 4% higher prices than imported in August 2019.

Durable goods were 1.1% cheaper than in the previous year. Import prices for consumer goods fell by 0.3% compared to the previous year. Meat and meat products in particular were 4.3% cheaper than in the previous year.

The import prices for agricultural goods were 2.1% higher than in August 2019. While green coffee (+19.2%), citrus fruits (+15.6%) and apples (+12.5%) were significantly more expensive than before Year, mainly almonds (-30.5%), live pigs (-21.9%) and tomatoes (-6.3%) were imported at lower prices.

Selected changes in import prices in August 2020
Import price index for
Change from August 2020 to August 2019
Change from August 2020 to July 2020
in %
Intermediate goods
-2.7
0.1
including:
Iron ores
-5.1
1.6
Non-ferrous metal ores
-1.3
1.0
Capital goods
-0.8
-0.2
Consumer Goods
-1.1
-0.7
Consumer goods
-0.3
-0.2
including:
pork meat
-13.9
-1.8
Poultry meat
-11.6
-0.8
Milk and milk products
-1.0
-0.3
Vegetable and animal oils and fats
3.6
1.1
Pharmaceutical raw materials
2.0
-0.7
energy
-26.2
2.8
Hard coal
-25.8
-7.3
Crude oil
-25.7
0.1
Natural gas, raw
-21.7
15.1
Petroleum products
-32.2
-0.9
Electrical current
-5.2
16.9
Agricultural goods
2.1
0.5

The export price index in August 2020 was 1.1% below the level of August 2019. In July 2020 the annual rate of change was -1.1% and in June 2020 it was -1.0%. Compared to July 2020, export prices fell slightly by 0.1% on average.

Foreign trade price indices
Year month
2015 = 100
Change compared to the previous year period
Change from previous month
in %
YD = annual average – = nothing available
Import price index
2015 JD
100.0
-2.8

2016 JD
96.7
-3.3

2017 JD
100.1
3.5

2018 JD
102.7
2.6

2019 JD
101.7
-1.0

2019
August
100.5
-2.7
-0.6
September
101.1
-2.5
0.6
October
101.0
-3.5
-0.1
November
101.5
-2.1
0.5
December
101.7
-0.7
0.2
2020
January
101.3
-0.9
-0.4
February
100.4
-2.0
-0.9
March
96.9
-5.5
-3.5
April
95.2
-7.4
-1.8
May
95.5
-7.0
0.3
June
96.1
-5.1
0.6
July
96.4
-4.6
0.3
August
96.5
-4.0
0.1
for information:
Total index excluding energy
99.3
-1.3
-0.1
Overall index excluding petroleum and petroleum products
97.6
-2.0
0.2
Export Price Index
2015 JD
100.0
0.9

2016 JD
99.0
-1.0

2017 JD
100.7
1.7

2018 JD
101.9
1.2

2019 JD
102.4
0.5

2019
August
102.3
-0.1
-0.1
September
102.4
0.0
0.1
October
102.4
-0.2
0.0
November
102.4
-0.1
0.0
December
102.5
0.4
0.1
2020
January
102.7
0.5
0.2
February
102.6
0.3
-0.1
March
101.9
-0.5
-0.7
April
101.5
-1.1
-0.4
May
101.3
-1.2
-0.2
June
101.3
-1.0
0.0
July
101.3
-1.1
0.0
August
101.2
-1.1
-0.1

The import prices are also part of the “Crisis Monitor” (www.destatis.de/krisenmonitor) with which the Federal Statistical Office compares the development of important economic indicators in the Corona crisis and in the financial and economic crisis of 2008/2009. Of the Crisis monitor complements the special page Corona statistics, which has been bundling statistical information on the economic and social consequences of the corona pandemic since the beginning of April.

In addition to other indicators for classifying the economic consequences of the corona pandemic, the results of import and export prices are also on the special page Corona statistics available on the website of the Federal Statistical Office.

Specialist series 17 contains detailed information on the statistics of import and export prices, Row 8.1 and Row 8.2.

Long time series can also be accessed via the table Import prices (61411-0006) and Export prices (61421-0006) can be obtained from the GENESIS-Online database.

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MIL OSI

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

MIL Translation OSI