Record drop in November in the cost of imports from Germany

MADRID, 4 Ene.

Record drop in November in the cost of imports from Germany


The German import price index recorded a record drop of 4.5% last November compared to the previous month, thus accumulating three consecutive months of decline, while exports fell by 0.5%, according to the data published by the Federal Statistical Office (Destatis).

Compared to the same month of 2021, the cost of imports from Germany moderated its increase to 14.5% from 23.5% in October and 29.8% in September, after having risen by 32, 7% in August, when it marked its biggest year-over-year increase since 1974.

Likewise, in the case of exports, the year-on-year increase in prices slowed down in November to 11.6%, compared to 13.1% in October and 16.8% in September. In August, the price of exports had increased by 18.6% year-on-year, the biggest rise since 1974.

The year-on-year increase in import prices continued to be mainly due to the rise in energy import prices, which in November were 37.9% more expensive than a year earlier, although they showed significant price falls for almost all types energy compared to October 2022 (-16.1%).

In this way, the import price index, excluding crude oil and petroleum derivatives, increased by 13.1% in November 2022 compared to November 2021 and fell by 4.3% compared to October 2022. .

On the other hand, the increase in the cost of exports in November 2022 was mainly due to the evolution of intermediate goods, which rose by 13.4%, while energy exports were 38.6% more expensive than a year before. .