Prices for imported goods fell in November.
In November 2020, import prices for a wide range of goods saw a decrease compared to the same month in 2019, according to recent data. The overall decrease was influenced by a significant drop in energy import prices, which fell by 27.8%.
Consumer goods were 0.6% cheaper compared to the previous year, with meat and meat products seeing a drop in price (-8.6%), while plant and animal oils and fats became more expensive (+10.6%). Smartphones and tablets were also cheaper (-5.0% and -4.7% respectively), but the prices for motor vehicles and motor vehicle engines rose by 1.2%.
The prices for imported intermediate goods were 0.9% lower than in the previous year. Hydrocarbons and their derivatives, electronic components, and plastics in primary forms became cheaper by 18.5%, 7.9%, and 5.1% respectively.
The import price index excluding energy, excluding crude oil and mineral oil, was 0.8% and 1.3% lower respectively compared to November 2019. This indicates that the decrease in import prices was not solely due to the energy sector.
Mineral oil prices were 36.2% lower than in the previous year but rose by 4.1% compared to the previous month. After an extreme price drop in the first four months of 2020, the prices for imported crude oil more than doubled from April to August 2020. However, after falling back in September and October 2020, the price level in November was again above the previous month's level (+3.2%). Crude oil prices fell by 35.1% compared to November 2019.
Natural gas prices were 11.1% lower than in November 2019, despite having risen steadily since June 2020 (+6.2% compared to October 2020).
The main exporters of electricity goods that led to a significant price decline in 2020 were China, Germany, and the Netherlands.
The prices for imported capital goods were 0.7% lower than in November 2019.
Import prices for agricultural goods were 1.6% lower than in November 2019. Live pigs, almonds, and certain cereals were imported at lower prices, while natural rubber, apples, and certain cereals were more expensive.
German import prices decreased by 3.8% in November 2020 compared to the same month in 2019. Compared to the previous month, import prices rose by 0.5% in November.
Overall, the decline in import prices in November 2020 was a positive development for businesses and consumers alike, as it may lead to lower costs and potentially stimulate economic growth.
Read also:
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Cars' Environmental Impact Explained
- Lawsuit of Phenomenal Magnitude: FIFA under threat due to Diarra's verdict, accused of player injustice
- The German automobile sector requires advancement in environmentally friendly steel production
