Import prices fell by 2.3 percent in December 2025 compared with December 2024, marking the largest year‑on‑year decline since March 2024 (-3.6 percent versus March 2023). In November 2025 the year‑on‑year change had been -1.9 percent, and in October 2025 it had been -1.4 percent. The Federal Statistical Office (Destatis) added on Friday that December 2025 imports were 0.1 percent lower than in November 2025.
Export prices in December 2025 showed no change on average relative to December 2024 (0.0 percent). In November 2025 the year‑on‑year change had been +0.3 percent, and in October 2025 +0.5 percent. Nevertheless, export prices were 0.1 percent lower than in November 2025.
Energy was again the biggest driver of the overall decrease in import prices. Energy prices dropped 20.6 percent compared with December 2024, and 4.6 percent compared with November 2025. All energy carriers were cheaper in December 2025 than in December 2024: natural gas was down 23.4 percent (-5.0 percent vs. November 2025), crude oil 23.2 percent (-3.0 percent vs. November 2025), coal 20.9 percent (-1.3 percent vs. November 2025), electricity -14.0 percent (-8.3 percent vs. November 2025) and mineral oil products -13.1 percent (-6.0 percent vs. November 2025).
If energy is excluded, import prices in December 2025 fell 0.3 percent year‑on‑year and rose 0.3 percent from the previous month. Ignoring just crude oil and mineral oil products, the import price index was 1.4 percent below the December 2024 level and 0.1 percent above the November 2025 level.
Imported agricultural goods were 2.8 percent cheaper in December 2025 than a year earlier (+0.7 percent vs. November 2025). Cocoa beans were 35.4 percent lower than in December 2024 and 0.4 percent lower than in November 2025. Live pigs were 24.1 percent cheaper than in December 2024 (-3.3 percent vs. November 2025). Imported grain also saw lower prices: -8.1 percent vs. December 2024 and -0.1 percent vs. November 2025.
Conversely, poultry and eggs were noticeably more expensive than a year earlier (+15.9 percent vs. December 2024, +1.1 percent vs. November 2025). Roasted cocoa also cost more than a year earlier (+12.9 percent vs. December 2024), though it fell 6.0 percent compared with November 2025.
Imported consumer goods (used and consumable goods) were 1.4 percent cheaper in December 2025 compared with December 2024, and 0.5 percent cheaper than in November 2025. Prices of used goods were 2.5 percent lower than a year earlier (-0.4 percent vs. November 2025), and consumable goods were 1.1 percent cheaper on a year‑on‑year basis (-0.5 percent vs. November 2025). Several items were substantially cheaper than in December 2024: cocoa butter, cocoa fat and cocoa oil fell by 33.3 percent; sugar -16.8 percent; olive oil -16.0 percent; pork -14.9 percent; and milk and dairy products -8.2 percent. For food in general, prices were 0.8 percent higher than in December 2024 (-1.1 percent vs. November 2025). Within food, shell‑shelled hazelnuts rose 55.8 percent, coffee (roasted or decaf) up 36.5 percent, beef 24.1 percent, and poultry meat 14.9 percent.
Import prices for investment goods were 0.5 percent below the year‑earlier level in December 2025 (+0.2 percent vs. November 2025). Imported intermediate goods were 1.2 percent higher than December 2024, and they rose 1.0 percent on average compared with November 2025.
Across 2025, import prices averaged 0.3 percent lower than the previous year. In 2024 they were 1.2 percent lower, and in 2023 they were 6.5 percent below the year‑earlier level.
The year‑on‑year change in import prices was driven mainly by energy prices, which were 9.4 percent lower than in 2024. Coal prices were 19.5 percent lower, and crude oil prices 18.1 percent lower than 2024. Mineral oil products were also cheaper on average, down 10.8 percent, with motor gasoline falling 14.0 percent and diesel and light heating oil down 9.9 percent. Electricity rose 12.0 percent and natural gas 0.5 percent. The import price index excluding energy was 0.7 percent above the previous year on average, and if crude oil and mineral oil products are omitted, import prices were 0.6 percent higher than in 2024.
Investment goods were still below the 2024 level by 0.2 percent, whereas agricultural goods were 4.3 percent higher, consumer goods 1.9 percent higher, and intermediate goods 0.3 percent higher on average than a year earlier.
Consumer goods (used and consumable) varied: used goods were 0.3 percent cheaper than in 2024, while consumable goods were 2.5 percent more expensive than a year earlier (including food up 8.0 percent).
Export price increases for intermediate and investment goods in December 2025 offset decreases in consumer goods, energy and agricultural goods.
Exported intermediate goods were 1.0 percent higher than in December 2024 (+0.4 percent vs. November 2025). Investment goods were 0.3 percent above December 2024 (+0.1 percent vs. November 2025). Together these two categories represent almost 75 percent of outgoing goods.
Exports of consumer goods (about 21 percent of total exports) were 0.4 percent cheaper than in December 2024 (-0.3 percent vs. November 2025). Used goods were 1.7 percent above the year‑earlier level (0.0 percent vs. November 2025), while consumables were 0.8 percent lower than December 2024 (-0.3 percent vs. November 2025). Within consumables, butter and other dairy fats were 41.8 percent cheaper than in December 2024, as were cocoa mass, butter, fat, oil and powder (29.5 percent cheaper). Coffee (decaf or roasted) was exported at 26.4 percent higher prices than December 2024.
Energy exports were cheaper overall: agricultural goods were 5.3 percent lower than a year earlier (-0.7 percent vs. November 2025). Electricity and natural gas remained cheaper compared with the previous year, though electricity had risen by about 90 percent in 2015 compared with 2024.
Electricity exports dropped 12.0 percent versus the previous year. Overall export prices were 1.0 percent higher than in 2024 on average; in 2024 they were 0.3 percent higher, and in 2023 they were 0.6 percent higher than the preceding year.
Energy remained the most significant factor in the annual export change. A price rise of 1.6 percent for consumer goods (used and consumables) and 1.7 percent for consumables matched their year‑on‑year increase. Food alone rose by 5.5 percent. Agricultural goods were 1.2 percent higher, investment goods 0.8 percent higher, and intermediate goods 0.7 percent higher than the 2024 level.
Energy was the only category that tightened compared with the previous year, falling by 0.2 percent, thanks to lower mineral oil prices (-9.6 percent). In contrast, average electricity prices were 12.0 percent higher a year earlier, and natural gas 9.9 percent higher.