The Germany’s wholesale prices fell for the third consecutive month to 2.9 percent from a year earlier in June of 2023, marking the steepest decline since June 2020, after a prior 2.6% drop in May and above market forecasts of 1.2 percent decrease.
On a monthly basis, wholesale prices shrank by 0.2 percent in June, the third successive slump, following a 1.1 percent fall in the previous month and compared to market estimates of 1.2 percent plunge.
Switzerland’s producer and import prices was unchanged from a month earlier in June 2023, following a 0.3 percent fall in May and defying market expectations of a 0.2 percent rise.
The Eurozone’s trade deficit narrowed sharply to €0.3 billion in May 2023, compared to a revised €30.3 billion in the same period last year and market expectations of a €7.6 billion gap.
Imports tumbled by 12.8%, marking the largest decline since January 2021 and indicating weakening domestic demand. Purchases decreased for raw materials (-24.6%), such as fuels (-37.9%) and crude materials (-22.3%), as well as manufactured goods (-5.2%), specifically chemicals (-19.3%) and other manufactured goods (-11.5%).
Among major trade partners, imports declined mainly from China, the UK, the US, Norway, and Russia. Meanwhile, exports declined by 2.3% as sales decreased for raw materials (-18.3%), including fuels (-37.0%) and crude materials (-19.3%), as well as manufactured goods (-0.2%).
The slump in chemicals sales was partially offset by increases in machinery and transport equipment (13.5%). Exports dropped primarily to Norway, Russia, the US, and Japan.