In June, the total volume of goods exports (adjusted for number of working days) fell by 1.5 percent year on year, as reported by Statistics Netherlands (CBS). The decrease was mainly seen in exports of chemical, metal and food products. Exports of transport equipment, machinery and appliances were higher. The volume of goods imports was down by 2.5 percent relative to June 2022.
The CBS Exports Radar indicates that circumstances for exports in August are more unfavourable than in June.
Conditions for exports more unfavourable in August
Every month, CBS also publishes updates on the circumstances for exports in the Exports Radar. Conditions are largely determined by developments on the main export markets for Dutch domestic products and in the competitive position of the Netherlands. Although the Radar indicators show a strong correlation with export activity, improved circumstances are not necessarily translated into increased export growth.
According to the CBS Exports Radar, circumstances for exports in August are more unfavourable than in June. This is mainly because producer confidence was more negative in the euro area and specifically in Germany. The development of the real effective exchange rate was also more unfavourable and the year-on-year growth in German manufacturing output turned into contraction.