Despite the plunging dollar, exports to the United States (US) grew at approximately the same rate in 2007 as total Dutch exports. Growth lagged behind relative to the preceding two-year period slowing down considerably over the past quarter.
Growth higher compared to previous dollar devaluation
The value of Dutch exports of goods to the US increased by nearly 8 percent in 2007 compared to twelve months ago. This means the growth rate was more than halved relative to 2006, but growth is still considerably higher than in the previous period of devaluation of the US dollar (2002–2004) and economic recession in the US (2001), when the value of exports in fact declined.
Value of goods exports
Growth slowdown in fourth quarter
Dutch exports to the US grew by a meagre 3 percent in the fourth quarter of 2007 relative to the same period in 2006. This was the poorest growth rate since the first quarter of 2004. Total Dutch exports improved by approximately 11 percent in the fourth quarter of 2007.
Dollar rate and goods exports to the United States
Germany, Belgium and United Kingdom main Dutch trading partners
Since 2002, exports to the US annually make up about 5 percent of total Dutch exports. Most goods are exported to countries in Europe. Nearly one quarter of goods exported from the Netherlands are destined for Germany. Other major trading partners are Belgium and the United Kingdom. Eventually, more than half of Dutch exports go to eurozone countries. Over 80 percent of Dutch goods exports do not leave the European continent.
Destination Dutch goods exports, 2007
Bart Meijer and Oscar Lemmers