In September the terms of trade in the Netherlands were almost the same as in September 2007. Prices of exported as well as imported goods were nearly 6 percent up on the same month last year.
In the previous twelve months the terms of trade have deteriorated: in each month the increase of import prices was larger than the increase of export prices.
The increase in import prices was partly caused by higher prices for raw materials. The price of one barrel of oil (North Sea Brent) stood at 77 dollars a year ago, while in September 2008 it was 101 dollars on average: an increase of 32 percent. The somewhat cheaper dollar kept the oil prices in check, however. This is reflected in an oil price of 55 euro per barrel in September 2007 and 70 euro in September 2008: an increase of 28 percent.
More information can be found in the article “Changes in the terms of trade in goods”.
Changes in terms of trade