Terms of trade deteriorate substantially

Dutch terms of trade of imported and exported goods obviously slumped in November 2009. Prices of imported and exported goods were respectively 2.1 and 6.1 percent down on one year previously.

The deterioration was mainly caused by price developments of petroleum and natural gas. The Netherlands imports considerably more petroleum than it exports, and exports much more natural gas than it imports. In November 2009, petroleum prices were much higher than in November 2008, whereas natural gas prices were considerably lower than one year previously.

Besides lower natural gas prices, cheaper chemical products and basic metal products also accounted for the downturn of export prices. Despite higher petroleum prices, import prices were lower than one year previously. This was mainly caused by lower prices for chemical products.

Terms of trade

More figures can be found on the theme page International trade.