Only small part of Dutch exports go to eurozone countries with largest deficits

18/05/2010 15:00

In 2009, less than 6 percent of Dutch exports went to Ireland, Greece, Spain and Portugal. These are the four countries with the largest government deficits in the eurozone. Last year their deficits varied from just over 9 to more than 14 percent of their gross domestic product.

More exports to Spain than to the other three countries together

Spain is the sixth largest destination for Dutch exports, accounting for 3.4 percent of the total export value. This makes exports to Spain larger than those to Ireland, Greece (both 0.8 percent of total exports) and Portugal (0.7 percent) together. The total value of goods exports to the four countries was more than 18 billion euro in 2009.

Government deficits versus export shares, 2009

Government deficits versus export shares, 2009

Exports to Ireland lower in first quarter of 2010

In the first quarter of 2010, the value of exports to Ireland was 11 percent down on the same period last year. The value of exports to Greece, Portugal and Spain, on the other hand, was respectively 3, 19 and 26 percent higher. By comparison, the total value of exports grew by 14 percent in the first quarter.

Food and drink to Greece

Food and drink account for nearly one third of exports to Greece. On average this category of products accounts for less than a sixth of the total package of Dutch exports. Exports of raw materials and mineral fuels to Greece are much lower than average on the other hand (6 versus 17 percent).

The most exported products to Ireland are chemical products (30 percent). For exports to Spain and Portugal these are mainly machines and transport equipment.

Composition of Dutch exports, 2009

Composition of Dutch exports, 2009

Most exports to Spain are re-exports

Over half, 56 percent, of total Dutch exports to Spain are re-exports. The remainder are products made in the Netherlands. For exports to Ireland, Greece and Portugal exports of Dutch products are larger than re-exports. The export of one euro of Dutch product yields more than six times as much for the Dutch economy than one euro of re-export.

Re-exports and exports of Dutch products, 2009

Re-exports and exports of Dutch products, 2009

Pascal Ramaekers