Exports shrinking

The volume of exports of goods was nearly 2 percent smaller in October than twelve months previously. It is the first decrease in exports in nearly two years. In September, growth already stagnated. The volume of imports was nearly 3 percent down on October 2010. Volume figures have been adjusted for the number of working days.

According to December’s Exports Radar, circumstances for Dutch exports have worsened. Export conditions have deteriorated for more than six months now.

The value of exported goods totalled 33.6 billion euro, i.e. more than 2 percent more than one year previously. The value of imports grew by nearly 3 percent to 30.2 billion euro, resulting in a 3.4 billion euro trade surplus, which is equal to the October 2010 level.

The value of imports and exports of raw materials and mineral fuels grew substantially compared to October 2010. Higher oil prices played an important part in this respect.

Trade with EU countries was more dynamic than trade with non-EU countries. The value of exports to non-EU countries was in fact below the level of one year previously.

Export and import prices were respectively 4.2 and 5.2 percent up on twelve months previously. As a result, terms of trade deteriorated compared to October 2010.

Exports of goods (volume adjusted for working days)