Over the period 2004-2012, the growth rate of Dutch exports to euro countries was almost every year below the growth rate of exports to non-euro countries. Greece is the only euro country to which Dutch exports declined relative to eight years ago.
Large differences between exports to euro and non-euro countries
In the first half of 2012, Dutch exports to euro countries increased by only 2 percent relative to one year previously. Due to the recession, businesses and consumers in the euro countries spent less and also import fewer goods from the Netherlands. Exports to non-euro countries, on the other hand, improved by no less than 11 percent. This is partly caused by the lower exchange rate of the euro against other currencies in 2012. As a result, Dutch manufacturers and service providers are cheaper compared to their competitors in non-euro countries.
Share exports to euro countries much smaller than eight years ago
In the period 2004-2011, when the economy slowed down, exports to euro countries were also more negative each year than exports to other countries. The share of the euro countries in total Dutch exports fell from nearly 62 percent in the first six months of 2004 to 57 percent in the same period in 2012.
Dutch exports, first six months
Exports to four euro countries in decline
Exports to Greece, Ireland, Spain and Italy were at a lower level in the first six months of 2012 than four years ago. In the first half of 2012, Greece was the only euro country whose value of imports from the Netherlands declined relative to eight years ago. The trend for imports from the Netherlands is more negative in the period of economic crisis (2008-2012) than in the preceding four years. This applies to nearly all euro countries. Exports to Germany account for nearly half of total exports growth over the past eight years.
Exports to euro countries
Substantial growth exports to non-euro countries
For nearly all non-euro countries in the world, imports from the Netherlands were at a higher level in the first six months of 2012 than eight years ago. Exports from the Netherlands to the United States, the United Kingdom, China, the Russian Federation and to relatively new EU countries, like Poland and the Czech Republic grew most substantially. Exports to Brazil, Singapore and China grew more rapidly during the recession period 2008-2012 than in the period 2004-2008.
Fastest risers exports to non-euro countries