Price drop manufacturing output again more substantial

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According to Statistics Netherlands (CBS), output prices of products manufactured in the Netherlands were down by 8.1 percent in April 2016 from one year previously. The price drop is somewhat more substantial than in the previous month. In March year-on-year prices were down by 7.5 percent. The crude oil price and prices of petroleum derivatives plummeted again.

Lower oil prices and output prices

Since 2013, year-on-year oil prices have fallen almost continuously. In April, the barrel price of North Sea Brent oil was 38 euros, i.e. almost 33 percent below the price level recorded in April 2015. In March, the barrel price was 36 euros, i.e. 32 percent below the level recorded one year previously.

Year-on-year prices of petroleum derivatives slumped by 30.5 percent in April 2016 and by 32.5 percent in March 2016. Evidently, prices of petroleum derivatives are directly affected by crude oil price developments. If petroleum price developments are not taken into account, the price drop in manufacturing output would be 4.7 percent.

Prices of chemical, (basic) metal and food products, machinery and the automotive industry were also down from twelve months previously. Year-on-year prices of rubber and plastic products on the other hand, rose marginally.

Selling prices manufacturing by sector
 % change
Rubber and plastic0.2
Metal products-0.6
Food products-2.9
Basic metal products-6.8
Chemical products-14.2
Petroleum products-30.5

Altogether, the eight industries referred to in the above text and the corresponding graph account for 80 percent of the total Dutch manufacturing industry.

Manufactured products more expensive in April

Prices of manufactured products increased on a month-to-month basis. In April 2016, output prices of manufactured products rose by more than 1 percent relative to March. The increase on the foreign market was somewhat more substantial than on the domestic market: 1.3 versus 0.8 percent. The crude oil price also increased on a month-to-month basis.