Outside the dotted line: more favourable than average.
Exports Radar: circumstances deteriorated
Circumstances for Dutch exports in May 2020 deteriorated. Since the publication of March’s Exports Radar, new data have become available for six indicators. According to May’s Exports Radar, all indicators deteriorated. Circumstances relevant to Dutch exports are largely determined by developments in the main market for Dutch exports - Germany and the eurozone - and developments in Dutch competitiveness. Although the Radar indicators show a strong correlation with export activity, improved circumstances are not necessarily translated into increased exports growth.
Both Dutch and European manufacturers were more pessimistic about their foreign orders. Furthermore, producer confidence fell in the Eurozone and Germany. The year-on-year decline in German manufacturing output was more substantial. The development of the real effective exchange rate was also more unfavourable.