Trade with the UK continues to grow

© Hollandse Hoogte
Goods trade between the Netherlands and the UK has continued to increase since the British referendum on 23 June. Both import and export values were up in the four months after the referendum compared to the same period in 2015. The export value of a number of goods, including machinery and food, did decline. These are some developments reported by Statistics Netherlands (CBS) at the launch of a special Brexit Monitor.
The total value of the goods exported by the Netherlands to the UK between July and October this year stood at over 13 billion euros, an increase of more than 5 percent relative to the same months in 2015. Approximately half of these exports were goods manufactured in the Netherlands. The total export value of Dutch-manufactured goods increased by more than 2 percent relative to the previous year, while the value of re-exports rose by nearly 9 percent in the same period this year.
Since the referendum, goods imports from the UK had a total value of over 7.5 billion euros, which represents an increase of nearly 3 percent year-on-year.

Export of goods to the UK (value)
Export of goods to the UK (value)
 Export
2014 Jun5.2
2014 Jul14.3
2014 Aug-2.4
2014 Sep9.2
2014 Oct1.2
2014 Nov8.3
2014 Dec6.4
2014 Jan5.2
2014 Feb6.4
2014 Mar-4
2014 Apr9.3
2014 May-2.3
2014 Jun2.8
2014 Jul3.7
2014 Aug0.8
2014 Sep0.2
2014 Oct-6.1
2014 Nov-11
2014 Dec6.3
2015 Jan-3.6
2015 Feb5
2015 Mar8.7
2015 Apr-2.3
2015 May0.6
2015 Jun9.6
2015 Jul-0.4
2015 Aug8.8
2015 Sep2.5
2015 Oct-1.3
2015 Nov10.1
2015 Dec7.8
2016 Jan0.3
2016 Feb11.6
2016 Mar1.5
2016 Apr1
2016 May4.2
2016 Jun3.4
2016 Jul3
2016 Aug5.8
2016 Sep4
2016 Oct8.5

Higher export value chemical products and fuels

In the first four months after the referendum, the export value of chemical products, mineral fuels and other raw materials was higher than in the same months in 2015. The increase may be due to higher output prices, as well as the devaluation of the British pound. Such goods account for over one-third of the total export value, and approximately half are Dutch domestic products.
Machinery exports to the UK had a total value of 3.1 billion euros, dropping by nearly 6 percent year-on-year. Re-exportation of these goods declined by 7 percent while exports of domestically produced machinery declined by 2 percent. Exports of manufactured goods declined by 3 percent. Food and beverages – mainly Dutch-produced – declined by over 4 percent, ending at an export value of slightly under 2.2 billion euros.
Value of Dutch exports to the UK, July - October 2016
Value of Dutch exports to the UK, July - October 2016
 Re-exportsDutch products
Machinery 20162.290.787
Machinery 20152.4530.802
Chemical products 20161.5911.187
Chemical products 20151.2211.224
Manufactured products 20161.4591.218
Manufactured products 20151.4821.28
Food and beverages 20160.5581.623
Food and beverages 20150.5541.724
Mineral fuels 20160.5340.551
Mineral fuels 20150.2330.389
Transport equipment 20160.1280.672
Transport equipment 20150.1020.555
Natural products
and raw materials 2016
0.1260.512
Natural products
and raw materials 2015
0.1070.441

UK share in Dutch goods exports up again

The United Kingdom is the third largest export destination for the Netherlands after Germany and Belgium. Exports to the UK were relatively hard hit by the recession of 2009; this was followed by a period of recovery, which has been more rapid than that of total Dutch goods exports since 2011. Exports to the UK reached their highest value ever in 2016.
The UK share in total Dutch goods exports fell in the period 2002 – 2011 from 11 to 8 percent, but has increased since then to 9 percent in 2016. For the moment, the result of the Brexit referendum seems to have little impact on the growing importance of the UK to Dutch goods exports.

Value of Dutch exports, moving annual average
Value of Dutch exports, moving annual average
 All countriesUK
2008 Jan100100
2008 Feb101.2101.1
2008 Mar101.5101.2
2008 Apr103103
2008 May103.6104.1
2008 Jun104.4104.8
2008 Jul105.4105.7
2008 Aug105.7106
2008 Sep106.8106.5
2008 Oct107.2106
2008 Nov106.1104.9
2008 Dec105.5104.1
2009 Jan103.8101.9
2009 Feb10299.7
2009 Mar100.598.1
2009 Apr98.295.2
2009 May96.492.4
2009 Jun94.690.3
2009 Jul9387.7
2009 Aug91.585.2
2009 Sep89.983.2
2009 Oct88.481.6
2009 Nov8880.8
2009 Dec88.180.2
2010 Jan88.680.1
2010 Feb89.580.8
2010 Mar91.281.6
2010 Apr92.882.7
2010 May94.483.8
2010 Jun96.285
2010 Jul97.686.5
2010 Aug99.387.9
2010 Sep100.788.7
2010 Oct102.189
2010 Nov103.990.2
2010 Dec105.891.9
2011 Jan107.393
2011 Feb108.893.9
2011 Mar110.194.7
2011 Apr111.395.3
2011 May112.896.2
2011 Jun113.196.8
2011 Jul113.896.9
2011 Aug114.798
2011 Sep115.598.5
2011 Oct115.899.5
2011 Nov116.3100.2
2011 Dec116.6100.2
2012 Jan117.3100.7
2012 Feb118101.6
2012 Mar118.2101.6
2012 Apr118.5102.8
2012 May119.2103.6
2012 Jun119.8103.9
2012 Jul120.3104
2012 Aug120.7104.4
2012 Sep120.6104.9
2012 Oct122106.9
2012 Nov122.6107.4
2012 Dec122.4107.4
2013 Jan122.9108.4
2013 Feb122.8108.1
2013 Mar122.8109.1
2013 Apr122.9109.2
2013 May123.1109.5
2013 Jun123110
2013 Jul123.5111.2
2013 Aug123.3110.9
2013 Sep123.4111.7
2013 Oct123.2111.9
2013 Nov123.1112.7
2013 Dec123.3113.2
2014 Jan123.2113.7
2014 Feb123.2114.2
2014 Mar123.1113.8
2014 Apr123.3114.7
2014 May122.8114.5
2014 Jun122.9114.7
2014 Jul123115.1
2014 Aug122.6115.1
2014 Sep123.2115.2
2014 Oct123.4114.5
2014 Nov123.1113.3
2014 Dec123.4113.9
2015 Jan122.7113.5
2015 Feb122.5114
2015 Mar122.6114.8
2015 Apr122.5114.6
2015 May122.1114.7
2015 Jun122.8115.6
2015 Jul122.9115.5
2015 Aug122.8116.3
2015 Sep122.4116.5
2015 Oct121.8116.4
2015 Nov121.7117.4
2015 Dec121.7118.1
2016 Jan121.5118.1
2016 Feb121.5119.2
2016 Mar121.3119.4
2016 Apr121.1119.5
2016 May121.4119.9
2016 Jun121.2120.2
2016 Jul120.6120.5
2016 Aug121.1121
2016 Sep121.5121.4

The above figures and developments focus on the value of exports. They are not adjusted for price developments of these goods, nor for currency effects. This year’s devaluation of the British pound, for example, affects the value of exports because part of the exports are charged in pounds under contractual obligation. The pound is worth less in euros so export values in euros are lower. The stronger euro may have an adverse effect on export values in the longer term. CBS does not have data on price developments in goods exports by country, therefore no data are available on the net volume (quantities) of exports to the United Kingdom.

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