Manufacturing prices more than 9 percent higher

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Statistics Netherlands (CBS) reports that prices of products manufactured in the Netherlands were more than 9 percent up in April 2017 from the same month last year. The price increase is somewhat smaller than in March. Again, prices in the petroleum industry rose sharply. If price developments in the petroleum industry are not taken into account, the price increase in April was almost 7 percent.

Higher crude oil and output prices

In April this year, the price of a barrel of North Sea Brent oil was approximately 50 euros, i.e. 31 percent up from the price level recorded in April 2016. In March, the price increase was 38 percent on a year-on-year basis.

Manufacturing prices are strongly affected by crude oil price developments. In April prices of petroleum derivatives increased by 32 percent compared to April 2016. In March the year-on-year price increase was 39.5 percent.

Year-on-year, prices of chemical products were almost 16 percent higher. In the chemical industry, too, prices are affected by crude oil price developments. Prices in the basic metal industry were nearly 15 percent up on an annual basis, partly due to the growing demand for basic metals and relatively low stock levels.

Prices of food, metal, rubber and plastic products and prices in the automotive industry were also higher than one year ago. This is partly due to higher prices for agricultural raw materials and metals. Prices of machinery, on the other hand, were below the level of twelve months previously.

Selling prices manufacturing by sector
 % change
Petroleum products32
Chemical products15.9
Basic metal products14.9
Food products7.8
Metal products4.3
Rubber and plastic1.5

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

Prices manufactured products the same in April as in March

Prices of manufactured products were about the same in April as in March. Prices on the domestic market fell by almost 0.5 percent, prices on the foreign market rose by almost 0.5 percent. The crude oil price also rose in April.