Exports down by 7.5 percent in October

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© Hollandse Hoogte / Peter Hilz
In October, the total volume of goods exports (adjusted for number of working days) was down by 7.5 percent year on year, as reported by Statistics Netherlands (CBS). Export volumes of food, beverages and tobacco, petroleum products, and natural gas in particular were lower. The volume of goods imports was down by 8.7 percent relative to October 2022.

The CBS Exports Radar indicates that conditions for exports in December are more unfavourable than in October.

Year Month%-change (year-on-year %-change)
2019November1.2
2019December3.3
2020January2.8
2020February0.5
2020March-5.6
2020April-13.3
2020May-12.2
2020June-3.4
2020July0
2020August-3.6
2020September0.5
2020October3.1
2020November1.7
2020December-0.2
2022January3.8
2022February3.9
2022March12.7
2022April25.8
2022May22.4
2022June14.5
2022July11
2022August10.1
2022September6.9
2022October1.5
2022November8.9
2022December8.6
2022January1.2
2022February1
2022March-0.1
2022April-0.3
2022May2.3
2022June5.2
2022July0.5
2022August-0.3
2022September3.3
2022October8.4
2022November4.4
2022December4.3
2023January2.3
2023February4
2023March3
2023April0.2
2023May0.4
2023June-0.6
2023July-2.9
2023August-0.9
2023September-4.3
2023October-7.5

Conditions for exports more unfavourable in December

Every month, CBS also publishes updates on the conditions for exports in the Exports Radar. Conditions are largely determined by developments in the key export markets for domestic exports and in the competitive position of the Netherlands. Although the Radar indicators show a strong correlation with export activity, improved conditions do not necessarily mean higher export growth.

According to the CBS Exports Radar, conditions for exports in December are more unfavourable than in October. This is mainly because the year-on-year contraction in German manufacturing output was larger. In addition, the effective exchange rate developments year on year as well as opinions of Dutch manufacturers about their foreign orders were more unfavourable.

Sources

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