Exports down by nearly 6 percent in March

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© Tineke Dijkstra
In March 2024, the total volume of goods exported (adjusted for the number of working days) was down by 5.9 percent year on year, as reported by Statistics Netherlands (CBS). Export volumes were lower for food, beverages and tobacco, chemical products, electrotechnical products and machinery, in particular. The volume of goods imported was down by 0.3 percent relative to March 2023. This was mainly due to imports of petroleum and natural gas, food, beverages and tobacco, chemical products, electrotechnical products and machinery.

The CBS Exports Radar for May indicates that conditions for exports are less unfavourable than they were in March.

Year Month%-change (year-on-year %-change)
2020April-13.3
2020May-12.2
2020June-3.4
2020July0
2020August-3.6
2020September0.5
2020October3.1
2020November1.7
2020December-0.2
2021January3.8
2021February3.9
2021March12.7
2021April25.8
2021May22.4
2021June14.5
2021July11
2021August10.1
2021September6.9
2021October1.5
2021November8.9
2021December8.6
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-3.7
2023August-1.6
2023September-4.5
2023October-6.6
2023November-6.1
2023December-2
2024January-3.9
2024February-7
2024March-5.9

Conditions for exports less unfavourable in May

Every month, CBS also publishes an update on the conditions for exports in its Exports Radar. These are largely determined by developments in key sales markets for domestic exports and by the competitive position of the Netherlands. Although the Radar indicators are closely correlated with export activity, improved conditions do not necessarily mean higher export growth.

According to the CBS Exports Radar for May, conditions for exports are less unfavourable than they were in March. This is mainly due to the fact that the year-on-year change in real exchange rates was less unfavourable and the year-on-year contraction in German industrial production was smaller.

Sources

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