Outside the dotted line: more favourable than average.
Exports Radar: circumstances improved
Circumstances for Dutch exports in January 2020 improved. Since the publication of December’s Exports Radar, new data have become available for six indicators. According to January’s Exports Radar, three indicators deteriorated, two improved and one remained the same. 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.
The year-on-year decline in the German manufacturing output was less substantial. Also the development of the real effective exchange rates was more favourable. However the opinion of manufacturers in the Netherlands and the eurozone about their foreign orders was more negative. Producer confidence in Germany was also more negative. Producer confidence in the eurozone remained the same.