Outside the dotted line: more favourable than average.
Exports Radar: circumstances slightly improved
Circumstances for Dutch exports in July 2020 improved. Since the publication of June’s Exports Radar, new data have become available for six indicators. According to June’s Exports Radar, four indicators improved and two deteriorated. 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 German manufacturing output was less substantial. Producer confidence in the Eurozone and Germany was less unfavourable. Dutch manufacturers were less pessimistic about their foreign orders. However, the development of the real effective exchange rate was more unfavourable. European manufacturers were more pessimistic about their foreign orders.