Outside the dotted line: more favourable than average.
Exports Radar: circumstances deteriorated
Circumstances for Dutch exports in November 2019 deteriorated. Since the publication of October’s Exports Radar, new data have become available for six indicators. According to November’s Exports Radar, four indicators deteriorated, one 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 more substantial. Producer confidence in the eurozone was more negative. Also the development of the real effective exchange rates was less favourable. The opinion of manufacturers in the Netherlands about their foreign orders was also more negative. However the opinion of manufacturers in the eurozone about the foreign orders was less negative. Producer confidence in Germany hardly changed.