Slight growth exports in July

In July 2008, the volume of goods exports was nearly 4 percent up on twelve months previously. The volume of goods imports increased by nearly 3 percent. Both growth rates lagged somewhat behind the average growth in the second quarter. Volume figures have been corrected for the number of working days. July 2008 had one working day more than July 2007.

The value of exports was 31.7 billion euro, i.e. 15 percent up on June last year. The value of imports grew by 15 percent to 28.8 billion euro. This resulted in a trade surplus of 3.0 billion euro, i.e. 0.3 billion euro up on July 2007.

The value of imports of food products and mineral fuels in particular grew substantially. Exports of chemical products and mineral fuels also grew sharply. The value of goods imported from non-EU countries increased more than from EU countries.

Prices have been rising gradually since September 2007, partly as result of soaring prices for petroleum and petroleum products. In July, import and export prices rose by 9 and 8 percent respectively, compared with July 2007. This means that the terms of trade of foreign goods trade have deteriorated relative to July last year. As from 16 September, Statistics Netherlands will publish data on terms of trade in the Economic Monitor on a monthly basis.

Goods exports (volume)