Exports continue to grow

In August 2008, the volume of goods exports was nearly 4 percent up on twelve months previously. The volume of goods imports increased by 6 percent. Both growth rates were up on those in the two preceding months. Volume figures have been corrected for the number of working days. August 2008 had two working days fewer than August 2007.

The value of exports was 28.8 billion euro, i.e. 5 percent up on August last year. The value of imports grew by 9 percent to 27.0 billion euro. This resulted in a trade surplus of 1.7 billion euro, i.e. 0.8 billion euro down on August 2007. The trade surplus on machines and transport equipment decreased particularly strongly.

The value of goods imported from non-EU countries decreased sharply. The value of imports and exports of mineral fuels in particular grew substantially, while exports and imports of machines and transport equipment decreased.

In August, import and export prices rose by 9 and 7 percent respectively compared with August 2007. This was mainly caused by substantially higher prices for oil and oil products. This means that the terms of trade were lower compared with August last year. Last month Statistics Netherlands started publishing monthly developments in the terms of trade in the Economic Monitor.

Goods exports (volume)