Export growth slowing down

In September 2008, the volume of goods exports was 1 percent up on twelve months previously. This is the lowest growth rate for five years. The volume of goods imports increased by nearly 4 percent. This is slightly down on the average volume growth in the first eight months of this year. Volume figures have been corrected for the number of working days. September 2008 had two working days more than September 2007.

The value of exports was 32.7 billion euro, i.e. 13 percent up on September last year. The value of imports grew by 16 percent to 29.6 billion euro. This resulted in a trade surplus of 3.1 billion euro, i.e. 0.4 billion euro down on September 2007.

Import and export values of mineral fuels were substantially higher than twelve months previously. In addition Dutch companies imported more raw materials in September. The value of imports from outside the EU rose by more than imports from EU countries.

Both import and export prices were 6 percent higher in September than in the same month last year. Falling oil prices have slowed down the price rises for imports and exports. Before that price rises were increasing. The terms of trade remain unchanged compared with September last year. Statistics Netherlands started publishing monthly developments in the terms of trade in the Economic Monitor in September.

Goods exports (volume)