Exports down by nearly 2 percent in March

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© Hollandse Hoogte / Frans Lemmens luchtfotografie
In March 2022, the total volume of goods exports was down by 1.9 percent year on year, as reported by Statistics Netherlands (CBS). In the previous month, exports grew by 1.5 percent. The decrease over March was mainly seen in exports of petroleum products, agricultural products and vessels. Exports of machinery, chemical products and metal products, on the other hand, were higher than in March 2021. The volume of goods imports was down by 2.2 percent year on year. Imports of minerals and aircraft decreased in particular.

The CBS Exports Radar indicates that circumstances for exports in May are less favourable than in March.

Exports of goods (volume, adjusted for working days)
Year Month%-change (year-on-year %-change)
2018April6.2
2018May5.3
2018June0.4
2018July2.7
2018August4
2018September3
2018October3.4
2018November0.4
2018December0.6
2019January2.2
2019February-0.3
2019March1.5
2019April1.7
2019May-0.1
2019June0.7
2019July-0.1
2019August3.4
2019September1.4
2019October6.3
2019November2.3
2019December4.5
2020January3.2
2020February1
2020March-4.7
2020April-12.7
2020May-11.6
2020June-2.9
2020July0
2020August-3.4
2020September0.8
2020October2.7
2020November1.3
2020December-0.8
2021January2.3
2021February2.9
2021March10.9
2021April23.8
2021May20.2
2021June13.1
2021July9.4
2021August8.5
2021September5
2021October-0.5
2021November8.3
2021December7.8
2022January3.1
2022February1.5
2022March-1.9

Conditions for exports in May less favourable than in March

Every month, CBS also publishes updates on the circumstances for exports in the Exports Radar. Conditions are largely determined by developments on the main export markets for Dutch domestic products and in the competitive position of the Netherlands. Although the Radar indicators show a strong correlation with export activity, improved circumstances are not necessarily translated into increased export growth.

According to the CBS Exports Radar, circumstances for exports in May are less favourable than in March. Producer confidence in not just Germany but across the entire euro area has deteriorated significantly. Furthermore, the decline in German manufacturing output was more substantial.

From January 2022 onwards, CBS applies new methodology in the monitoring and processing of data for the International trade statistic. As a result, the year-on-year development of imports and exports has a greater uncertainty margin than is customary.

Goods exports account for approximately three quarters of total exports. Figures on exports of services are not published monthly. Data on total exports are published quarterly and annually. The figures in this news release are provisional and subject to revision.

Sources

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