Drop in prices of goods imports and exports has slowed in 2024

© CBS
Prices of imported and exported goods were 3.8 percent lower (for exports) and 5.5 percent lower (for imports) in the first half of 2024 than in the same period of 2023. Following a period of sharply rising prices that began in mid-2021, prices have been falling again since the second quarter of 2023. According to figures on the international goods trade (based on goods crossing borders), prices continued to drop into the first half of 2024, but the rate of that decrease was less rapid in the second quarter than in the first. Statistics Netherlands (CBS) reports this on the basis of the latest figures.

The figures cited in this article are preliminary. Due to differences in methodology and in the concept of international trade, they diverge from CBS’s existing deflators of international trade (based on change of ownership).

The drop in the volume of trade (the amount of goods imported and exported), which began in Q2 2023, also persisted into Q1 2024. The volume of goods exported increased slightly in Q2 2023, year on year, while the volume of goods imported decreased slightly. The drop in the volume of exports over the first half of 2024 was 0.3 percent; for imports, the drop was 2.5 percent. This means that in the first two quarters of 2024, the total value of the trade in goods was down (for both imports and exports, and taking account of both volume and price levels).

Mineral fuel exports 19 percent cheaper

Prices for mineral fuels can fluctuate significantly and have a major influence on average price levels. This is because they account for a large share of the total value of trade, and also because changes in the price of mineral fuels affect the pricing of other products - such as chemical products, which require a lot of mineral fuels to produce. To a large extent, the general price increases seen in 2021 and 2022 and the subsequent price falls in 2023 can be traced back to the price of mineral fuels. Exports of mineral fuels were 19 percent cheaper in 2023 than they were in 2022, and chemical products were 10 percent cheaper. The export volume of mineral fuels also fell, while that of chemical products increased.

In 2023, average prices for exports of machinery and equipment rose by 11 percent and average prices for exports of food and beverages increased by 7 percent, but the export volume of both categories declined. Exports of transportation equipment (such as cars, trucks and boats) increased in both price and volume in 2023 compared to 2022, and their export value therefore also rose.

Imports of natural products 10 percent cheaper

Cheaper mineral fuels are also largely responsible for the fall in the average price of imports. In 2023, the price of imported mineral fuels and chemical products fell by 17 percent and 6 percent, respectively; the fall in import volume was limited. Imports of natural products also fell in price (down by 10 percent) and volume, which was mainly due to imports of oils and fats. Meanwhile, imports of transportation equipment increased in price (up by 4 percent), volume and value in 2023.

Sources

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