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Trade Trends News
30-08-2023
Since the New Crown crisis, the Dutch economy has grown strongly, stronger than the rest of the eurozone economies. in 2020, the economy was not only hit less hard by the New Crown crisis, but also recovered better in 2021 and 2022, thanks to the growth in exports. According to the Central Planning Bureau (CPB), Dutch growth seems to be less dependent on the good or bad German economy.
There is slightly less sunshine now. The CPB reported last month that the economy shrank by 0.3% in the second quarter of this year from a year earlier . With a small contraction already in the first quarter of the year, the Netherlands is in the midst of a mild recession. Nevertheless, CBS emphasized that the economy is not in a slump again.
The German economy is generally seen as important and influential for the Netherlands, as it is its most important trading partner. If the German economy is doing well, then the Netherlands is also doing well, and vice versa, as Germany's slowing growth is slowing down its own economy. "If Germany sneezes, the Netherlands catches a cold" is a well-known saying, but this kite is no longer valid.
Germany is still the most important sales market for Dutch exports, but it is becoming less so. This has become clear since the new crown crisis: Dutch exports are growing rapidly, while neighboring Germany's economy is stumbling and stagnating.
Exports and re-exports to other European countries (especially Eastern and Northern Europe) have increased, as have exports and re-exports to Asian countries such as the U.S. and China.The CPB says the Netherlands has benefited from the expansion of the EU and the growing economic importance of China.
As a result, the Netherlands has become less dependent on Germany for its exports. in 1980, Germany accounted for 30% of Dutch exports; in 2021, this share will be only 23%.3 The Netherlands' exports to Belgium, France and the UK have increased. The share of Dutch exports to Belgium, France and the UK has also declined. In the UK, this is mainly due to Brexit.
The most important trading countries in terms of share of Dutch exports after Germany are Belgium (11%), France (8%), the UK (6.5%), the USA (5%), Italy (4.5%) and China (2.5%).
With the strong growth of the Dutch trading economy in Europe and beyond, CPB says "the Netherlands, and Rotterdam in particular, can be seen as the 'gateway to Europe for the world'".
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