Value of Dutch exports to Ukraine and Russia has fallen sharply

Value of Dutch exports to Ukraine and Russia has fallen sharply

The Dutch value of goods exports to Ukraine and Russia fell sharply in March 2022 compared to the same month a year earlier. This is according to figures published by Statistics Netherlands on Wednesday. The export value to Ukraine decreased by 84 percent to 18 million euros, those to Russia by 67 percent to 222 million euros.

In total, Dutch companies exported 550 million euros less to Ukraine and Russia in March 2022 than in the same period a year earlier. In particular, the export of machines and equipment, transport equipment and pharmaceutical products fell sharply.

Higher import prices

In March 2022, the Netherlands paid more than 2.2 billion euros more for goods from Russia than a year earlier, while hardly any more was imported from that country. This 115 percent increase in value is largely (1.7 billion euros) due to the higher prices for oil and gas, on which the Netherlands is largely dependent. The import value of metals (including nickel, iron and steel) also increased by 0.4 billion euros.

The higher prices for Russian goods are not only related to the war in Ukraine: between March 2021 and the start of the war on February 24, 2022, gas and oil prices already rose sharply. For example, the import value of Russian goods in January 2022 was about 1.9 billion euros higher than in January 2021. The higher import value was due, among other things, to the closure of several nuclear power plants in Europe, and uncertainty in the energy market about the commissioning of these goods. the Nord Stream 2 gas pipeline from Russia to Germany.

The import value from Ukraine decreased by 10 percent to 113 million euros in March 2022 compared to a year earlier, but the Netherlands also imported 31 percent less in quantity. This means that the prices per product rose on average. The Netherlands mainly had to deal with much higher prices for food, such as wheat, maize and sunflower oil. The former is a staple food for 30 percent of the world’s population, but has become unaffordable for millions partly due to the war.