Exports drove Dutch economic growth through Covid pandemic

The Dutch economy was hit less hard by the coronavirus crisis than other economies in the eurozone and also recovered more strongly from the pandemic. And that is due to the growth in exports in 2021 and 2022, the Central Planning Office (CPB) calculated, NOS reports.

Exports grew with trading partners beyond the traditional ones, making the Netherlands less dependent on Germany. It was generally true that the Dutch economy followed the German economy’s movements. But since the coronavirus crisis, Dutch exports have grown rapidly while the German economy stagnated.

According to the CPB, the Netherlands benefited from the expansion of the EU and China’s growing economic importance. Exports and re-exports to other European countries, especially in Eastern and Northern Europe, increased significantly, as well as to the United States and Asia.

The United States now accounts for 5 percent of Dutch exports, Italy 4.5 percent, and China 2.5 percent. “The Netherlands, and especially Rotterdam, can be regarded as the world’s gateway to Europe,” the CPB said about this strong trade in Europe and beyond.

While that happened, the share of exports and re-exports going to Germany decreased. In 1980, Germany accounted for 30 percent of Dutch exports. In 2021, it was only 23 percent. The share of Dutch exports to Belgium (11 percent), France (8 percent), and the United Kingdom (6.5 percent) percent also declined. In the UK, that was mainly due to Brexit.