Dutch trade deficit with U.S. driven by mineral fuel imports

The Netherlands imported significantly more goods from the United States than it exported in the first three quarters of 2024, resulting in a trade deficit of 16.3 billion euros, according to new data from the Dutch statistics agency CBS. The deficit was mainly driven by increased imports of crude oil and natural gas from the U.S.

Dutch businesses exported 28.2 billion euros worth of goods to the U.S. between January and September 2024, while imports from the U.S. totaled 44.4 billion euros. The trade deficit has more than doubled compared to five years ago.

The Netherlands has consistently imported more from the U.S. than it exports, maintaining a structural trade deficit. While Dutch exports to the U.S. increased by 40 percent from the same period in 2019, imports rose by 65 percent. The trade gap was even larger in 2023, reaching 24 billion euros. Even when adjusted for re-exports, the Netherlands continues to have a trade deficit with the U.S.

The surge in the trade deficit is largely due to a sharp increase in the import value of mineral fuels, including crude oil and natural gas. Since Russia’s invasion of Ukraine in 2022, the Netherlands has stopped importing Russian oil and gas, making the U.S. a key supplier. Rising energy prices have also contributed to the increased import value. The Netherlands does not export oil or gas to the U.S., further widening the "negative trade balance".

In the first three quarters of 2024, Dutch companies imported 8.1 billion euros worth of crude oil from the U.S., accounting for 23 percent of total Dutch crude oil imports. This made the U.S. the Netherlands’ largest supplier of crude oil. The U.S. was also the leading supplier of medical instruments, pharmaceutical products, and natural gas.

While there were no imports of U.S. liquefied natural gas (LNG) in 2019, by 2024, the Netherlands had imported 4.2 billion euros worth of LNG from the U.S., making it the second most valuable import product from the U.S. The country sourced 30 percent of its natural gas from American suppliers.

In the first three quarters of 2024, the most valuable import categories from the U.S. were crude oil, totaling 8.1 billion euros, followed by natural gas at 4.2 billion euros. Medical instruments and devices accounted for 3.5 billion euros in imports, while computers, laptops, and tablets made up 2.6 billion euros.

Pharmaceutical products rounded out the top five, with 2.5 billion euros in imports. In all these categories, the Netherlands imported significantly more from the U.S. than it exported, contributing to the growing trade deficit. For all five product categories, the Netherlands imported more from the U.S. than it exported, contributing to the trade deficit.

Among European Union member states, the Netherlands was one of the largest export markets for U.S. goods in 2024, alongside Germany, France, Belgium, and Italy. However, many EU countries had a trade surplus with the U.S., in contrast to the Dutch trade deficit.

Germany had a 68.8 billion euros trade surplus with the U.S. in the first three quarters of 2024, largely due to exports of automobiles and automotive parts. France, Ireland, and Italy also reported trade surpluses.

The U.S., on the other hand, exported 5.6 billion euros more goods to Belgium than it imported, primarily in medical devices and refined petroleum products.