Dutch industrial turnover climbed by 8.4% in the second quarter compared with the same period last year, Statistics Netherlands (CBS) announced today. This marks the strongest year-on-year increase since the end of 2022, driven largely by higher oil and energy prices.
Price effects overshadow volume trends
- Energy and petroleum refining: Turnover in the energy segment surged by 30%, propelled by rising global oil benchmarks.
- Chemicals and basic metals: Companies in these subsectors reported gains of 12% and 9% respectively, as international demand held steady.
- Excluding energy: Turnover growth across other industrial sectors was a more modest 4.2%.
However, once adjusted for price developments and seasonal factors, the real volume of goods produced edged down by 0.5%. “Higher revenues are masking weaker underlying production,” noted a CBS economist.
Export markets and future outlook
Exports remained a bright spot, with industrial shipments abroad up 6.7% year-on-year. Growth was most pronounced to European neighbours, though sales to Asia also ticked upward. Domestic market turnover rose by 7.5%, supported in part by restocking in construction and manufacturing.
Looking ahead, companies face uncertainty over energy price volatility and potential global demand slowdowns. CBS warns that if oil prices stabilize or fall, nominal turnover gains could reverse, placing further pressure on producers already grappling with slim margins.