Dutch exports record largest contraction in 4.5 years

The volume of Dutch exports of goods in May 2014 was 2.8 percent lower compared with the same month last year, leading to the largest exports contraction in 4.5 years, the Dutch Central Bureau of Statistics (CBS) announced on Tuesday.
The decline in May followed a period of several months of moderate growth. The mild weather has caused less exports of gas. In addition, fewer petroleum was exported.
Although more industrial products, machinery and transport equipment were exported, this growth did not make up for the exports decline in natural gas and petroleum products.
Also, re-exports of previously imported products that have undergone a small adjustment in the Netherlands was lower than last year.
In total, the exports value amounted to 35.5 billion euros (48.2 billion U.S. dollars) in May, 4.8 percent lower than one year earlier.
The imports' figures of the Netherlands showed positive figures, with the volume of imports of goods in May 1.3 percent higher than one year earlier.
However, the import value was 32.2 billion euros, 1.1 percent lower than the previous year. There was a trade surplus of 3.3 billion euros, or 1.4 billion less than in May 2013
The export conditions in May continue in June and July, according to the CBS, and are worse than in March and April. This is mainly due to a lower growth of German industrial production.