Over the past two years, the Netherlands has spent more on importing goods and services from abroad. This was mainly due to high energy prices.
In two years, the loss amounted to almost 2 percent of national income, De Nederlandsche Bank (DNB) calculated. This was because the Netherlands had to obtain a lot of energy from abroad in 2021 and 2022. That energy was much more expensive than usual.
The loss of income for the entire country is also known as a terms of trade loss. If import prices of goods and services rise faster than export prices, the terms of trade fall. That has been the case for the past two years.
The loss is partly absorbed by companies. They have increased the prices of export products, so that the gap is narrowing. Companies are also more efficient with their energy consumption. Households have also contributed to this recently.
Although we lost a lot of money in the past two years due to rising energy prices, these prices have recently fallen sharply again. DNB therefore expects that the terms of trade loss can turn into profit again in 2023.
2023-06-13 08:40:50
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