Dutch manufacturing industry faces output slump in May 2023: CBS

12 Jul '23

2 min read

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Insights

Netherlands' manufacturing output fell by 9.2 per cent in May 2023 compared to May 2022, according to Statistics Netherlands.
After seasonal adjustments, there was a 1.2 per cent rise from April 2023 to May 2023.
Despite this, manufacturers' sentiment declined for the third consecutive month due to uncertainty about future outputs and orders.

In May 2023, Dutch manufacturing industry experienced a 9.2 per cent decline in its average daily output compared to the same period in 2022, according to Statistics Netherlands (CBS). This marks a continuation of the output contraction seen on an annual basis throughout the preceding months of this year.

Among the larger industries, the chemical industry saw the steepest decrease in production. This data is particularly significant given that manufacturing output had been on a recovery path since May 2020, following a sharp decline in the spring of that year. However, the trend has reversed since May 2022.

After adjusting for seasonal effects and working-day patterns, manufacturing output saw a 1.2 per cent increase between April and May 2023, as per CBS.

Nevertheless, manufacturer sentiment in June reflected a decline for the third consecutive month. The pessimistic outlook is mainly attributed to less confidence in future output and order positions. This trend aligns with sentiment in Germany, a critical market for the Dutch manufacturing industry. German business confidence also decreased in June, as per Eurostat.

However, the German manufacturing industry, which is a key market for the Dutch manufacturing industry, showed an opposite trend, with average daily output increasing by 2 per cent year-on-year in May, according to Destatis.

Fibre2Fashion News Desk (DP)

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