Netherlands saw a modest decline in the output prices of manufactured goods in March 2024, dropping by 0.9 per cent compared to the same month last year, according to the latest data from Statistics Netherlands (CBS). This represents a slight easing in the rate of decrease from February, when prices fell by 1.8 per cent year-on-year (YoY).

On a month-to-month basis, there was a mild recovery in output prices in March, which rose by 0.4 per cent from February. This uptick was mirrored in different sectors of the market, with prices on the export market increasing by 0.3 per cent and those on the domestic market by 0.6 per cent, as per CBS.

A significant factor influencing the output prices is the cost of crude oil, which has a notable impact on the manufacturing sector. In March, the price for a barrel of crude oil stood at nearly €78 (approximately $83.34), marking an increase of over 5 per cent from the previous year. Conversely, in February, a barrel of North Sea Brent crude was priced at €75.5 (approximately $80.67), which was more than 3 per cent lower than the year before.

The petroleum derivatives sector has also felt the effects of fluctuating oil prices. In March, the prices for these products were down by 1.1 per cent YoY, which is an improvement from February’s drop of 2.8 per cent.

Fibre2Fashion News Desk (DP)

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