Dutch exports to Russia and Ukraine have come to a standstill since the start of the war in March, but in the same period 1.7 billion euros more was spent on oil and gas from Russia. The quantity remained the same, but the price was pushed up sharply, the Central Bureau of Statistics (CBS) reported on Wednesday.
Exports of goods from the Netherlands to Ukraine were 84 percent lower in March than in the same month last year, and 67 percent less was exported to Russia. That equates to 97 million euros and 453 million euros less income for our country, respectively.
Imports from Ukraine also fell sharply by 31 percent, but it cost us only 10 percent less. This is due to the sharp rise in food prices. The Netherlands mainly obtains maize and sunflower oil from Ukraine.
Imports from Russia are more complicated. Total imports remained about the same, but twice as much was spent on them. In March last year, the Netherlands paid 1.9 billion euros for Russian goods, last March that was already 4.1 million euros. That is an increase of 2.2 billion euros, of which 1.7 billion euros is accounted for by mineral fuels. According to the CBS, this mainly concerns oil and gas.
Energy prices have been rising since the middle of last year, but after Russia’s invasion of Ukraine at the end of February, they are rising even faster. On March 7, the gas price touched a record price of 129 euros per megawatt, but in the meantime it has fallen to less than 90 euros. However, that is still nowhere near the 30 euros that gas cost before the price increase started. Oil prices have also been on the rise for some time.