Dutch exports to US plummet 25% as tariffs bite

In the first half of 2023, Dutch exports to the United States dropped by 25%, relegating the US to a fifth-place position among Dutch export destinations. Dutch companies sold €13 billion worth of goods to the US between January and June, €4.3 billion less than the same period a year prior, according to CBS statistics. The decline occurred following the Trump administration's imposition of a 15% general import tariff on EU goods in August 2022.

Almost all types of products were impacted, with machinery and transport equipment accounting for nearly half the decrease. Medicine and chemical products sales fell by over 30%, while manufactured goods like medical instruments dropped by nearly a quarter. Consequently, the US now accounts for just 4% of Dutch goods exports, down from 5.5% the previous year.

Italy has replaced the US as the fifth-largest Dutch export market, with Spain also gaining ground. Exports to Belgium, Germany, France, Spain, and Italy all increased over the same period. Imports from the US rose by 19% to €27.6 billion, largely due to expensive oil and fuels resulting from the Middle East conflict. Other imports grew by 6.7%.

The tariffs have also cost the US, as a February Supreme Court ruling deemed most of Donald Trump's levies illegal, leading Dutch companies to reclaim over €1 billion in duties. Philips alone has received €186 million, with Heineken and Ahold Delhaize expected to recover hundreds of millions. In 2022, before the tariffs, the Netherlands exported €38 billion worth of goods to the US, making up nearly 6% of all its exports.