More than two-thirds of industrial sectors reported lower output compared to July 2023. The transport equipment industry experienced the steepest decline, with a dramatic 31.4 per cent reduction. The repair and installation of machinery sector also suffered a significant decrease of 20.3 per cent. In contrast, the food industry saw a modest growth of 1.6 per cent, leading gains among the larger sectors.
Seasonally and working-day adjusted data revealed a 1.1 per cent drop in output from June to July 2024. This reflects ongoing volatility in manufacturing output, which has been on a downward trend since mid-2022, after a period of recovery from the 2020 pandemic-induced slump.
In July, the Netherlands’ manufacturing output fell by 4.4 per cent compared to 2023, marking the thirteenth consecutive month of contraction, according to Statistics Netherlands.
Two-thirds of industrial sectors reported declines, with transport equipment dropping 31.4 per cent.
However, the food industry saw modest growth of 1.6 per cent.
Despite the overall negative trend, Dutch manufacturers expressed less pessimism in August, reporting improved sentiment regarding order positions and stock levels. Optimism about future output has increased, though uncertainty remains, particularly due to economic conditions in Germany, a key market for Dutch manufacturing. German manufacturing output dropped by 5.9 per cent year-on-year in July, further weakening demand in the region.
Fibre2Fashion News Desk (KD)
