Dutch exports to the US were 4.7% down in the first 10 months of last year, national statistics agency CBS said on Friday. The downturn began in July after rising in the first six months of the year.

The reduction was due entirely to goods of Dutch origin – machinery and boats in particular – while re-exports continued to rise, the CBS said. In total, exports amounted to €27.5 billion.

The Netherlands imported goods worth more than €48 billion from the US in the first 10 months of 2025, up 1.9% on the previous year. In particular imports of technical equipment and mineral oils were down.

Meanwhile, Dutch civil service pension fund ABP, one of the biggest pension funds in the world, has reduced its investments in American bonds, broadcaster NOS said on Friday.

The fund held more than €29 billion in US government bonds at the end of March last year, but by the end of September this had fallen to €19 billion, the broadcaster said.

The fund publishes regular updates on its investments with a three-month delay, but has not commented on why it has cut back on its American investments.