FX.co ★ Dutch Manufacturing Growth Holds Steady in November

In November 2025, the Nevi Netherlands Manufacturing PMI remained steady at 51.8, consistent with the previous month, marking the sixth consecutive month of growth in the sector. Output and new orders continued their upward trend, although the rate of production growth slightly decelerated compared to October. Export sales experienced their most significant increase since July, boosted by new initiatives and a rising demand for capital goods. Despite a solid order book, the sector saw continued workforce reductions, with employment declining, and backlogs diminishing at their fastest pace since March. After a spike in purchasing activity in October, there was a notable decrease, as companies opted to use their existing inventories, leading to a reduction in stock levels. Supplier performance deteriorated further, evidenced by longer delivery times due to staffing shortages and inadequate vendor inventories. On the pricing front, increased costs of energy, wages, and materials contributed to an inflation in input prices, surpassing the lows of October. Output charges witnessed a slight rise. However, business confidence rose to its highest level in four months, though it still remained below the average in the long-term, affected by ongoing uncertainties in global demand.