According to Gary Gordon for ETF Expert, there is a slight discernible difference between the five largest net exporters and net importers as shown in their respective ETF growths.

Net importers’ five-year total % change:

• Vanguard Total U.S. Market (NYSEArca: VTI): 12.8%
• iShares MSCI United Kingdom (NYSEArca: EWU): 10.7%
• iShares MSCI Spain (NYSEArca: EWP): 91.7%
• iShares MSCI France (NYSEArca: EWQ): 35.1%
• The India Fund (NYSE: IFN): 129.4%

Net exporters’ five-year total % change:

• iShares FTSE China 25 Index (NYSEArca: FXI): 173.9%
• iShares MSCI Germany (NYSEArca: EWG): 53.9%
• Central Europe/Russia Fund (NYSE: CEE): 91.3%
• iShares South Korea (NYSEArca: EWY): 90.5%
• iShares MSCI Netherlands (NYSEArca: EWN): 46.3%

The data shows that percentage gains are leaning toward exporters and developing countries, more export-dependent, are producing larger percentage returns.

Gordon makes the distinction that successful investing in seemingly export-type countries is more dependent on overall economic growth and less to do with the large “net exporter” moniker.

For more information on ETF trends, visit our trend following category. Read more of Gary Gordon’s ETF observations at ETF Expert.

Max Chen contributed to this article.

The Dutch economic policy bureau (CPB) estimates a 4.8% contraction for 2009, a budget shortfall of 6.7% of GDP and a 9.5% increase in the unemployment rate for 2010, according to NRC Handelsblad. The pessimistic outlook is attributed to diminishing world trade and consumer trends leaning more toward saving than spending.

It is estimated that the Dutch economy will drop 15% on waning international trade alone for next year. Dutch exports are projected to fall 17.3% with imports down 14% for 2009.

The recession may be deeper than previously thought, and a risk of deflation still looms over the Dutch economy, reports James Pethokoukis for Reuters. The Dutch Central Bank (DNB) paints a gloomier picture for the economy with its estimated contraction of 5.4% for the year.

Problems in the financial sector could creep up from writedowns that most banks and insurers deem likely. The IMF thinks $4 trillion will be needed and $1.5 trillion has already been written off so far.

• iShares MSCI Netherlands Investable Market Index (EWN): up 2.9% year-to-date

For more information on the Netherlands, visit our Netherlands category.

Max Chen contributed to this article.

So long as U.S. multinational corporations keep their earnings overseas, they are legally safe from paying taxes toward their home base. Netherlands is a corporate tax haven for U.S. multinationals, and together with Ireland and Bermuda, it is sheltering companies’ earnings from the U.S. tax authorities, so says Barack Obama.

This practice is fully legal but the trade-off is a detriment to the U.S. economy, reports Associated Press on Dutch News. U.S. companies typically pay a 35% tax for corporate earnings, or around 22% after certain allowances.

Obama is working on a proposal to cut overseas tax benefits for U.S. multinationals.The idea is to cut tax benefits for those U.S. corporations that invest overseas and use some of their forecasted revenue to gain tax credits for investment in research and development, reports Quentin Fottrell for The Wall Street Journal.

The worst-case scenario for places such as Ireland is less foreign development as well as less attractiveness for multinationals. Despite this speculation, the consumer confidence remains solid within the European Union. A monthly survey of companies and shoppers across the European Union and in the 16 countries that share the euro showed renewed optimism for the first time since May 2007, reports Aoife White for San Diego Union Tribune.

• iShares MSCI Netherlands Investable Market Index (EWN): up 0.1% year-to-date

The global recession has hit the Netherlands and its exchange traded funds (ETFs) hard, but what lies ahead for the economy?

The Netherlands’ Central Planning Agency, or CPB, states that the Dutch economy is forecast to contract 3.5% in 2009, the largest contraction since 1931.  As for 2010, the agency expects the nation to contract another 0.25%.

In addition to this alarming statistic, the Global Financial Newswire reports the following gloomy numbers:

• Private consumption is expected to drop by 0.25%; however, purchasing power is expected to rise by 2%
• Consumer spending is expected to decline by 0.5%
• Business investments are forecast to decline by 11% in 2009 and by 12% in 2010
• Consumer price inflation is expected to be around 1% in both 2009 and 2010
• The increase in average contract wage is expected to be 3% for 2009 and 1.5% for 2010, whereas unemployment is expected to jump to 5.5% for 2009 and 8.8% for 2010
• GDP is expected to shrink by about 3% because of a drop in exports of approximately 10.75%
• The government’s deficit is expected to be around 2.8% of GDP for 2009 and 5.6% of GDP in 2010

These are downbeat numbers for sure, but one shouldn’t count out the economy yet – the government has been struggling to come up with a rescue plan for the economy.

The iShares MSCI Netherlands Index (EWN) is down 17.6% year-to-date.

Kevin Grewal contributed to this article.

Seasonally adjusted gross domestic product (GDP) rose a scant 0.2%, mostly on weakness in the manufacturing and construction sectors, report Philip Blankenship and Antonia Van De Velde for Thomson Financial News. Economic activity rests upon their domestic demand while external demand did not add anything to their expansion.

Meanwhile, the Dutch government is threatening to rise duties on beer, during an especially sensitive time, reports Louise Ireland for Forbes. The Dutch already raised duties on wine 16%, but the question remains, “Why would the Dutch hit their own product?” Raising duties on beer in the Netherlands could send consumers to neighboring Belgium and Germany for their pilsners.

The Netherlands and Germany are Europe’s No. 1 beer exporters, and half of all beer in the Netherlands is consumed locally, making it especially sensitive to taxation.

The president of the European Central Bank said this weekend that the economic squeeze in Europe has hit “rock bottom.” He expects a gradual revival throughout 2009, reports AFP.

Related ETFs:

• iShares Belgium Investable Market Index (EWK), down 30% year-to-date
• NETS Belgium 20 Index (BRU), down 11.5% since June 9 inception
• NETS AEX Index Fund (AEX), down 18.6% since June 9 inception
• iShares MSCI Netherlands Index (EWN), down 21.2% year-to-date

If you were wondering, though, Exxon Mobil (XOM) has solved the mystery by reporting a second-quarter profit of $11.7 billion, the biggest profit from operations ever by a U.S. corporation, reports John Porretto for the Associated Press. But in spite of that, the company’s shares still fell because earnings were off from Wall Street’s expectations.

Revenue was also up 40% from one year ago. Exxon Mobil has been setting lots of records lately: the company also holds the record for the top six most-profitable quarters for a U.S. company, as well as the largest annual profit.

Shell (RDSA.L) also reported a net profit of $11.6 billion for its second quarter, says Toby Sterling for the Associated Press. The numbers make for a 33% year-over-year increase that owes much to high oil prices and a weak dollar. Its selling price of a barrel of oil was $112, up from $64 a year ago, pushing earnings in its production and exploration arm up 90%.

Oil is down in trading today, last seen below $126 a barrel. It’s been driven down by fresh news about continuing weakness in the U.S. economy, reports Pablo Gorondi for the Associated Press. The gross domestic product for the first three months of 2008 was revised downward, to 0.9%.

Just a few weeks ago, crude oil touched on its record high of $147.27.

Among the ETFs that could react to continuing news from the oil sector include:

• NETS AEX Index Fund (AEX): launched May 14; Shell is 14.1%
• iShares Dow Jones U.S. Energy (IYE), up 4% year-to-date; Exxon is 23.3%
• PowerShares DB Oil Fund (DBO), up 38.4% year-to-date

As of now, the Dutch government has set aside 7.5 billion euros ($11.6 billion USD) to invest into the energy supply between now and 2011. Top priority will be given to renewable energy, energy saving and CO2 reduction in an effort to lesson the country’s dependence on oil and gas, reports Yan Liang for China View.

The energy plan states that the government wants the country’s energy production to be cleaner and more diversified while remaining reliable and affordable. By 2020, the government wants 20% of energy consumed to be sustainable.

iShares MSCI Netherlands Index (EWN) does not hold any assets in energy. However, there is 29.6% in consumer goods, while Heineken has 3.4%. Will the ETF be saying "Cheers!" anytime soon? Apparently not, as the prospects for Heineken’s first half results are set for release in August, and will not be anything worth celebrating, since there are weak comparables and a tough economic climate.

But go ahead, and crack a cold one, as it may help the earnings better than not. Year-to-date, the fund is down 11.8%.

The funds are:

• NETS Hang Seng China Enterprises Index Fund (SNO)
• NETS BEL 20 Index Fund (BRU)
• NETS AEX-Index Fund (AEX)

SNO’s underlying index covers the "H" shares, which are shares of companies based in mainland China that are listed on the Hong Kong Stock Exchange, reports Heather Bell for Index Universe. China’s markets are largely closed to foreign investment, and "H" shares are way for for investors to access the economy. The expense ratio is 0.51%.

Analysts feel that the long-term impact of China’s recent devastating quake should be minimal, and that the country’s rapid economic growth should continue once the damage is repaired. Excluding the loss in terms of future output, Chinese companies have suffered $9.5 billion in damages.

BRU tracks Belgium’s blue-chip index of the 20 largest stocks on the Euronext Brussels exchange, and its expense ratio is 0.47%. Belgium’s economy ministry predicted today that the country’s gross domestic product (GDP) growth will slow to 1.7% this year, reports Antonia Vandevelde for Thomson Financial. The ministry doesn’t expect the figure to grow in 2009, either, but that it does predict that growth will begin again in 2010.

AEX covers Amsterdam’s top 25 blue-chip stocks, and comes with an expense ratio of 0.47%. The economy in the Netherlands depends heavily on foreign trade. There is low unemployment, low inflation and stable industrial relations, according to the CIA World Factbook. After a slowing of the economy in 2005 and 2006, it seems to have righted itself after job growth reached 10-year highs in 2007.

This year, the Dow Jones Global Exchanges tell a different story as the index has so far lost 15% this year, according to Carl Delfeld for ETFxray.

Jump starts and the like aren’t turning these funds over, as evidenced by Deutsche Borse, which announced a tax break that would enhance this year’s earnings by an estimated 10%. Its shares have remained flat.

Recently, global exchange shares have rallied, attracting investors because it is a fixed-cost business. Opportunities may be knocking in high-quality countries such as iShares MSCI Singapore (EWS) or the Netherlands (EWN).

The global exchange market remains alive with mergers and consolidation activity, which can give good price support, but be careful: valuations of exchanges is murky and tricky.