Yeah, but for every dutch ship with peppers or elephant tusks I have double or triple that in sugar, I took the whole island chain the french and pirates had. I have indiamen out at trade spots. Its not my army upkeep, its simply about my trade lanes income vs's them.
I am teched all the way to joint stocks, with other trade boosting techs as well. I have basically bought everybody elses techs as well.
How many trade routes do you have with people? It could be that the Dutch have far more trading with the other nations, even the minor ones, which all adds up to large amounts.
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