Belgium flag Belgium: Economic and Political Overview

Foreign trade figures of Belgium

Foreign Trade in Figures

The Belgian economy is particularly open, with foreign trade representing 173% of GDP (World Bank, latest data available). In addition to being considered an export champion (10th in the world rank - WTO), Belgium plays an important role as a transit and distribution centre for other countries in the European Union. According to data from the Belgian Foreign Trade Agency, the majority of exports comprise chemical products (29.4%), mineral products (9.9%), machinery and equipment (9.7%), transport equipment (9.7%) and plastics (8.1%). The main imports are chemical products (25.9%), mineral products (14.3%), machinery and equipment (12.4%), transport equipment (10.4%) and base metals (7.4%).

Belgium role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners (around 65% of exports and imports). Germany remains the first customer (18.6%), followed by France (14.3%), the Netherlands (12.2%) and the U.S. (5.9%). The main suppliers are the Netherlands (18.7%), Germany (10.5%), France (9.1%), the United States (6.1%) and China (5.5% - data Belgian Foreign Trade Agency).

According to WTO data, in 2021 exports amounted to USD 545.2 billion, while imports reached USD 510.2 billion. Exports of services totalled USD 136.6 billion, while imports stood at USD 134.5 billion. The country’s trade balance is traditionally positive when including services: the trade surplus represented around 1.1% of GDP in 2021 (from 1.7 one year earlier - World Bank). According to the latest data from the Belgian Foreign Trade Agency, in the period Jan-Sep 2022 Belgium exported EUR 448.7 billion and imported EUR 453 billion (up by 34.6% and 44% year-on-year, respectively).

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 455,188428,878397,957527,128623,686
Exports of Goods (million USD) 468,213446,910421,842548,869635,245
Imports of Services (million USD) 124,108124,500118,938136,152143,566
Exports of Services (million USD) 124,423123,667120,875137,647139,426

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 166.5164.2157.2172.6193.1
Trade Balance (million USD) -2,0044,1767,0375,014-18,064
Trade Balance (Including Service) (million USD) -1,6513,3448,8766,605-21,996
Imports of Goods and Services (Annual % Change) 2.02.0-5.610.74.9
Exports of Goods and Services (Annual % Change) 1.12.4-5.011.35.1
Imports of Goods and Services (in % of GDP) 83.481.877.785.897.7
Exports of Goods and Services (in % of GDP) 83.182.479.486.895.3

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2023 (e)2024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -1.21.73.53.63.5
Volume of imports of goods and services (Annual % change) -0.32.03.84.03.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Belgium is a member of the following international economic organisations: Benelux Economic Union, ICC, OECD, European Union, IMF, G-9, G-10, WTO, among others. For the full list of economic and other international organisations in which participates Belgium click here. International organisation membership of Belgium is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Belgium can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
Germany 20.2%
Netherlands 14.1%
France 12.4%
United States 6.8%
United Kingdom 5.1%
See More Countries 41.4%
Main Suppliers
(% of Imports)
2022
Netherlands 20.5%
Germany 12.5%
France 10.4%
United Kingdom 6.3%
United States 5.3%
See More Countries 44.9%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

463.5 bn USD of products exported in 2022
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 10.8%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 10.1%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 7.0%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 6.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.0%
See More Products 61.0%
471.5 bn USD of products imported in 2022
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 13.6%
Human blood; animal blood prepared for therapeutic...Human blood; animal blood prepared for therapeutic, prophylactic or diagnostic uses; antisera and other blood fractions and immunological products, whether or not modified or obtained by means of biotechnological processes; vaccines, toxins, cultures of micro-organisms (excl. yeasts) and similar products 5.7%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.4%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 5.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 5.1%
See More Products 65.0%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

113.0 bn USD of services exported in 2020
41.95%
21.06%
10.54%
5.85%
4.86%
3.74%
3.65%
2.56%
2.46%
2.34%
0.98%
112.8 bn USD of services imported in 2020
42.47%
21.10%
11.53%
8.66%
5.43%
2.85%
2.62%
2.38%
2.09%
0.81%
0.07%

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: November 2023