Bèlgica: Visió econòmica i política
The Belgian economy is particularly open, with foreign trade representing 159% of GDP (World Bank, 2020). 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. The main export products are medicaments (8%), vehicles (7.5%), blood (6.9%), and petroleum oils (3.4%). The main imports are vehicles (7.6%), medicaments (6.4%), human blood (5.6%), and oil and mineral fuels (3% - Comtrade).
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 (16.6%), followed by France (13.3%), the Netherlands (11.7%) and the U.S. (8.8%). The main suppliers are the Netherlands (19.2%), Germany (14.6%), France (11.2%) and the United States (5.3%).
According to WTO data, in 2020 exports amounted to USD 419.8 billion, while imports reached USD 396.1 billion. Exports of services totalled USD 113.4 billion, while imports of services stood at USD 115.2 billion. The country’s trade balance is traditionally positive when including services: in 2020 the trade surplus represented around 1.4% of GDP (World Bank). Driven by buoyant world demand, Belgian export growth was strong in the first half of 2021, but came in negative in the third quarter. The National Bank of Belgium forecasts that exports will contribute negatively to GDP in the upcoming years, as continued strong domestic demand should drive up imports and losses in export market shares are projected to continue.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 408,915 | 454,947 | 427,708 | 396,132 | 510,208 |
Exports of Goods (million USD) | 430,554 | 468,650 | 446,944 | 419,892 | 545,284 |
Imports of Services (million USD) | 115,140 | 124,928 | 122,524 | 115,242 | 134,494 |
Exports of Services (million USD) | 117,414 | 121,682 | 119,333 | 113,459 | 136,653 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 165.3 | 166.5 | 164.2 | 157.2 | 172.7 |
Trade Balance (million USD) | 2,706 | -2,004 | 4,176 | 7,037 | 5,014 |
Trade Balance (Including Service) (million USD) | 5,263 | -1,651 | 3,344 | 8,876 | 6,605 |
Imports of Goods and Services (Annual % Change) | 5.2 | 2.0 | 2.0 | -5.6 | 10.7 |
Exports of Goods and Services (Annual % Change) | 5.5 | 1.1 | 2.4 | -5.0 | 11.3 |
Imports of Goods and Services (in % of GDP) | 82.1 | 83.4 | 81.8 | 77.7 | 85.8 |
Exports of Goods and Services (in % of GDP) | 83.2 | 83.1 | 82.4 | 79.4 | 86.9 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 3.7 | 1.1 | 3.7 | 4.0 | 3.8 |
Volume of imports of goods and services (Annual % change) | 3.8 | 1.7 | 4.1 | 4.5 | 4.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Germany | 17.1% |
France | 13.4% |
Netherlands | 12.1% |
United States | 7.1% |
United Kingdom | 6.3% |
See More Countries | 44.0% |
Main Suppliers (% of Imports) |
2021 |
Netherlands | 21.0% |
Germany | 15.9% |
France | 10.2% |
Ireland | 5.5% |
United States | 4.8% |
See More Countries | 42.6% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023