Belgian Foreign Trade 2023 PDF

□ Belgian □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ Foreign □ □ □ □ □ □ □ □ □ □ □ □...

□ Belgian □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ Foreign □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ Trade 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □  □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □  □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ SUMMARY □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ PREFACE......................................................... 5 1 ECONOMIC INDICATORS ON THE BELGIAN ECONOMY............... 8 1.1 General indicators.................................................. 9 1.2 Relative importance of Belgian foreign trade...................... 10 1.2.1 Importance in EU trade........................................ 10 1.2.2 Importance in global trade.................................... 15 2 ANALYSIS OF BELGIAN TRADE IN GOODS.......................... 18 2.1 Exports of goods................................................... 19 2.1.1 Geographical evolution of exports............................ 19 2.1.2 Evolution of exports by product group........................ 25 2.2 Imports of goods.................................................. 27 2.2.1 Geographical evolution of imports............................ 27 2.2.2 Evolution of imports by product group....................... 33 2.3 Trade balance..................................................... 35 3 ANALYSIS OF BELGIAN TRADE IN SERVICES........................ 38 3.1 Exports of services................................................ 40 3.1.1 Main trade partners........................................... 40 3.1.2 Main categories in exports of services......................... 41 3.2 Imports of services................................................. 42 3.2.1 Main trade partners........................................... 42 3.2.2 Main categories in imports of services........................ 43 CONTACTS........................................................ 46 BELGIAN FOREIGN TRADE IN 2023 □ 3  □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ PREFACE □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ BELGIAN FOREIGN TRADE IN 2023 The last couple of years have been a roller coaster ride in terms of international trade. Firstly, in 2020, economic disruptions brought about by the COVID-19 pandemic led to a decline in Belgian exports (-7.5%) and imports (-9.6%). Then, as demand for goods picked up, Belgian trade strongly rebounded in 2021, with exports and imports increasing by 26.2% and 28.6%, respectively. Following that, Belgian foreign trade continued to grow in 2022, with exports recording growth of 27.6% and imports rising by 30.9%. A significant part of the increase in the value of trade in 2021 and 2022 can be explained by rising commodity prices and general inflation. Finally, in 2023, lower demand for goods led to commod- ity prices being almost a quarter cheaper than the previous year. This marked the most significant drop since the outbreak of the pandemic, which in turn resulted in a reduction of around two percentage points in global inflation. However, prices and inflation remain considerably above pre-pandemic levels. The situation that transpired in 2023 also significantly impacted Belgian foreign trade, as our country’s exports and imports fell by 12.7% and 13.4%, respectively. □ OVERVIEW OF BELGIAN EXPORTS AND IMPORTS 2022 2023 ∆ 2023-2022 (in millions of €) (in millions of €) (in %) (in millions of €) EXPORTS: TOTAL 595,727.9 520,360.3 -12.7 -75,367.6 - 1st quarter (January-March) 141,566.3 142,213.1 0.5 646.8 -2 nd quarter (April-June) 147,072.2 128,866.3 -12.4 -18,205.9 - 3rd quarter (July-September) 155,058.4 125,127.3 -19.3 -29,931.2 - 4 quarter (October-December) th 152,031.0 124,153.6 -18.3 -27,877.3 IMPORTS: TOTAL 583,973.2 505,614.9 -13.4 -78,358.3 - 1st quarter (January-March) 136,486.9 140,768.0 3.1 4,281.1 - 2nd quarter (April-June) 144,440.6 128,498.9 -11.0 -15,941.7 - 3rd quarter (July-September) 156,067.7 116,089.6 -25.6 -39,978.1 - 4 quarter (October-December) th 146,978.0 120,258.3 -18.2 -26,719.7 TRADE BALANCE: TOTAL 11,754.6 14,745.4 25.4 2,990.8 Overall, the export value of goods in 2023 decreased by €75.4 billion from the previous year to about €520.4 billion. The import value even dropped by €78.4 billion to roughly €505.6 billion. BELGIAN FOREIGN TRADE IN 2023 □ 5 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ Although trade was down for the full year 2023, Belgian exports and imports still increased by 0.5% and 3.1%, respectively, in the first quarter of last year. This can be attributed to strong growth rates for trade in transport equip- ment, machinery and equipment and foodstuffs. Higher prices were responsi- ble for the increased value of foodstuffs, while a higher trade volume boosted the value of machinery and equipment. The increase in imports and exports of transport equipment, on the other hand, were a combination of both price and volume effects. In the three months from April to June, exports fell 12.4%, while imports recorded an 11.0% drop. This can be attributed to the fact that as prices were down in the second quarter, the decline in volume traded became more pronounced and even the main cause of the slowdown in export and import value. Imports (-25.6%) decreased faster than exports (-19.3%) in the third quarter of 2023 compared to the corresponding period of 2022. In line with previous months, the value of international trade continued to fall for most major products. The only sectors with positive growth rates were foodstuffs and especially transport equipment, with more dynamic exports than imports for both categories. The average decline in the value of exports and imports during the last three months of 2023 (October to December) was 18.3% and 18.2%, respectively. Almost all major product categories contributed to this drop, although more than half of the decline can be attributed to lower trade in mineral products and in chem- ical and pharmaceutical products. Trade in diamonds, although much smaller in weight, also weighed heavily on the overall fall. There was mostly a decline in trade with European partners, especially neighbouring countries. Trade with Asia also fell sharply: imports of transport equipment from China had a particu- larly negative impact here, while exports to Japan fell largely as sales of COVID- 19 vaccines were down one-fifth from the same period in 2022. The double-digit declines in exports and imports for the year 2023 as a whole are tempered by being compared to a year of significant growth. This is because 2022 was marked by exceptionally high trade figures, caused by the soaring of energy products and other raw materials, and, to a lesser extent, by a revival of the economy following the end of the COVID crisis. 6 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ PREFACE BELGIAN FOREIGN TRADE IN 2023 □ 7 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ ECONOMIC □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ INDICATORS □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 1. □ □ □ □ ON THE □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ BELGIAN □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ ECONOMY □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 8 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 1. ECONOMIC INDICATORS ON THE BELGIAN ECONOMY 1.1. GENERAL INDICATORS □ MAIN INDICATORS ON THE ECONOMY OF BELGIUM 2019 2020 2021 2022 2023 €478.7 €460.5 €508.1 €554.2 €584.7 GDP billion billion billion billion billion GDP growth rate 2.2% -5.3% 6.9% 3.0% 1.4% GDP per capita €41,660 €39,910 €43,850 €47,450 €49,720 Unemployment rate 5.5% 5.8% 6.3% 5.6% 5.5% Public debt (as % of GDP) 97.6% 111.9% 107.9% 104.3% 105.2% Inflation rate 1.2% 0.4% 3.2% 10.3% 2.3% Exports of goods and services 82.4% 78.7% 87.9% 95.7% 86.7% (as % of GDP) Source: Eurostat Did you know…? … that Belgium ranked 2nd on the KOF Index of Globalization in 2023, behind only Switzerland. This index measures globalization on eco- nomic, social, and political dimensions by looking at economic flows, restrictions, information flows, personal contact, and cultural proximity. Due to its small size and lack of resources, Belgium has depended on trade with other countries to develop its economy. The country’s reli- ance on international trade has helped it to become one of the world’s most open economies. BELGIAN FOREIGN TRADE IN 2023 □ 9 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 1.2. RELATIVE IMPORTANCE OF BELGIAN FOREIGN TRADE 1.2.1. Importance in EU trade □ EVOLUTION OF EU-27 EXPORTS DURING THE PERIOD 2022 - 2023 2022 2023 ∆ 2023-2022 (in millions of €) (in millions of €) (in %) (in millions of €) (in %) 1 Germany 1,593,285.4 1,589,203.3 23.8 -4,082.2 -0.3 2 Netherlands 918,765.2 866,489.7 13.0 -52,275.5 -5.7 3 Italy 626,169.4 626,204.5 9.4 35.0 0.0 4 France 589,710.2 599,783.5 9.0 10,073.3 1.7 5 Belgium 595,727.9 520,360.3 7.8 -75,367.6 -12.7 6 Spain 394,896.9 391,540.0 5.9 -3,357.0 -0.9 … 9 Austria 201,398.4 207,069.5 3.1 5,671.1 2.8 10 Ireland 203,431.8 193,481.4 2.9 -9,950.4 -4.9 11 Sweden 187,838.7 183,084.4 2.7 -4,754.2 -2.5 … 13 Denmark 125,308.9 126,154.2 1.9 845.3 0.7 … Total EU-27 6,815,921.1 6,687,589.8 100.0 -128,331.3 -1.9 Total exports of goods from the European Union (EU-27) amounted to €6,687.6 billion in 2023. Belgium accounted for 7.8% of this, making it the fifth largest exporter of goods in the EU. Germany remained the undisputed leader with a 23.8% share and exports in the amount of €1,589.2 billion, ahead of the Netherlands (13.0%) and Italy (9.4%). In 2023, Belgium was the 5th While European exports (EU-27) decreased by 1.9% (€-128.3 billion) in value last largest exporter and year, Belgium’s displayed a 12.7% (€-75.4 billion) drop. Since the percentage decline of Belgian exports was higher than that of the EU as a whole, our importer of goods country’s share of EU exports of goods decreased in 2023. in the EU with a 7.8% share of both EU exports and imports. 10 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 1. ECONOMIC INDICATORS ON THE BELGIAN ECONOMY Compared to other export-oriented countries, Belgian exports performed less well: while the value of France’s exports increased by 1.7%, those of Italy (+0.0%) remained stable when compared to 2022. Furthermore, exports of Germany (-0.3%), Spain (-0.9%), and the Netherlands (-5.7%) decreased less than those of our country. Belgium’s lesser performance than the aforementioned countries is partly due to a decline in exports of COVID-19 vaccines, of which Belgium has been a major producer the last couple of years. In 2023, total Belgian exports of this commodity were down by 65.2% (€-21.8 billion) when compared to a year earlier to €11.6 billion. Especially exports of this commodity to Germany (€-5.7 billion or -70.0%), Japan (€-5.0 billion, or -74.9%), France (€-1.3 billion, or -86.6%) and Italy (€-1.1 billion, or -93.6%) curtailed last year. Belgium’s position is also negative compared to other EU countries with a similar export structure. Exports of Austria and Denmark were up by 2.8% and 0.7%, respectively, while the decrease in Swedish and Irish exports was limited to 2.5% and 4.9%, respectively. □ EVOLUTION OF EU-27 IMPORTS DURING THE PERIOD 2022 – 2023 2022 2023 ∆ 2023-2022 (in millions of €) (in millions of €) (in %) (in millions of €) (in %) 1 Germany 1,505,152.9 1,364,888.1 20.9 -140,264.8 -9.3 2 Netherlands 854,662.7 779,764.5 11.9 -74,898.1 -8.8 3 France 782,853.9 726,942.0 11.1 -55,911.9 -7.1 4 Italy 660,210.0 591,831.5 9.1 -68,378.6 -10.4 5 Belgium 583,973.2 505,614.9 7.8 -78,358.3 -13.4 6 Spain 469,850.5 435,040.6 6.7 -34,809.9 -7.4 … 9 Austria 221,991.8 208,142.5 3.2 -13,849.3 -6.2 10 Sweden 193,067.6 178,251.5 2.7 -14,816.1 -7.7 … 12 Ireland 140,176.2 138,659.9 2.1 -1,516.4 -1.1 … 14 Denmark 122,012.7 116,539.5 1.8 -5,473.2 -4.5 … Total EU-27 7,123,888.5 6.530,043.4 100.0 -593,845.0 -8.3 BELGIAN FOREIGN TRADE IN 2023 □ 11 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ The 27 countries of the European Union together imported goods totaling €6,530.0 billion in 2023, with Belgium being the fifth largest importer of goods in the EU with a 7.8% share. As with exports, Germany retained the top position in imports with a 20.9% share and an amount of €1,364.9 billion. The Netherlands and France ranked second and third with 11.9% and 11.1%, respectively. The combined imports of the 27 EU countries were down by 8.3% (€-593.8 billion) in 2023, which is less in percentage terms than Belgium’s (-13.4%, or €-78.4 billion). Our country’s share of total EU imports thus decreased last year. In percentage terms, Belgium’s goods imports decreased more than those of other export-oriented economies: while imports of Germany fell by 9.3%, those of the Netherlands displayed an 8.8% drop. Furthermore, imports of France (-7.1%), Italy (-10.4%) and Spain (-7.4%) also declined less than our country’s. The fall in Belgian goods imports was also more significant than that of other EU countries with a similar export structure: while the value of Austria’s and Sweden’s imports decreased by 6.2% and 7.7%, those of Ireland and Denmark were down by 1.1% and 4.5%, respectively. 12 □ BELGIAN FOREIGN TRADE IN 2023 BELGIAN FOREIGN TRADE IN 2023 □ 13 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ MAP OF THE EU WITH A LABEL FOR EACH OF COUNTRY THE TOP 10 COUNTRIES IN EU EXPORTS AND IMPORTS EXPORTS  IMPORTS  Ranking in EU Weight in EU (in %) NETHERLANDS GERMANY SWEDEN       2nd 2nd 1st 1st 11th 10 th 13.0% 11.9% 23.8% 20.9% 2.7% 2.7% IRELAND POLAND   10 2.9% th 12th 2.1%   7th 7th 5.3% 5.2% BELGIUM CZECH REP.   5th 5th   7.8% 7.8% 8th 8th 3.5% 3.3% AUSTRIA FRANCE     9 th 3.1% 9 th 3.2% 4th 3rd 9.0% 11.1% SPAIN ITALY     6th 6th 3rd 4th 5.9% 6.7% 9.4% 9.1% 14 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 1. ECONOMIC INDICATORS ON THE BELGIAN ECONOMY 1.2.2. Importance in global trade According to figures of the WTO, Belgium lost a couple of places on the list of the world’s largest exporters of goods in 2023, falling from 8th to 12th place. Our country’s market share in global exports was 2.4%. The overall ranking is still dominated by China, the United States and Germany, which together accounted for 29.8% of world exports last year. Belgium (2023): Belgium was the 14th largest importer of goods worldwide in 2023, which is one 12th largest exporter place down from the previous year. Belgian imports represented a 2.3% share of goods in the world of global imports. The United States, China and Germany remained the world’s three largest importers of goods last year with a cumulative share of 29.7%. with a 2.4% share 14th largest importer of goods in the world with a 2.3% share BELGIAN FOREIGN TRADE IN 2023 □ 15 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ MAP OF THE WORLD (+ FOCUS ON EUROPE) WITH A LABEL COUNTRY FOR EACH OF THE TOP 15 COUNTRIES IN THE WORLD IN EXPORTS AND IMPORTS OF GOODS EXPORTS  IMPORTS  Ranking worldwide Weight worldwide (in %) UAE INDIA CHINA REPUBLIC OF KOREA         CANADA 14th 16th 17th 8th 1st 2nd 8th 10 th 2.1% 1.9% 1.8% 2.8% 14.2% 10.6% 2.7% 2.7%   11th 13th JAPAN 2.4% 2.4%   5th 7th 3.0% 3.2% UNITED STATES HONG KONG, CHINA     2nd 1st 10 th 9 th 8.5% 13.1% 2.4% 2.7% MEXICO SINGAPORE   9th 2.5% 12 th 2.6%   15th 17th 2.0% 1.7% UTD. KINGDOM GERMANY   13th 2.2% 5th 3.3%   3rd 3rd 7.1% 6.0% NETHERLANDS ITALY   4th 3.9% 4th 3.5%   SPAIN FRANCE BELGIUM 6th 11th 2.8% 2.6%       19 th 15th 7th 6th 12th 14th 1.8% 1.9% 2.7% 3.2% 2.4% 2.3% 16 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 1. ECONOMIC INDICATORS ON THE BELGIAN ECONOMY □ LEADING MERCHANDISE EXPORTERS AND IMPORTERS - 2023 $BN AND % Annual Annual Share Share Rank Exporters Value % Rank Importers Value % in % in % change change 1 China 3,380.0 14.2 -4.6 1 United States of America 3,172.5 13.1 -5.9 2 United States of America 2,019.5 8.5 -2.2 2 China 2,556.8 10.6 -5.5 3 Germany 1,688.4 7.1 0.8 3 Germany 1,462.6 6.0 -7.6 4 Netherlands 934.6 3.9 -3.1 4 Netherlands 842.1 3.5 -6.2 5 Japan 717.3 3.0 -4.0 5 United Kingdom 791.3 3.3 -3.9 6 Italy 677.0 2.8 2.8 6 France 785.9 3.2 -4.5 7 France 648.5 2.7 4.5 7 Japan 785.6 3.2 -12.4 8 Korea, Republic of 632.2 2.7 -7.5 8 India 672.7 2.8 -6.6 9 Mexico 593.0 2.5 2.6 9 Hong Kong, China 653.7 2.7 -2.1 10 Hong Kong, China 573.9 2.4 -5.9 10 Korea, Republic of 642.6 2.7 -12.1 11 Canada 569.3 2.4 -5.0 11 Italy 639.6 2.6 -7.9 12 Belgium 562.4 2.4 -11.8 12 Mexico 621.5 2.6 -0.8 13 United Kingdom 520.7 2.2 -2.3 13 Canada 570.4 2.4 -2.3 14 United Arab Emirates 1 487.8 2.1 -5.4 14 Belgium 546.8 2.3 -11.7 15 Singapore 476.3 2.0 -7.7 15 Spain 470.3 1.9 -4.8 16 Chinese Taipei 432.3 1.8 -9.5 16 United Arab Emirates 1 448.7 1.9 6.7 17 India 432.0 1.8 -4.7 17 Singapore 432.4 1.7 -11.0 18 Russian Federation 423.9 1.8 -28.4 18 Poland 370.1 1.5 -2.9 19 Spain 423.2 1.8 1.9 19 Switzerland 364.1 1.5 2.0 20 Switzerland 420.2 1.8 4.9 20 Türkiye 361.8 1.5 -0.5 21 Poland 381.5 1.6 5.8 21 Chinese Taipei 359.0 1.5 -17.6 22 Australia 370.9 1.6 -10.1 22 Viet Nam 325.8 1.3 -9.3 23 Viet Nam 353.8 1.5 -4.7 23 Russian Federation 2 303.8 1.3 9.9 24 Brazil 339.7 1.4 1.7 24 Thailand 289.8 1.2 -3.7 25 Saudi Arabia, Kingdom of 322.3 1.4 -21.6 25 Australia 287.7 1.2 -6.9 26 Malaysia 312.8 1.3 -11.1 26 Malaysia 265.8 1.1 -9.5 27 Thailand 284.6 1.2 -1.0 27 Brazil 252.7 1.0 -13.5 28 Indonesia 258.9 1.1 -11.3 28 Czech Republic 230.6 1.0 -2.6 29 Türkiye 255.8 1.1 0.6 29 Austria 224.5 0.9 -3.8 30 Czech Republic 255.5 1.1 5.6 30 Indonesia 221.9 0.9 -6.6 Total of above 3 19,748.1 83.0 - Total of above 3 19,943.9 82.3 - World 3 23,783.5 100.0 -4.6 World 3 24,234.6 100.0 -5.7 (1) Secretariat estimates (2) Imports are valued f.o.b. (3) Includes significant re-exports or imports for re-export. Source: WTO and UNCTAD. BELGIAN FOREIGN TRADE IN 2023 □ 17 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ ANALYSIS □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ OF BELGIAN □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 2. □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ TRADE □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ IN GOODS □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 18 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 2. ANALYSIS OF BELGIAN TRADE IN GOODS 2.1. EXPORTS OF GOODS This section examines which regions of the world Belgium exported the most goods to in 2023, which countries were Belgium’s main customers, inside and outside the EU, and what the main product groups were. 2.1.1. Geographical evolution of exports □ IMPORTANCE OF THE DIFFERENT CONTINENTS IN BELGIAN EXPORTS OF GOODS 2022 2023 ∆ 2023-2022 Continent (in millions of €) (in millions of €) (in %) (in millions of €) (in %) Europe 458,959.8 399,933.9 76.9 -59,025.9 -12.9 EU (27) 405,282.4 349,958.4 67.3 -55,324.0 -13.7 EU – euro area 363,893.0 309,052.4 59.4 -54,840.6 -15.1 EU – non-euro area 41,389.4 40,905.9 7.9 -483.4 -1.2 Europe (extra-EU) 53,677.4 49,975.5 9.6 -3,701.9 -6.9 Americas 51,487.2 50,514.0 9.7 -973.1 -1.9 Asia 52,350.8 42,981.4 8.3 -9,369.3 -17.9 Africa 24,417.8 18,943.3 3.6 -5,474.5 -22.4 Oceania 2,654.3 2,743.3 0.5 89.0 3.4 Others 5,858.0 5,244.2 1.0 -613.8 -10.5 TOTAL 595,727.9 520,360.3 100.0 -75,367.6 -12.7 Europe remained by far the most important export market for our country in 2023, accounting for just over three-quarters of Belgian exports abroad. The €59.0 billion (-12.9%) fall in exports to other European countries was mainly due to decreased exports to our immediate neighbours. Exports of goods to Germany, France and the Netherlands, together accounting for 45.2% of total Belgian exports in 2023, were down by €52.5 billion. BELGIAN FOREIGN TRADE IN 2023 □ 19 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ The Americas overtook Asia as the main destination for Belgian goods outside Europe in 2023. Although exports to the United States fell by nearly €3.6 bil- lion (-10.2%), largely due to a lower value for ‘medicaments’ and ‘vaccines’, the decrease in exports to the Americas as a whole was limited to just 1.9% (€-973.1 million). This can mainly be attributed to increased exports of goods to Panama, which displayed growth of 637.8% (€+3.0 billion) thanks to the ‘lactams’ subsec- tion, which wasn’t exported to Panama in 2022. The decline in exports to Asia by about €9.4 billion (-17.9%) was largely due to a significant drop in exports of ‘vaccines for human medicine against SARS- related coronaviruses’ to Japan, ‘diamonds’ to India and ‘medicaments’ to Vietnam. Thus, exports to Japan decreased by more than €5.1 billion (-51.2%), while those to the latter two countries fell by €2.1 billion (-30.3%) and €1.3 billion (-56.1%), respectively. It should also be noted that exports to China, our country’s main trading partner on the Asian continent, grew by €600.9 million (+7.8%), contrary to the general trend in foreign trade in 2023. This is mainly explained by the rise in exports of ‘non-COVID-19 vaccines for human medicine’ and ‘medicaments’. Africa’s share of Belgian exports reached 3.6% in 2023, down from 4.1% a year earlier, due mainly to the 38.3% (€-2.2 billion) decrease in exports of ‘light oils and preparations’ to Nigeria. The value of this same product group in exports to Libya diminished by 81.1% (€-677.6 million), which caused total Belgian exports of goods to this country to plunge by 67.3% (€-864.5 million) last year. Finally, the 3.6% (€+82.5 million) rise in exports to Australia was the main reason for the overall €89.0 million (+3.4%) increase in exports to Oceania, despite the 4.4% (€-13.8 million) fall in exports to New Zealand. 20 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 2. ANALYSIS OF BELGIAN TRADE IN GOODS Belgian exports of goods to EU member countries As the previous table shows, just over two-thirds of Belgian exports go to other EU countries. In 2023, this accounted for about €350.0 billion, or 67.3% of total Belgian exports. These exports to other EU countries were 13.7% (€-55.3 billion) lower than in 2022. □ BELGIAN EXPORTS OF GOODS TO THE MAIN EU COUNTRIES 2022 2023 ∆ 2023-2022 (in millions of €) (in millions of €) (in %) (in millions of €) (in %) 1 Germany 127,456.6 97,182.7 27.8 -30,273.9 -23.8 2 France 78,584.5 70,322.8 20.1 -8,261.7 -10.5 3 Netherlands 82,563.0 68,613.5 19.6 -13,949.4 -16.9 4 Italy 25,575.1 25,713.7 7.3 138.6 0.5 5 Spain 16,753.3 16,298.7 4.7 -454.6 -2.7 6 Poland 13,578.7 13,480.6 3.9 -98.1 -0.7 7 Sweden 9,392.0 9,561.0 2.7 169.0 1.8 8 G.D. of Luxembourg 8,719.9 7,845.4 2.2 -874.5 -10.0 9 Austria 5,423.1 5,330.0 1.5 -93.1 -1.7 10 Czech Republic 5,088.4 5,085.7 1.5 -2.7 -0.1 11 Ireland 4,267.7 5,075.3 1.5 807.7 18.9 12 Denmark 4,580.4 4,180.3 1.2 -400.1 -8.7 13 Hungary 3,708.9 3,363.2 1.0 -345.7 -9.3 14 Romania 3,083.8 3,312.7 0.9 228.9 7.4 15 Portugal 3,564.2 3,248.4 0.9 -315.8 -8.9 Other countries 12,942.9 11,344.3 3.2 -1,598.6 -12.4 TOTAL EU (27) 405,282.4 349,958.4 100.0 -55,324.0 -13.7 In terms of Belgian exports to other EU countries, exports to our immediate neighbours decreased the most in 2023. Exports to Germany fell 23.8% (€-30.3 billion), due in part to a lower value for the subsection ‘natural gas in gaseous state’. Because Germany failed in recent years to compensate for the decline in pipeline gas supplies from Russia with liquefied natural gas (LNG) by ship, it was dependent on the Fluxys terminal in Zeebrugge for supplies of the vital LNG. Undersea pipelines from Norway and the United Kingdom to Zeebrugge also supplied gas to Germany. However, falling prices for mineral products in BELGIAN FOREIGN TRADE IN 2023 □ 21 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 2023 had a significant impact on the value of our country’s exports to Germany. Moreover, the presence of Pfizer’s Belgian facility in Puurs had also caused a significant increase in Belgian exports of goods to Germany in 2021 and 2022. Although it remained our country’s main customer for ‘vaccines for human medicine against SARS-related coronaviruses’ in 2023, the value of this particu- lar commodity in exports to Germany decreased by €5.7 billion (-70.0%) com- pared to the previous year to about €2.5 billion. Moreover, France has once again overtaken the Netherlands on the list of Belgium’s largest clients of goods. Exports to the former country decreased by €8.3 billion (-10.5%), while those to the latter recorded a €13.9 billion (-16.9%) drop in value. Exports to France fell due to decreased exports of ‘vaccines for human medicine against SARS-related coronaviruses’ and lower prices for ‘elec- trical energy’ and ‘natural gas in gaseous state’, while the lower price for ‘natural gas in gaseous state’ was by far the main reason for the decrease in exports to our northern neighbour. Even tough Belgian exports to the three aforemen- tioned countries were down by a combined €52.5 billion in 2023, they remained Belgium’s three main clients, with a combined 67.5% share in exports to other EU countries and a 45.2% share of total Belgian exports of goods worldwide. The main positive result in exports to our EU counterparts was achieved with Ireland. This can be partly attributed to increased exports of ‘vehicles with only an electric motor for propulsion’, ‘vehicles with both a spark-ignition internal combustion piston engine and an electric motor as motors for propulsion’ and ‘gas oils of petroleum or bituminous minerals’, resulting in total Belgian exports of goods to Ireland growing by 18.9% (€+807.7 million) in 2023. 22 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 2. ANALYSIS OF BELGIAN TRADE IN GOODS Belgian exports of goods to countries outside the European Union Exports to countries outside the EU amounted to €170.4 billion in 2023, representing a 32.7% share of total Belgian exports of goods. This is a 10.5% (€-20.0 billion) decrease over the previous year, when exports amounted to €190.4 billion. □ BELGIAN EXPORTS OF GOODS TO ITS MAIN TRADE PARTNERS OUTSIDE THE EUROPEAN UNION 2022 2023 ∆ 2023-2022 (in millions of €) (in millions of €) (in %) (in millions of €) (in %) 1 United States 34,873.7 31,320.9 18.4 -3,552.8 -10.2 2 United Kingdom 30,713.3 28,491.0 16.7 -2,222.3 -7.2 3 China 7,662.7 8,263.7 4.8 600.9 7.8 4 Türkiye 7,044.0 6,938.8 4.1 -105.3 -1.5 5 Switzerland 6,466.1 5,940.2 3.5 -525.9 -8.1 6 Brazil 5,265.5 4,937.7 2.9 -327.8 -6.2 7 Japan 10,036.0 4,901.7 2.9 -5,134.3 -51.2 8 India 6,981.1 4,868.8 2.9 -2,112.3 -30.3 9 Nigeria 7,564.3 4,851.8 2.8 -2,712.5 -35.9 10 Norway 3,758.5 4,761.2 2.8 1,002.7 26.7 11 UAE 4,505.6 4,345.0 2.5 -160.6 -3.6 12 Canada 4,038.4 4,220.3 2.5 181.9 4.5 13 Panama 473.5 3,493.0 2.0 3,019.5 637.8 14 Saudi Arabia 2,625.3 2,663.2 1.6 37.8 1.4 15 Russian Fed. 3,534.3 2,637.8 1.5 -896.5 -25.4 Other countries 54,903.2 47,766.8 28.0 -7,136.4 -13.0 TOTAL OUTSIDE EU 190,445.5 170,401.9 100.0 -20,043.6 -10.5 Since 2021, the United States has been Belgium’s main client outside the EU. It maintained this position in 2023, despite the fact that Belgian exports to that country diminished by 10.2% (€-3.6 billion), mainly due to lower exports of ‘medicaments’ and both ‘vaccines for human medicine against SARS-related coronaviruses’ and ‘non-COVID-19 vaccines for human medicine’. From 2016, when the United Kingdom declared it would leave the European Union, until 2021, Belgian exports to that country declined every year. This BELGIAN FOREIGN TRADE IN 2023 □ 23 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ changed in 2022, when exports to the UK rose 17.4% due to an increase in exports of ‘gas oils of petroleum or bituminous minerals’, ‘medicaments’ and ‘immu- nological products’, among others. However, exports of these product groups, along with ‘electrical energy’ and ‘unwrought rhodium’, all declined in value in 2023. Consequently, total Belgian exports of goods to the United Kingdom were down 7.2% (€-2.2 billion) last year. Belgian exports of goods to Japan increased from about €3.2 billion in 2020 to more than €10.0 billion in 2022, largely due to exports of ‘vaccines for human medicine against SARS-related coronaviruses’, of which Japan was one of our country’s main clients. However, with global demand for this type of product having declined sharply, total exports to Japan fell 51.2% (€-5.1 billion) in 2023. The 35.9% (€-2.7 billion) decline in exports to Nigeria can largely be attributed to the lower value for ‘light oils and preparations, of petroleum or bituminous minerals’. It is to be expected that Belgian exports to this country will continue to go down in the future, because while Nigeria in the past was already the leading oil producer in Africa, it had to export the crude oil it produced and import the refined products. This is no longer the case because on January 12, 2024, the Dangote Petroleum Refinery has commenced its oil refinery production in Lagos, Nigeria and with it, the country’s dependency on imported refined petroleum products is expected to end. With a 650,000-barrel-a-day refining capacity for crude oil, the plant is Africa’s biggest and the world’s largest single-train refinery. Belgium’s diamond trade was hit hard by the pandemic in 2020 (-30.8%), as lux- ury goods are traditionally one of the first victims of cutbacks during a crisis. Then there was a clear reversal in 2021 and 2022: the value of Belgian diamond exports increased by 46.8% and 19.3%, respectively, in these two years. In 2023, however, the diamond sector fell back sharply in Belgian trade figures. With less demand from China and other countries, the major diamond cutting country India was buying fewer uncut diamonds, which is the main reason why the value of total Belgian exports of goods to India was down by €2.1 billion (-30.3%) last year. Among Belgium’s top 15 non-EU clients, the strongest growth in 2023 was recorded for exports to Panama, with an increase of 637.8% (€+3.0 billion), mainly due to deliveries of ‘lactams’, which were not exported to Panama the previous year. Belgium is known worldwide as one of the main producers of lactams, a chemical intermediate for the production of synthetic polyamide. It is used in the automotive industry, among others. Last year, ‘sea-going tankers’, ‘motor spirit’ and ‘sea-going pusher craft’ accounted for a significant portion of Belgian exports of goods to Norway. These were all commodities not exported by Belgium to Norway in 2022. Consequently, total Belgian exports of goods to Norway increased by 26.7% (€+1.0 billion) in 2023. The Belgian economic mission that HRH Princess Astrid led in Norway from June 16th to 19th 2024, will hopefully help to further diversify trade between our two nations. 24 □ BELGIAN FOREIGN TRADE IN 2023 □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ □ 2. ANALYSIS OF BELGIAN TRADE IN GOODS 2.1.2. Evolution of exports by product group □ BREAKDOWN OF BELGIAN EXPORTS OF GOODS IN 2023 BY PRODUCT GROUP 2022 2023 ∆ 2023-2022 Product group (in millions of €) (in millions of €) (in %) (in millions of €) (in %) Chemical products 165,537.1 136,663.9 26.3 -28,873.2 -17.4 Mineral products 110,176.6 67,757.3 13.0 -42,419.3 -38.5 Transport equipment 49,915.5 59,484.2 11.4 9,568.7 19.2 Machinery and equipment 49,262.6 53,169.1 10.2 3,906.5 7.9 Base metals 44,490.2 37,897.1 7.3 -6,593.0 -14.8 Plastics 41,321.5 34,508.1 6.6 -6,813.3 -16.5 Foodstuffs 28,741.3 32,883.9 6.3 4,142.5 14.4 Precious stones and metals 20,952.9 14,776.4 2.8 -6,176.6 -29.5 Textiles 15,040.7 14,326.5 2.8 -714.2 -4.7 Optical, precision and medical 12,871.8 13,217.2 2.5 345.4 2.7 instruments Animal products 11,014.5 11,163.2 2.1 148.7 1.4 Vegetable products 11,232.8 10,864.4 2.1 -368.5 -3.3 Other product groups 35,170.4 33,649.0 6.5 -1,521.4 -4.3 TOTAL 595,727.9 520,360.3 100.0 -75,367.6 -12.7 With a 26.3% share and a value of €136.7 billion, chemical products still remained the largest section in Belgian goods exports in 2023, even though their value was down €28.9 billion from the previous year’s level. Despite this decline, our country remains a leading international player in the chemical and pharmaceutical industries. Almost all major international chemical and phar- maceutical companies have important sites in our country. Last year, the main destinations for Belgian chemical and pharmaceutical exports were Germany, the United States, the Netherlands, France and Italy. The 17.4% fall in Belgian exports of this section was mainly due to decreased exports of ‘vaccines for human medicine agains