Exporting to Belgium

Belgium Export Guide | Trade Finance Global

Exporting to Belgium

Belgium is the thirteenth largest export economy and they export over $380B and import around $470B, and so there is a relatively large negative trade balance. Belgium is a small and multicultural country. English is widely spoken with low barriers to market entry and there are large international organisations, such as the European Union (EU) and North Atlantic Treaty Organisation (NATO). Belgium has a strategic geographic location, an open economy; it is an early adopter of new technologies with an excellent transport network.

The main export destinations of Belgium-Luxembourg are Germany (around $57B), France ($55B), the Netherlands ($53B), the United Kingdom (around $31B) and Italy (around $20B). The main import countries of origin are the Netherlands (around $93B), Germany (above $65B), France (above $50B), the United States (around $34B) and the United Kingdom ($25B). The products that are the top exports of Belgium-Luxembourg are cars (around $23B), refined petroleum (around $41B), packaged medicaments (around $19B), petroleum gas (around $16B) and diamonds (around $15B).

Belgium Country Profile

Official Name (Local Language)Royaume de Belgique; Koninkrijk Belgie
CapitalBrussels
Population11,409,077
CurrencyEuro
GDP$470.2 billion
LanguagesEuro
Telephone Dial In32

Belgium Imports Profile

Imports ($m USD)

406,412

Number of Import Products

4,511

Number of Import Partners

223

Top 5 import partners

Country

Trade

%

Netherlands

69,905

17.20

Germany

56,265

13.84

France

38,535

9.48

United States

29,208

7.19

United Kingdom

19,638

4.83

Top 5 Import Products at HS 6 digit level

Export product

Number

Petroleum oils, etc, (excl. crude); preparation

9.0%

Other medicaments of mixed or unmixed products,

4.8%

Petroleum oils and oils obtained from bituminou

4.6%

Automobiles with diesel engine displacing more

3.8%

Natural gas in gaseous state

3.4%

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Belgium

Agriculture

%

Product list

0.6%

Sugar beets, fresh vegetables, fruits, grain, tobacco; beef, veal, pork, milk

Industry

%

Industry list

21.8%

Engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, pharmaceuticals, base metals, textiles, glass, petroleum

Services

%

Services list

77.6%

NA

Exporting to Belgium: What is trade finance?

Belgium is the thirteenth largest export economy and they export over $380B and import around $470B, and so there is a relatively large negative trade balance. Belgium is a small and multicultural country. English is widely spoken with low barriers to market entry and there are large international organisations, such as the European Union (EU) and North Atlantic Treaty Organisation (NATO). Belgium has a strategic geographic location, an open economy; it is an early adopter of new technologies with an excellent transport network.

The main export destinations of Belgium-Luxembourg are Germany (around $57B), France ($55B), the Netherlands ($53B), the United Kingdom (around $31B) and Italy (around $20B). The main import countries of origin are the Netherlands (around $93B), Germany (above $65B), France (above $50B), the United States (around $34B) and the United Kingdom ($25B). The products that are the top exports of Belgium-Luxembourg are cars (around $23B), refined petroleum (around $41B), packaged medicaments (around $19B), petroleum gas (around $16B) and diamonds (around $15B).

Information

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Belgium Economic Statistics

Government Website

https://www.belgium.be/en

Sovereign Ratings

https://countryeconomy.com/ratings/belgium

Central Bank

Nationale Bank van Belgie - Banque Nationale de Belgique

Currency USD Exchange Rate

9214

Unemployment Rate

8.4%

Population below poverty line

15.1%

Inflation Rate

1.6%

Prime Lending Rate

0.25%

GDP

$470.2 billion

GDP Pro Capita (PPP)

$44,900

Currency Name

Euro

Currency Code

EUR

World Bank Classification

High Income

Competitive Industrial Performance

17/138

Corruption Perceptions Index

16/180

Ease of Doing Business

45/190

Enabling Trade Index

10/136

Currency in Belgium

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