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
Capital Brussels
Population 11,409,077
Currency Euro
GDP $470.2 billion
Languages Euro
Telephone Dial In 32

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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