Importing from Belgium

Belgium Import Guide | Trade Finance Global

Importing from Belgium

The western European country of Belgium is divided into three regions (Brussels-capital region, Flanders, and Wallonia) and three primary language groups (Dutch, French, and German). 

Belgium is considered a small, open economy with over 11.5 million inhabitants and a GDP per capita of $44,500, as of 2020. 

Over half of all banking transactions in the country are international financial transactions, owing to the volume of international business done.

In 2019 the country sent out over $445 billion, primarily to Germany, France, the Netherlands, the UK, and the USA. 

Of this, four key sectors accounted for over 57% of total Belgian exports. 

These were; chemical products (26%), vehicles and transport equipment (12.7%), machinery and electrical equipment (10.6%), and base metals (8.2%). 

belgium exports by country

Belgian SMEs comprise a much larger proportion of the nation’s total trade volumes. 

Cumulatively, they account for nearly 70% of the country’s export value and more than 70% of its import value, compared to an average of around 40% and 50% respectively across all other Organisation for Economic Co-operation and Development (OECD) nations. 

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 Exports Profile

Exports ($m USD)

429,98

Number of Export Products

4,466

Number of Export Partners

230

Top 5 export partners

Country

Trade

% Partner Share

Germany

71,403

16.61

France

64,007

14.89

Netherlands

51,629

12.01

United Kingdom

36,217

8.42

Italy

21,097

4.91

Top 5 Export Products at HS 6 digit level

Export Product

Number

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

7.7%

Other medicaments of mixed or unmixed products,

6.2%

Automobiles with diesel engine displacing more

5.9%

Diamonds non-industrial unworked or simply sawn

3.5%

Human and animal blood; microbial cultures; tox

3.3%

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%

Importing from Belgium: what is trade finance?

Belgium is the thirteenth largest export economy. 

It exports over $380B and imports around $470B, so there is a relatively large negative trade balance.

When conducting business internationally, firms in Belgium have access to a wide and flexible range of loan products offered by the 106 domestic and foreign banks that service the country.

Furthermore, over half of all banking transactions in the country are international financial transactions, owing to the volume of international business done.

belgium exports by hs code

Information

Importing from Belgium? Contact our local experts

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

0.9214

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

About the Author

Brian Canup is the Business Development Executive at Trade Finance Global (TFG).

Brian holds a BA in Political Science from the University of Wisconsin-Madison and an MA in International Political Economy at King’s College London.

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