Belgium Economic Statistics

Brian Canup

Brian Canup is a former Editorial & Research Assistant at Trade Finance Global (TFG). He graduated with an MA in International Political Economy from King’s College London, and a BA in Political Science from the University of Wisconsin-Madison.

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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%). 

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. 

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.

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