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A founding member of the European Union, the Kingdom of Belgium borders the Netherlands, Germany, Luxembourg, and France. Belgium also lies across the English Channel from the United Kingdom.
Belgium exported 419.9 billion dollars worth of goods around the globe in 2020. That dollar amount reflects a 5.4 percent increase since 2016 but a minus 5.7 percent drop from 2019 to 2020.
Applying a continental lens, over three quarters or 75.6 percent of Belgium’s exports by value were delivered to fellow European countries while 10.7 were sold to importers in Asia. Belgium shipped another 8.3 percent worth of goods to North America.
Smaller percentages of 3 percent went to Africa, Latin America excluding Mexico but including the Caribbean got 1.5 percent then Oceania led by Australia and New Zealand got 0.6 percent.
Belgium’s Top Trading Partners
Below is a list showcasing 15 of Belgium’s top trading partners. These are the countries that imported the most Belgian shipments by dollar value in 2020. Also shown is each import country’s percentage of total Belgian exports.
Germany with 73.2 billion dollars which accounts for 17.4 percent of Belgium’s total exports
France with 57.5 billion dollars which accounts for 13.7 percent
The Netherlands with 48.4 billion accounts for 11.5 percent
The United Kingdom with 32.2 billion dollars accounts for 7.7 percent
The United States with 29.6 billion dollars accounts for 7 percent
Italy with 21.5 billion accounts for 5.1 percent
Spain with 12.6 billion dollars accounts for 3 percent
Poland with 10 billion dollars accounts for 2.4 percent
China with 9.7 billion dollars accounts for 2.3 percent
Sweden with 7.6 billion dollars accounts for 1.8 percent
Luxembourg with 6.5 billion dollars accounts for 1.5 percent
Turkey with 5.7 billion dollars accounts for 1.4 percent
Switzerland with 5.7 billion dollars accounts for 1.4 percent
India with 5.1 billion dollars accounts for 1.2 percent
Russia with 4.4 billion dollars accounts for 1.1 percent
Over three quarters or 78.5 percent of Belgian exports in 2020 were delivered to the above 15 trade partners.
Among these top importers from 2019 to 2020, Belgium increased its export sales to 6 trade partners: China was up by 22.5 percent, Turkey was up by 8.5 percent, the United States was up by 7 percent, Sweden was up by 3.3 percent, Poland was up by 1.6 percent and Spain was up by 0.9 percent.
Leading the decliners year over year was India which went down by minus 31.4 percent, Luxembourg down by minus 18 percent, and Switzerland down by minus 12.4 percent.
Belgium’s Top 10 Imports
Belgium imported 395.8 billion dollars worth of goods from around the globe in 2020, up by 4.3 percent since 2016 but down by minus 7.2 percent from 2019 to 2020.
Belgian imports represent 2.1 percent of total global imports which totaled 19.085 trillion dollars one year earlier.
Based on the average exchange rate for 2020, Belgium uses the euro which appreciated by 3.1 percent against the US dollar since 2016 and increased by 2 percent from 2019 to 2020. The stronger EU currency in 2020 made Belgium’s imports paid for in weaker US dollars relatively more expensive when converted starting from euros.
Applying a continental lens, 70.3 percent of Belgium’s total imports by value were purchased from fellow European countries. Asian trade partners accounted for 16.4 percent of Belgian import purchases while 8.8 percent worth of goods originated from North America. Smaller percentages of 2.6 percent came from Africa and Latin America had 1.5 percent excluding Mexico but including the Caribbean, then Oceania with 0.3 percent led by Australia and New Zealand.
Given Belgium’s population of 11.6 million people, its total 395.8 billion dollars in 2020 imports translates to roughly 34,100 dollars in yearly product demand from every person in the country.
The following product groups represent the highest dollar value in Belgium’s import purchases during 2020. Also shown is the percentage share each product category represents in terms of overall imports into Belgium.
Pharmaceuticals with 51.4 billion account for 13 percent of total imports
Vehicles with 49.7 billion dollars account for 12.6 percent
Mineral fuels including oil with 33.2 billion dollars account for 8.4 percent
Machinery including computers with 31.6 billion dollars account for 8 percent
Organic chemicals with 25 billion dollars account for 6.3 percent
Electrical machinery, equipment with 23.1 billion dollars account for 5.8 percent
Plastics, plastic articles with 17 billion dollars account for 4.3 percent
Gems, precious metals with 14.6 billion dollars account for 3.7 percent
Optical, technical, and medical apparatus with 12.3 billion accounts for 3.1 percent
Iron, steel with 9.5 billion dollars accounts for 2.4 percent
Belgium’s top 10 imports accounted for about two-thirds which is 67.6 percent of the overall value of its product purchases from other countries.
The sole growers from 2019 to 2020 among Belgium’s top imports were pharmaceuticals up by 19 percent and electrical machinery and equipment up by 3.1 percent.
Leading the decliners year over year were the mineral fuels including the oil category thanks to a minus 34.8 percent reduction.
Belgium’s Top 10 Exports
The Kingdom of Belgium shipped 419.9 billion dollars worth of goods around the globe in 2020. That dollar amount reflects a 5.4 percent increase since 2016 but a minus 5.7 percent drop from 2019 to 2020.
Based on the average exchange rate for 2020, Belgium uses the euro which appreciated by 3.1 percent against the US dollar since 2016 and increased by 2 percent from 2019 to 2020. The stronger EU currency in 2020 made Belgium’s exports paid for in weaker US dollars relatively more expensive for international buyers.
The latest available country-specific data shows that 74.9 percent of products exported from Belgium were bought by importers in Germany with 17.4 percent of the global total, France with 13.7 percent, the Netherlands with 11.5 percent, the United Kingdom with 7.7 percent, the United States with 7 percent, Italy with 5.1 percent, Spain with 3 percent, Poland with 2.4 percent, China with 2.3 percent, Sweden with 1.8 percent, Luxembourg with 1.5 percent and Turkey with 1.4 percent.
From a continental perspective, over three quarters with 75.6 percent of Belgium’s exports by value were delivered to fellow European countries while 10.7 percent were sold to importers in Asia. Belgium shipped another 8.3 percent worth of goods to North America. Smaller percentages of 3 percent went to Africa, Latin America excluding Mexico but including the Caribbean with 1.5 percent then Oceania led by Australia and New Zealand with 0.6 percent.
Given Belgium’s population of 11.6 million people, its total 419.9 billion dollars in 2020 exports translates to roughly 36,200 dollars for every resident in the west European country.
The following export product groups represent the highest dollar value in Belgian global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Belgium.
Pharmaceuticals with 61.3 billion dollars account for 14.6 percent of total exports
Vehicles with 50.2 billion dollars account for 11.9 percent
Machinery including computers with 29.6 billion dollars 7 percent
Plastics, plastic articles with 27.5 billion dollars account for 6.5 percent
Organic chemicals with 26.6 billion dollars account for 6.3 percent
Mineral fuels including oil with 24.6 billion account for 5.9 percent
Gems, precious metals with 15.7 billion dollars account for 3.7 percent
Electrical machinery, equipment with 15.7 billion dollars accounts for 3.7 percent
Iron, steel with 13.7 billion account for 3.3 percent
Optical, technical, and medical apparatus with 12.5 billion dollars account for 3 percent
Belgium’s top 10 exports accounted for roughly two-thirds or 66 percent of the overall value of its global shipments.
Two top product categories increased from 2019 to 2020 namely pharmaceuticals up by 16.4 percent and electrical machinery and equipment up by 1.2 percent.
The leading decliner among Belgium’s top 10 export categories was mineral fuels including oil: thanks to a minus 32.9 percent drop year over year.
In macroeconomic terms, Belgium’s total exported goods represent 72.9 percent of its overall Gross Domestic Product for 2020 with 575.8 billion dollars valued in Purchasing Power Parity US dollars. That 72.9 percent for exports to overall GDP in PPP for 2020 compares to 78.3 percent for 2019 Those percentages suggest a relatively decreasing reliance on products sold on international markets for Belgium’s total economic performance albeit based on a short timeframe. Also, note that Belgium’s export metrics include a significant amount of re-exporting activity.
Another key indicator of a country’s economic performance is its unemployment rate. Belgium’s unemployment rate was 5.6 percent in January 2021, up from 5 percent one year earlier according to Trading Economics.
Belgium’s capital city is Brussels.
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