Exporting to Belgium - Trade Finance Global

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Exporting to Belgium

Last updated on 04 Aug 2024
14 Mar 2019 . 1 min read

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

Phone Dial In 32

Belgium Imports Profile

Imports ($m USD) 406,412

Number of Imports Products 4,511

Number of Imports Partners 223

Belgium Economic Statistics






Government Website
https://www.belgium.be/en
Sovereign Ratingshttps://countryeconomy.com/ratings/belgium
Central BankNationale Bank van Belgie – Banque Nationale de Belgique
Currency USD Exchange Rate0.9214
Unemployment Rate8.4%
Population below poverty line15.1%
Inflation Rate1.6%
Prime Lending Rate0.25%
GDP$470.2 billion
GDP Pro Capita (PPP)$44,900
Currency NameEuro
Currency CodeEUR
World Bank ClassificationUpper Middle Income
Competitive Industrial Performance17/138
Corruption Perceptions Index16/180
Ease of Doing Business45/190
Enabling Trade Index10/136

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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Exporting to Belgium

Belgium is a country located in western Europe. 

It 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, holding over 11.5 million inhabitants and a GDP per capita of $44,500. 

With English being a widely spoken language, low barriers to market entry and the presence of large international organisations such as the European Union (EU) and North Atlantic Treaty Organisation (NATO), it is no surprise how deeply involved Belgium is with international trade. 

Its 2019 import flows exceeded $426 billion, with imports primarily coming from the Netherlands, Germany, France, USA, and Ireland.

Exporting to Belgium: What is trade finance?

Belgium is a major importer of raw materials, machinery, chemicals, pharmaceuticals, foodstuffs, oil products and transportation equipment. 

The main imports are refined petroleum (around $33B), cars (around $28B), packaged medicaments (around $24B), crude petroleum (around $24B) and petroleum gas (around $18B). 

The import partners are the Netherlands at around 20%, Germany at around 14%, France at around 10%, the US at around 6%, the UK at 5.5% and Ireland at around 4%.

It has a strategic geographic location, an open economy and is an early adopter of new technologies with an excellent transport network.

Chart Showing GDP Growth Compared to rest of world

GDP Composition for Belgium

Agriculture

0.6%

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

Industry

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

77.6%

Map

Top 5 Imports Partners

CountryTrade% Partner Share
Netherlands56,26517.20
Germany56,26513.84
France38,5359.48
United States
29,2087.19
United Kingdom
19,6384.83

Top 5 Imports Products

Export ProductNumber
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%

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