Belgium2021 Economic Complexity Trade : 1.28, Rank 18 of 131
2021 Economic Complexity Technology : 1.08, Rank 15 of 96
2021 Economic Complexity Research : 1.8, Rank 9 of 140
2021 Product Exports | Imports: $403B | $449B, 15 of 226 | 14 of 226
2021 Per Capita Product Exports | Imports: $34.8k | $38.7k, 6 of 219 | 47 of 219
Overview In 2021, Belgium was the number 23 economy in the world in terms of GDP (current US$), the number 15 in total exports, the number 14 in total imports, the number 17 economy in terms of GDP per capita (current US$) and the number 18 most complex economy according to the Economic Complexity Index (ECI) .
Exports The top exports of Belgium are Vaccines, blood, antisera, toxins and cultures ($47.2B), Cars ($23B), Packaged Medicaments ($22.3B), Refined Petroleum ($18.1B), and Diamonds ($13.9B), exporting mostly to Germany ($62.7B), France ($59.9B), Netherlands ($50.4B), United Kingdom ($26B), and United States ($24.7B).
In 2021, Belgium was the world's biggest exporter of Vaccines, blood, antisera, toxins and cultures ($47.2B), Other Frozen Vegetables ($2.34B), Looms ($708M), Vegetable and Mineral Carvings ($223M), and Zinc Powder ($138M)
Imports The top imports of Belgium are Cars ($25.4B), Vaccines, blood, antisera, toxins and cultures ($22.5B), Refined Petroleum ($21.1B), Packaged Medicaments ($19.8B), and Petroleum Gas ($19.7B), importing mostly from Netherlands ($80.2B), Germany ($59.1B), France ($43.8B), United States ($28.7B), and China ($26.4B).
In 2021, Belgium was the world's biggest importer of Non-Iron and Steel Slag, Ash and Residues ($3.26B), Raw Tobacco ($864M), Potatoes ($518M), Linseed ($348M), and Antimony ($107M)
Location Belgium borders France, Germany, Luxembourg, and Netherlands by land and United Kingdom by sea.
February, 2023
Overview In February 2023 Belgium exported €31.9B and imported €32.5B, resulting in a negative trade balance of €677M. Between February 2022 and February 2023 the exports of Belgium have decreased by €-605M (-1.86%) from €32.5B to €31.9B, while imports decreased by €-338M (-1.03%) from €32.9B to €32.5B.
Trade In February 2023, the top exports of Belgium were Pharmaceutical products (€4.89B), Mineral fuels, mineral oils and products... (€4.21B), Cars, tractors, trucks & parts thereof. (€3.49B), Precious stones, metals, & pearls (€1.98B), and Machinery, mechanical appliances, & parts (€1.94B). In February 2023 the top imports of Belgium were Mineral fuels, mineral oils and products... (€5.72B), Cars, tractors, trucks & parts thereof. (€4.39B), Pharmaceutical products (€3.47B), Machinery, mechanical appliances, & parts (€2.21B), and Electrical machinery and electronics (€2.17B).
Destinations In February 2023, Belgium exported mostly to Germany (€5.69B), Netherlands (€4.34B), France (€3.79B), United Kingdom (€1.98B), and United States (€1.91B), and imported mostly from Netherlands (€6.41B), Germany (€4.13B), France (€3.45B), United States (€1.94B), and Ireland (€1.52B).
Growth In February 2023, the decrease in Belgium's year-by-year exports was explained primarily by an decrease in exports to Japan (€-810M or -66.2%), United States (€-471M or -19.8%), and Nigeria (€-362M or -53.2%), and product exports decrease in Pharmaceutical products (€-1.49B or -23.3%), Mineral fuels, mineral oils and products... (€-677M or -13.9%), and Organic chemicals (€-392M or -24.5%). In February 2023, the decrease in Belgium's year-by-year imports was explained primarily by an decrease in imports from Russia (€-766M or -82.1%), Germany (€-757M or -15.5%), and United States (€-512M or -20.9%), and product imports decrease in Mineral fuels, mineral oils and products... (€-1.22B or -17.6%), Pharmaceutical products (€-937M or -21.3%), and Iron & steel (€-388M or -38%).
EXPORT GROWTH (February 2022 - February 2023): €-605M, (-1.86%)
IMPORT GROWTH (February 2022 - February 2023): €-338M, (-1.03%)
MAIN DESTINATION (February 2023): Germany, €5.69B
This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot, or any product, destination or origin country to explore the exports or imports behavior of Belgium over time.
For full datasets download visit Bulk Download page.
Top Export (2021): Vaccines, blood, antisera, toxins and cultures, $47.2B
Top Destination (2021): Germany, $62.7B
In 2021, Belgium exported a total of $403B, making it the number 15 exporter in the world. During the last five reported years the exports of Belgium have changed by $121B from $282B in 2016 to $403B in 2021.
The most recent exports are led by Vaccines, blood, antisera, toxins and cultures ($47.2B), Cars ($23B), Packaged Medicaments ($22.3B), Refined Petroleum ($18.1B), and Diamonds ($13.9B). The most common destination for the exports of Belgium are Germany ($62.7B), France ($59.9B), Netherlands ($50.4B), United Kingdom ($26B), and United States ($24.7B).
Fastest Growing Export Markets (2020 - 2021)
Fastest Growing Import Markets (2020 - 2021)
Belgium Exports Services (2020): $93.3B
Belgium Imports Services (2020): $96.4B
In 2020, Belgium exported $93.3B worth of services. The top services exported by Belgium in 2020 were Miscellaneous business, professional, and technical services ($38B), Other transport ($12.8B), Sea transport ($8.29B), Personal travel ($5.94B), and Financial services ($5.49B).
The top services imported by Belgium in 2020 were Miscellaneous business, professional, and technical services ($38.8B), Other transport ($14.3B), Personal travel ($11.4B), Sea transport ($7.18B), and Financial services ($6.12B).
Belgium has a high level of specialization in Looms (16.4), Flax Fibers (14.4), Other Frozen Vegetables (12.5), Zinc Powder (12.2), and Cobalt Oxides and Hydroxides (10.7). Specialization is measured using RCA, an index that takes the ratio between Belgium observed and expected exports in each product.
The highest complexity exports of Belgium according to the product complexity index (PCI) are Chemical preparations for photographic uses (other than varnishes, glues, adhesives and similar... (2.02), Esters of other inorganic acids of non-metals (other than of hydrogen halides)... (1.92), Photographic film in rolls, sensitised, unexposed, of any material other than paper,... (1.87), Silicones in primary forms (1.68), and Tools; plates, sticks, tips and the like for tools, unmounted, of sintered... (1.63). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Belgium according to the relatedness index, were Lard stearin and oils (0.4), Casein (0.39), Typewriters (0.39), Sheet Music (0.39), and X-Ray Equipment (0.38). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Belgium is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years Belgium's economy has become relatively less complex, moving from the nullth to the 18th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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