Belgian exports to exceeded Belgium’s imports from other European nations by $27.7 billion in 2014. Similarly, Belgium achieved a $6.4 billion trading surplus with Middle Eastern countries and a $3.9 billion positive balance with African partners.
The fact that Belgium earns these country-specific trade surpluses indicates Belgian competitive advantages for a specific set of export products highlighted below.
These major product supply advantages are root causes driving Belgium’s trade surplus which was the twenty-fourth largest albeit well behind leader China’s $384.3 billion surplus for 2014.
Belgium’s surplus in 2014 has grown by 18.9% since 2010 when its positive balance stood at $16.3 billion.
Belgium Major Product Supply Advantages
Top 10
Presented in descending order, the following list showcases the general product categories under which Belgium earned the highest trade surpluses in 2014.
- Plastics, plastic articles: US$12.9 billion (20.5% of all product surpluses)
- Pharmaceuticals: $10.4 billion (16.6%)
- Iron, steel: $4.8 billion (7.6%)
- Meat: $2.3 billion (3.6%)
- Other chemical goods: $2.2 billion (3.6%)
- Gems, precious metals: $1.9 billion (3%)
- Cereal/milk preparations: $1.9 billion (3%)
- Tanning, dyeing extracts: $1.9 billion (3%)
- Footwear: $1.7 billion (2.8%)
- Optical, technical, medical apparatus: $1.7 billion (2.7%)
The above top 10 product categories represent 66.3% of Belgium’s overall product-category surplus subtotal which amounted to $63 billion. For that subtotal, 53 of Belgium’s 97 general product categories delivered a surplus in 2014 while the remaining 44 categories incurred deficits.
Growth
Belgium enriched its trade surplus amounts at the fastest-pace during 2010 to 2014 under the product categories below.
- Inorganic chemicals: Up 9,248% since 2010 (US$434 million)
- Optical, technical, medical apparatus: Up 631.5% ($1.7 billion)
- Wool: Up 295.6% ($19.3 million)
- Miscellaneous manufactured articles:Up 211% ($450.4 million)
- Raw hides, skins not furskins, leather:Up 179.9% ($95.2 million)
- Paper yarn, woven fabric: Up 144% ($137.5 million)
- Base metal tools, cutlery: Up 133.4% ($100.2 million)
- Leather, animal gut articles: Up 95.5% ($148.8 million)
- Milling products: Up 90.3% ($384.7 million)
- Footwear: Up 69.1% ($1.7 billion)
Detail
From the perspective of the more detailed 4-digit harmonized tariff system (HTS) level, below are 15 products that enabled Belgium to achieve the highest surpluses in its international trade with other countries.
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- Processed petroleum oils: US$11.6 billion
- Medication mixes in dosage: $6.9 billion
- Cars: $3.3 billion
- Flat-rolled stainless steel items: $3.2 billion
- Propylene/olefin polymers: $3.1 billion
- Blood fractions (including antisera): $2.9 billion
- Ethylene polymers: $2.9 billion
- Chocolate, other cocoa preparations: $2.2 billion
- Styrene polymers: $1.8 billion
- Flat-rolled iron or non-alloy steel products (plated/coated): $1.8 billion
- Other prepared/preserved vegetables (frozen): $1.6 billion
- Air or vacuum pumps: $1.6 billion
- Tractors: $1.5 billion
- Swine meat: $1.5 billion
- Amino-resins: $1.5 billion
Among these, cars had the fastest-growing Belgian surplus with a 163.8% gain since 2010. In second place were processed petroleum oils up 94.2% while exported tractors moved ahead in value by 72.8%.
Belgium Major Product Supply Advantages by Country
Top 10
Presented in descending order, the following list shows with which trade partners Belgium earned the highest trade surpluses in 2014.
- France: US$28 billion (22.4% of Belgian country-specific surpluses)
- Germany: $19.7 billion (15.8%)
- United Kingdom: $17.2 billion (13.8%)
- India: $6 billion (4.8%)
- Italy: $4.9 billion (3.9%)
- Luxembourg: $4.1 billion (3.3%)
- Spain: $3.5 billion (2.8%)
- Poland: $3.4 billion (2.7%)
- Togo: $2.7 billion (2.2%)
- Austria: $2.1 billion (1.7%)
The above 10 trade partners represent 73.3% of Belgium’s subtotal surplus of $125 billion from the 157 geographic entities with which Belgium demonstrated competitive trade advantages. That subtotal excludes the 68 geographic entities with which Belgium incurred trade deficits.
Growth
Belgium enriched its trade surplus amounts with the countries below at the fastest-pace during 2010 to 2014.
- Cayman Islands: Up 12,479% since 2010 (US$21.4 million)
- Guinea: Up 10,118% ($101.7 million)
- Nauru: Up 6,800% ($621,000)
- Argentina: Up 2,283% ($297.7 million)
- Palestine: Up 2,205% ($2.1 million)
- Falkland Is (Malvinas): Up 1,080% ($2.4 million)
- Tanzania: Up 887.3% ($77.9 million)
- United Arab Emirates: Up 873.3% ($1.5 billion)
- Armenia: Up 709.4% ($44.3 million)
- Brazil: Up 657.5% ($1.2 billion)
From the above list, Belgium showed major product supply advantages over trade partners with comparatively small populations and for generally small surplus amounts. However, Belgium did generate billion-dollar positive trade balances with the United Arab Emirates and Brazil.
France
Below are the products that gave Belgium the highest surpluses in its international trade with France.
- Petroleum gases: US$5.5 billion (19.7% of Belgium’s surplus vs. France)
- Flat-rolled stainless steel items: $1.2 billion (4.1%)
- Sulphonamides: $864.4 million (3.1%)
- Blood fractions (including antisera): $843.4 million (3%)
- Electro-medical equip (e.g. xrays): $751.1 million (2.7%)
- Ethylene polymers: $650.1 million (2.3%)
- Models, puzzles, miscellaneous toys: $466.4 million (1.7%)
- Chocolate, other cocoa preparations: $412.3 million (1.5%)
- Hormones, miscellaneous steroids: $406.3 million (1.5%)
- Medication mixes in dosage: $404.4 million (1.4%)
Among these, sulphonamides had the fastest-growing Belgian surplus with France posting a 1,425% gain from 2010 to 2014. In second place were hormones and miscellaneous steroids up 670.1% followed by medication mixes in dosage ahead by 136.4%.
Germany
Below are the products that gave Belgium the highest surpluses in its international trade with Germany.
- Processed petroleum oils: US$4.6 billion (23.5% of Belgium’s surplus vs. Germany)
- Heterocyclics, nucleic acids: $2.5 billion (12.9%)
- Medication mixes in dosage: $2.4 billion (12.1%)
- Amino-compounds (oxygen): $2.3 billion (11.9%)
- Propylene/olefin polymers: $1 billion (5.3%)
- Ethylene polymers: $1 billion (5.3%)
- Flat-rolled stainless steel items: $922.6 million (4.7%)
- Flat-rolled iron or non-alloy steel products (plated/coated): $823 million (4.2%)
- Electro-medical equip (e.g. xrays): $755.7 million (3.8%)
- Swine meat: $625.7 million (3.2%)
Among these, medication mixes in dosage had the fastest-growing Belgian surplus with Germany posting a 193.9% gain from 2010 to 2014. In second place was electro-medical equipment like xray machinery up 47.8% followed by flat-rolled stainless steel items ahead by 41.9%.
UK
Below are the products that gave Belgium the highest surpluses in its international trade with the United Kingdom.
- Cars: US$3.6 billion (21.1% of Belgium’s surplus vs. UK)
- Medication mixes in dosage: $2.9 billion (17.1%)
- Blood fractions (including antisera): $1.2 billion (7.2%)
- Gold (unwrought): $654.6 million (3.8%)
- Ethylene polymers: $597.4 million (3.5%)
- Tufted carpets/textile floor coverings: $397.7 million (2.3%)
- Automobile parts/accessories: $377.5 million (2.2%)
- Copper wire: $373 million (2.2%)
- Footwear (textile): $362 million (2.1%)
- Orthopedic appliances: $359.5 million (2.1%)
Among these, orthopedic appliances had the fastest-growing Belgian surplus with the UK posting a 467.7% gain from 2010 to 2014. In second place was unwrought gold up 462.5% followed by medication mixes in dosage ahead by 187.5%.
See also Belgium’s Top 10 Exports, Highest Value Belgian Export Products, Belgium’s Top 10 Imports and Belgium’s Top Import Partners
Research Sources:
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on December 10, 2015
Trade Map, International Trade Centre. Accessed on December 10, 2015
Investopedia, Net Exports Definition. Accessed on December 10, 2015