That dollar amount results from a -10.1% retreat compared to $419.5 billion five years earlier in 2020.
Year over year, the overall value of Belgian exports shriveled by -33.6% from $568.5 billion during 2023.
Based on the average exchange rate for 2024, Belgium uses the euro which flatlined via a 0.02% gain against the US dollar from 2023 to 2024. The slightly stronger European Union currency made Belgium’s exports paid for in weaker US dollars modestly more expensive for international buyers.
Belgium’s Main Trading Partners
The latest available country-specific data shows that 72.5% of products exported from Belgium was bought by importers in: Germany (15.2% of the Belgian total), Netherlands (12.9%), France (12.7%), United States of America (7.9%), United Kingdom (6.3%), Italy (4.6%), Spain (3.2%), Poland (2.9%), Luxembourg (1.81%), mainland China (1.78%), Sweden (1.77%) and Türkiye (1.4%).
From a continental perspective, 73.6% of Belgium’s exports by value was delivered to fellow European countries while 10.6% was sold to importers in Asia. Belgium shipped another 9.1% worth of goods to North America.
Not only is it located in the heart of Europe, Belgium is also a founding member of the European Union. EU members paid for 63.9% of total Belgian export sales in 2024.
Smaller percentages went to customers in Africa (4.4%), Latin America (1.6%) excluding Mexico but including the Caribbean, then Oceania (0.6%) led by Australia and New Zealand.
Given Belgium’s population of 11.8 million people, its total $377.3 billion in 2024 exports translates to roughly $32,000 for every resident in the west European country. That dollar metric lags the average $48,100 per capita one year earlier in 2023.
Belgium’s Top 10 Exports
The following export product groups represent the highest dollar value in Belgian global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Belgium.
- Pharmaceuticals: US$60.5 billion (16% of total exports)
- Mineral fuels including oil: $43.9 billion (11.6%)
- Vehicles: $42.5 billion (11.3%)
- Machinery including computers: $24.9 billion (6.6%)
- Plastics, plastic articles: $20.3 billion (5.4%)
- Iron, steel: $14.1 billion (3.7%)
- Electrical machinery, equipment: $13.5 billion (3.6%)
- Organic chemicals: $13.4 billion (3.6%)
- Gems, precious metals: $11.8 billion (3.1%)
- Optical, technical, medical apparatus: $10.9 billion (2.9%)
Belgium’s top 10 export product categories generated over two-thirds (67.8%) of the overall value of Belgian shipments.
The severest decliner among Belgium’s top 10 export categories was the organic chemicals group, pulled down by a -55% year-over-year reduction.
Other leading decliners were plastics (both as materials and items made from plastic) via a -38% drop, and mineral fuels including oil thanks to its -37.9% slowdown.
At the more granular four-digit Harmonized Tariff System (HTS) code level, Belgium’s most valuable exported products were blood fractions including antisera (7.9% of total Belgian exports), processed petroleum oils (7.54%), cars (7.5%), medication mixes in dosage (7.3%), petroleum gases (2.7%), unmounted and unset diamonds (1.9%), automobile parts or accessories (1.45%), electro-medical equipment (1.18%), chocolate and other cocoa preparations (also 1.18%), then miscellaneous frozen prepared or preserved vegetables (1.1%).
Products Generating Greatest Trade Surpluses for Belgium
Belgium recorded an overall US$10.4 billion trade surplus for 2024, shrinking by -41.2% from $17.7 billion in black ink one year earlier in 2023.
The following types of Belgian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Pharmaceuticals: US$16.2 billion (Up by 44.2% since 2023)
- Plastics, plastic articles: $8 billion (Down by -31.8%)
- Iron, steel: $5.2 billion (Down by -21.4%)
- Vegetable/fruit/nut preparations: $3.8 billion (Down by -18.5%)
- Cereal/milk preparations: $2.2 billion (Down by -24.4%)
- Meat: $2.11 billion (Up by 0.6%)
- Gems, precious metals: $1.95 billion (Down by -26.1%)
- Other chemical goods: $1.5 billion (Down by -44.5%)
- Soaps, washing preparations, lubricants, waxes: $1.21 billion (Down by -39.6%)
- Fertilizers: $1.16 billion (Up by 10.3%)
Belgium has highly positive net exports in the international trade of pharmaceutical products and plastics (both as materials and items made from plastic) in 2024. In turn, these cashflows indicate Belgium’s strong competitive advantages under the related product categories.
Products Causing Worst Trade Deficits for Belgium
Below are exports from Belgium that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Belgium’s goods trail Belgian importer spending on foreign products.
- Mineral fuels including oil: -US$15.9 billion (Down by -17.6% since 2023)
- Electrical machinery, equipment: -$8.2 billion (Down by -42.2%)
- Machinery including computers: -$3.7 billion (Up by 443.3%)
- Vehicles: -$2.6 billion (Up by 131%)
- Cereals: -$1.8 billion (Down by -13.5%)
- Ores, slag, ash: -$1.5 billion (Down by -33.2%)
- Furniture, bedding, lighting, signs, prefab buildings: -$1.4 billion (Down by -4.9%)
- Oil seeds: -$1.32 billion (Down by -10.2%)
- Knit or crochet clothing, accessories: -$1.28 billion (Reversing a $1.1 billion surplus)
- Clothing, accessories (not knit or crochet): -$1.1 billion (Up by 309.6%)
Belgium has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products, historically crude oil, petroleum gases and electricity.
These cashflow deficiencies clearly indicate Belgium’s competitive disadvantages in the international energy market but also represent key opportunities for Belgium to improve its position in the global economy through focused innovations.
Belgian Export Companies
Belgium placed 11 corporations among the Forbes Global 2000. Below is a sample of major Belgian export companies that Forbes ranked.
- Anheuser-Busch InBev (beverages)
- Belgacom (telecommunications services)
- Delhaize Group (food retail)
- Solvay (diversified chemicals)
- UCB (pharmaceuticals)
- Umicore (diversified metals, mining)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of Belgian export companies.
- BBL Shipping Belgium (mechanical shovels, excavators, shovel loaders)
- DHL Danzas Air Ocean Belgium (rubber/plastic molds, plastic boxes/cases, mechanical shovels)
- Fiat Services Sadi Belgium (automobiles)
- TPSA Co Tupperware Belgium (rubber/plastic molds, plastic boxes/cases/crates)
In macroeconomic terms, Belgium’s total exported goods represent 43.7% of its overall Gross Domestic Product for 2024 ($863.8 billion valued in Purchasing Power Parity US dollars). That 43.7% for exports to overall GDP in PPP for 2024 compares to 73.1% for 2023 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.
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 averaged 5.7% in 2024, up from an average 5.533% for 2023 according to International Monetary Fund statistics.
Belgium’s capital city is Brussels.
See also Belgium’s Top 10 Imports, Belgium’s Top Trading Partners, Germany’s Top Trading Partners and France’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on April 21, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 21, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 21, 2025
International Trade Centre, Trade Map. Accessed on April 21, 2025
Investopedia, Net Exports Definition. Accessed on April 21, 2025
Wikipedia, Gross domestic product. Accessed on April 21, 2025
Wikipedia, List of Companies of Belgium. Accessed on April 21, 2025
Wikipedia, Purchasing power parity. Accessed on April 21, 2025
X-rates.com, Exchange Rates: Euro to US Dollar (monthly average 2024). Accessed on April 21, 2025
Zepol’s company summary highlights by country. Accessed on April 21, 2025