That dollar amount results from a 25.9% advance compared to $446.9 billion five years earlier in 2019.
Year over year, the overall value of Belgian exports shrank by -11.6% from $636.4 billion during 2022.
Based on the average exchange rate for 2023, Belgium uses the euro which depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.6% from 2022 to 2023. The weaker European Union currency versus 2019 made Belgium’s exports paid for in stronger US dollars relatively lesser expensive for international buyers.
Belgium’s Main Trading Partners
The latest available country-specific data shows that 73.6% of products exported from Belgium was bought by importers in: Germany (18.6% of Belgium’s global total), France (13.5%), Netherlands (13.1%), United States of America (6%), United Kingdom (5.5%), Italy (4.9%), Spain (3.1%), Poland (2.6%), Sweden (1.8%), mainland China (1.6%), Luxembourg (1.5%) and Türkiye (1.3%).
From a continental perspective, 76.2% of Belgium’s exports by value was delivered to fellow European countries while 9.9% was sold to importers in Asia. Belgium shipped another 7.4% 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 74% of total Belgian export sales in 2023.
Smaller percentages went to buyers in Africa (3.7%), Latin America (2.4%) excluding Mexico but including the Caribbean, then Oceania (0.5%) led by Australia and New Zealand.
Given Belgium’s population of 11.7 million people, its total $562.5 billion in 2023 exports translates to roughly $48,100 for every resident in the west European country. That dollar metric lags the average $54,700 per capita one year earlier in 2022.
Belgium’s Top 10 Exports
The following export product groups represent the highest dollar value in Belgian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Belgium.
- Pharmaceuticals: US$82.5 billion (14.7% of total exports)
- Mineral fuels including oil: $70 billion (12.4%)
- Vehicles: $63 billion (11.2%)
- Machinery including computers: $36.6 billion (6.5%)
- Plastics, plastic articles: $32.2 billion (5.7%)
- Organic chemicals: $29.8 billion (5.3%)
- Iron, steel: $20.9 billion (3.7%)
- Electrical machinery, equipment: $20.9 billion (3.7%)
- Gems, precious metals: $16 billion (2.8%)
- Optical, technical, medical apparatus: $13.9 billion (2.5%)
Belgium’s top 10 exports generated over two-thirds (68.6%) of the overall value of Belgian shipments.
Vehicles represent the fastest grower among the top 10 export categories, up by 18.6% from 2022 to 2023.
In second place for improving export sales was electrical machinery and equipment via an 11.8% advance.
Belgium’s shipments of machinery including computers posted the third-fastest gain in value, up by 5%.
The leading decliner among Belgium’s top 10 export categories was mineral fuels including oil, pulled down by a -38.7% year-over-year drop.
At the more granular four-digit Harmonized Tariff System (HTS) code level, Belgium’s most valuable exported products were processed petroleum oils (7.9% of total Belgian exports), cars (7.6%), blood fractions including antisera (7.5%), medication mixes in dosage (6.4%), petroleum gases (3%), unmounted and unset diamonds (1.7%), heterocyclics and nucleic acids (1.6%), automobile parts or accessories (1.3%), electro-medical equipment (1%), then ethylene polymers (1%).
Products Generating Greatest Trade Surpluses for Belgium
Belgium recorded an overall US$15.9 billion trade surplus for 2023, expanding by 30.9% from $12.1 billion in black ink one year earlier in 2022.
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.
- Plastics, plastic articles: US$11.5 billion (Down by -20.4% since 2022)
- Pharmaceuticals: $11.3 billion (Down by -51.4%)
- Iron, steel: $6.5 billion (Up by 17.3%)
- Vegetable/fruit/nut preparations: $4.6 billion (Up by 38.3%)
- Footwear: $3.4 billion (Up by 35.3%)
- Cereal/milk preparations: $2.9 billion (Up by 11.8%)
- Other chemical goods: $2.7 billion (Up by 5.1%)
- Gems, precious metals: $2.6 billion (Up by 40.3%)
- Meat: $2.1 billion (Up by 11.6%)
- Soaps, washing preparations, lubricants, waxes: $2 billion (Down by -1.7%)
Belgium has highly positive net exports in the international trade of plastics (both as materials and items made from plastic) and pharmaceutical products in 2023. 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$19.5 billion (Down by -18.7% since 2021)
- Electrical machinery, equipment: -$14.2 billion (Up by 19.3%)
- Organic chemicals: -$4.7 billion (Down by -49.8%)
- Ores, slag, ash: -$2.2 billion (Down by -30.9%)
- Cereals: -$2.1 billion (Down by -15%)
- Oil seeds: -$1.45 billion (Down by -3.3%)
- Furniture, bedding, lighting, signs, prefabricated buildings: -$1.44 billion (Down by -6.6%)
- Vehicles: -$966.1 million (Down by -27.4%)
- Fish: -$866.8 million (Down by -9.8%)
- Machinery including computers: -$686.6 million (Down by -65.6%)
Belgium has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products, particularly 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 73.1% of its overall Gross Domestic Product for 2023 ($769.7 billion valued in Purchasing Power Parity US dollars). That 73.1% for exports to overall GDP in PPP for 2023 compares to 86.7% for 2022 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 5.659% in 2023, up from an average 5.558% for 2022 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 9, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 9, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 9, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 9, 2024
International Trade Centre, Trade Map. Accessed on April 9, 2024
Investopedia, Net Exports Definition. Accessed on April 9, 2024
Wikipedia, Gross domestic product. Accessed on April 9, 2024
Wikipedia, List of Companies of Belgium. Accessed on April 9, 2024
Wikipedia, Purchasing power parity. Accessed on April 9, 2024
Zepol’s company summary highlights by country. Accessed on April 9, 2024