Belgium’s Trade Continues to Decline in Value

In June 2023, Belgium experienced a continued decline in both imports and exports, except for transportation equipment, machinery, and food products.

The value of Belgian imports and exports over the past three months (from April to June 2023) showed a decline of -15.4% and -15.2%, respectively. This downward trend has been consistent throughout the year, with May and June seeing particularly significant drops.

Belgium’s trade balance has been affected as follows:

  • In January 2023, there was a 4.4% increase in imports and a 3.6% increase in exports.
  • In February 2023, imports dropped by 1.5%, while exports increased by 1.6%.
  • March 2023 witnessed a -7.1% decrease in imports and a -7.2% decrease in exports.
  • April 2023 saw a -10.3% decrease in imports and a -10.7% decrease in exports.
  • May 2023 had an -18.1% decrease in imports and an -18.5% decrease in exports.
  • In June 2023 (p), both imports and exports declined by -16.8%.

These figures, sourced from ICN, illustrate a challenging economic environment for Belgium’s trade sector.

The decline in imports and exports has primarily affected products in the chemicals, minerals, diamonds, plastics, and common metals categories. However, there is a notable exception, with transportation equipment, machinery, and food products showing positive growth in trade.

Despite these challenges, Belgium continues to navigate its trade landscape, and businesses are adapting to the changing dynamics of global commerce.