• Analysis and Studies
• Belgium: a look at the market

Overview

In 2022, Belgium ranked as the 25th largest economy in the world by GDP (current US$), 13th in total exports, 14th in total imports, 19th in GDP per capita (current US$), and 19th in economic complexity according to the Economic Complexity Index (ECI).

Exports

Belgium's top exports include Petroleum Gas ($54.7B), Vaccines, blood, antisera, toxins and cultures ($47.1B), Refined Petroleum ($32.4B), Packaged Medicaments ($24.8B), and Cars ($22.6B). Its main export partners are Germany ($91.9B), France ($71.1B), Netherlands ($65.7B), the United States ($29B), and Italy ($22.5B). In 2022, Belgium was the world's largest exporter of Other Frozen Vegetables ($3.05B), Looms ($706M), Hydrogen Peroxide ($133M), Felt Carpets ($128M), and Zinc Powder ($123M).

Imports

Belgium's top imports include Petroleum Gas ($44.8B), Refined Petroleum ($28.5B), Cars ($28.2B), Packaged Medicaments ($24.3B), and Vaccines, blood, antisera, toxins and cultures ($20.7B). Its main import sources are the Netherlands ($94.3B), Germany ($61.6B), France ($47.8B), the United States ($30.7B), and China ($30.5B). In 2022, Belgium was the world's largest importer of Raw Tobacco ($1.37B), Potatoes ($524M), Other Nitrogen Compounds ($406M), Nonmetal Sulfides ($39.5M), and Chalk ($15.8M).

Location

Belgium shares land borders with France, Germany, Luxembourg, and the Netherlands, and has maritime borders with the United Kingdom.

Most Specialized Products by RCA Index

Belgium exhibits significant specialization in Looms (15.5), Other Frozen Vegetables (12.7), Flax Fibers (11.4), Nitric Acids (11.4), and Zinc Powder (9.73). Specialization is assessed using the RCA index, which compares Belgium's actual exports of each product to the expected exports based on the country’s overall trade patterns.

Data sourced from BACI HS6 REV. 1992 (1995-2022).

Most Complex Products by PCI

According to the Product Complexity Index (PCI), Belgium's most complex exports include Chemical preparations for photographic uses (excluding varnishes, glues, adhesives, and similar products) with a PCI score of 1.98, Photographic film in rolls, sensitized and unexposed, made from materials other than paper, at 1.91, Esters of other inorganic acids of non-metals (excluding hydrogen halides) with a PCI of 1.8, Silicones in primary forms at 1.6, and Machines for assembling electric or electronic lamps, tubes, valves, flash bulbs, and similar items in glass, with a PCI of 1.56. The PCI evaluates the knowledge intensity of a product based on the expertise of its exporters.

Data sourced from BACI HS6 REV. 1992 (1995-2022) and OEC Economic Complexity Indicators.

Export Opportunities by Relatedness

Based on the relatedness index, the top export opportunities for Belgium include Petroleum Coke (0.36), Ammonia (0.36), Bulbs and Roots (0.36), Casein (0.36), and Whey and other milk products (0.35). The relatedness index measures how closely a country's current exports align with each product. The bar chart only includes products in which Belgium is not specialized.

Source: https://oec.world/