Generating a Gross Domestic Product (GDP) valued at US$506.4 billion, Belgium was the world’s 20th richest country in 2008.
With a population of 10.4 million Belgians who enjoyed an average GDP of $37,500 per person last year, Belgium was also the 27th wealthiest nation in terms of GDP per capita.
As the world’s 12th biggest exporter, Belgium shipped $371.5 billion worth of exports in 2008. Principal Belgian exports were machinery, chemicals, finished diamonds, metal products and foodstuffs. Based on 2008 statistics, Belgium’s largest export clients were Germany (19.9%), France (17.4%), Netherlands (12.2%), the United Kingdom (7.2%), the United States (4.8%) and Italy (4.7%).
According to the CIA World Factbook, Belgium imported $387.7 billion worth of foreign goods last year. Major commodities imported into Belgium include raw materials, chemicals, raw diamonds, pharmaceuticals, transportation equipment and oil products. Leading suppliers to Belgium were Netherlands (19.5%), Germany (17.3%), France (11%), the United Kingdom (5.7%), the United States (5.5%) and China (4.1%).
In total, Belgium’s international trade amounted to $759.2 billion or 149.9% in relation to its overall GDP. This compares with roughly 25% for the U.S. and 60% for Canada.
Belgian Trade with the U.S.
Last year, Belgian exports to America rose 13.3% to $17.3 billion. Over that same period, Belgium bought $28.9 billion worth of U.S. imports – an increase of 14.4%.
Therefore, Belgium’s trade deficit with the U.S. came to $11.6 billion in 2008.
The lists below present the top 10 exports and imports that American and Belgian enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
Belgium’s Top Exports to America
Among the top 10 Belgian exports shipped to the U.S. in 2008, 4 of the leading product categories exceed $1 billion in sales and account for 54.8% of the total shipment value from Belgium to America. Seven product categories had positive percentage gains ranging from 8.1% to 43.3%. Of the 3 Belgian export categories with decreased U.S. sales last year, semi-finished iron and steel goods experienced the severest decline at 43.5%.
- Gem diamonds … US$3.26 billion, up 8.1% from 2007 (18.8% of US imports from Belgium)
- Medicinal, dental and pharmaceutical preparations … $3.25 billion, up 43.3% (18.8%)
- Fuel oil … $2.1 billion, up 33.2% (12%)
- Other petroleum products … $1.1 billion, up 9.6% (6.2%)
- Passenger cars … $701.4 million, down 12.5% (4.1%)
- Industrial organic chemicals … $463.7 million, up 29.9% (2.7%)
- Precious metals other than gold … $382.9 million, down 9.6% (2.2%)
- Other industrial machinery … $353.8 million, up 42% (2%)
- Plastic materials… $234.7 million, up 17.5% (1.4%)
- Semi-finished iron and steel mill products … $222.5 million, down 43.5% (1.3%).
Fastest-Growing Belgian Exports to the U.S.
With the exception of civilian aircraft engines, the 10 fastest-growing Belgian exports generated relatively small overall sales. The categories below represent a wide range of products.
- Liquified petroleum gases … US$41.3 million, up 400.4% from 2007
- Stereo equipment including radios … $4.8 million, up 388.5%
- Numismatic collectible coins … $4.3 million, up 180.4%
- Oilfield and drilling equipment … $2 million, up 175.6%
- Tin … $2.5 million, up 162.5%
- Railway transportation equipment … $3.7 million, up 114.2%
- Other precious, semi-precious and imitation stones … $5.8 million, up 110.4%
- Dairy products and eggs … $1.95 million, up 96.1%
- Civilian aircraft engines … $152.9 million, up 85.7%
- Farming materials including animals … $14.6 million, up 70.5%.
Belgium’s Top Imports from America
Six of the top 10 export product categories for US shipments to Belgium exceeded $1 billion in 2008 and account for 47.5% of the total value of American shipments to Belgium.
- Organic chemicals … US$3.2 billion, up 2.7% from 2007 (10.9% of US exports to Belgium)
- Pharmaceutical preparations … $2.9 billion, up 7.1% (10%)
- Gem diamonds … $2.6 billion, up 20% (9%)
- Medicinal equipment … $2.1 billion, up 49.1% (7.1%)
- Plastic materials … $1.7 billion, down 0.6% (5.7%)
- Other chemicals … $1.4 billion, up 15.9% (4.8%)
- Civilian aircraft … $716.7 million, up 58.3% (2.5%)
- Other industrial machines … $687.6 million, up 14.6% (2.4%)
- Fuel oil … $587.6 million, up 486.2% (2%)
- Materials handling equipment … $559.1 million, up 27.7% (1.9%).
Fastest-Growing Belgian Imports from the U.S.
Shipments of sorghum, barley and oats to Belgium rose 34,345% in 2008, while 6 other fast-growing American exports to Belgium posted triple-digit percentage gains last year.
- Sorghum, barley and oats … US$22.4 million, up 34,345% from 2007
- Fuel oil … $587.6 million, up 486.2%
- Other coal and fuels … $118.6 million, up 266%
- Oilfield and drilling equipment … $52.3 million, up 131.4%
- Ammunition, artillery, guns, missiles and tanks … $39.1 million, up 128.1%
- Non-textile floor tiles … $7.5 million, up 118.2%
- Unmanufactured agricultural farming goods … $5.9 million, up 105.7%
- Marine engines and parts … $160.9 million, up 96.5%
- Jewelry … $50.7 million, up 88.1%
- Vegetables … $19.4 million, up 85.5%.
Comparative Trade Advantages
During 2008, Belgium exported $2.1 billion worth of fuel oil to the U.S. while importing $587.6 million of that same refined fuel category from America. Belgian exporters also shipped $3.26 billion worth of diamonds to the U.S. while buying $2.6 billion in diamonds from Belgium.
These Belgian-American trade statistics show that Belgium has comparative trade advantages over the U.S. in fuel oil and diamonds. Belgium’s competitive advantage in fuel oil is stronger than in diamonds, although the latter does involved higher dollar amounts.
On the other hand, America exported $1.7 billion worth of plastic materials to Belgium in 2008 contrasted with U.S. imports of Belgian plastics worth $234.7 million.
That the U.S. exported about seven times the value of Belgian plastics clearly shows that America has a comparative advantage in exporting plastic materials to Belgium.
Sources
This analysis is based on latest statistics from the US Census Bureau- Foreign Trade Statistics and CIA World Factbook as of the date of article publication.
Daniel Workman - A senior business and finance writer who also does French translations, notably international trade and insurance materials.
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