Belgium ranks as one of the top exporters globally. In 2016, the country was the 6th largest exporter of goods in the EU, with Germany ranking first. Also, in 2020, Belgium was number 16 globally in exports according to Economic Complexity Index (ECI). But what are its main exports? In this article, we will discuss the main exports from Belgium.
Top 9 Export Products In Belgium
About 70% of Belgium’s economy is contributed by its foreign trade. Mostly the country trades with fellow EU states, which accounts for about 80% of, while 20% of its foreign trade is from other non-EU countries globally. Below are Belgium’s top 9 export products
#1. Machinery And Equipment
One of the main commodities that Belgium export is machinery and equipment. This category includes machinery and related equipment, cylinders, centrifuges, air/vacuum pumps, and many more. It accounts for about 8.8% of the country’s total export.
#2. Diamonds
Another main export that comes from Belgium is Diamonds. Generally, the diamond export market globally per year is about $127billion, and Belgium contributes 12.4% of the market share. It ranks as 3rd largest Diamonds exporter worldwide. In 2021 Belgium’s total exports of Diamonds accounted for 3.13%.
#3. Petroleum Products
Petroleum products are one of Belgium’s top export commodities. It exports a wide selection of petroleum products, including refined petroleum, crude oil, Hydrocarbon Gas Liquids, unfinished oils, and many more. In 2021, Petroleum products accounted for 7.91% of Belgium’s export.
# 4. Motor Cars And Other Transportation Motor Vehicles
Belgium is one of the largest exporters of motor cars and other vehicles designed for transporting persons, including racing cars and station wagons. In 2021, this sector accounted for 5.8% of Belgium’s total export worth $ 19.5 billion. The cars are mostly exported to Germany, Sweden, the Netherlands, the United Kingdom, and the United States.
#5. Human Blood & Animal Blood
Human and animal blood for prophylactic, therapeutic, or diagnostic uses is another of Belgium’s top export. In 2021 this category accounted for 11.9%, equivalent to 40 billion of Belgium’s export that year.
#6. Medicinal And Pharmaceutical Products
Medicinal and pharmaceutical products, including dressing packaged for medical use, medical instruments, products for pharmaceutical preparation and medicament mixtures, and many more. In 2021, these products were the 2nd largest Belgium exported commodities.
#7. Coffee
The world coffee export market is approximated to range from $30.6 billion. Belgium enjoys a 3.2% global market share, an action that ranks it as 8th among the top largest countries exporting coffee. Their main export market is Netherlands, Luxembourg, Germany, and UK.
#8. Exports Of Plastic
Currently, the Belgium plastic export market is enjoying more than $839m annually. This action positions Belgium among the 20th largest countries exporting plastic globally. The country’s key export market for plastic is France, the Netherlands, Italy, UK.
#9. Export Of Steel And Iron
In 2020, this country exported steel and iron worth $11.4 billion. This action ranked it 7th among the largest countries exporting steel and iron. In the same year, iron and steel were the 8th largest export among the country’s list of export commodities. Germany, Netherlands, Italy, France, and Turkey are the main countries where this iron and steel is exported to. There are other potential markets in Belgium steel and iron are experiencing a steady growth demand. These countries include; Luxembourg, Guatemala, and Greece.
Final Words
Foreign trade is one of the contributors to Belgium’s economy. In 2021 the country was the 10th largest exporter globally. Some of the main exports from Belgium include machinery and related equipment, Diamonds, Coffee, Petroleum products, cars, human and animal blood, pharmaceutical products, plastic, steel and iron, and many more. The top export destinations of products from Belgium are Germany, France, Netherlands, the USA, the UK, Spain, Poland, Japan, China, Luxembourg, and many more countries.
Written by Bernard de Laguiche