A look at Belgium's international trade landscape

Belgium is a powerhouse of world trade

Our economy comprises a mix of large, medium-sized and small enterprises. These businesses make a significant contribution to Belgium exports and Belgium imports. Belgian entrepreneurs show their most dynamic and innovative side when it comes to increasing their turnover. And they do so not only within our national borders, but also abroad, supported by BNP Paribas Fortis.

Small, but strong

The core figures for 2024 confirm a long-term trend. We may not be a large country, but we are a major player when it comes to exports and imports¹.

	World ranking	Value in billion euros
Export of goods	12th	520
Import of goods	14th	505
Export of services	15th	135
Import of services	13th	141

¹ World Trade Organisation world ranking and Belgian Foreign Trade Agency

This translates into 5th place within the EU-27 and highlights the strength of Belgium foreign trade in a European context.

All over the world

This story of daily work and constant growth plays out across different arenas. In Europe, our neighbouring countries are, of course, important trading partners. Many of our companies maintain strong and intensive relationships with the Netherlands, Germany and France. However, it certainly does not end there, as the following figures illustrate².

	Export	Import
EU-27	67%	62%
Other European countries	10%	10%
Outside Europe	22%	27%

² Belgian Foreign Trade Agency

In other words, a third of our Belgium foreign trade is with countries outside the EU, such as the United States, the United Kingdom, China, Turkey, Switzerland, Brazil, Japan, India, Nigeria and Norway. Indeed, Belgium maintains links with almost every country in the world.

Thanks to their open outlook, flexible mindset and can-do attitude, many Belgian companies seek opportunities all over the world. And often with the support of their bank, they overcome local challenges and expand their Belgium export activities.

A notable driver (and indicator) of our economy

The major importance of international trade to the Belgian economy is clearly reflected in the ratio of exports to gross domestic product (GDP). For many years, this ratio has been above 80%, reaching 86.7% in 2023³. This makes Belgium an outlier among comparable countries. The OECD average is 29.1%, and the EU average is 52.7%. Only the Netherlands is comparable with an export-to-GDP ratio of 85.0%. Other countries such as Germany (47.1%) and France (32.7%) are a long way behind.

These figures underline how strongly Belgium foreign trade shapes our economic model. The Belgian situation is only possible if literally everyone, from the smallest to the largest, moves the needle when the opportunity arises.

³ World Bank Group

A striking mix of large and small

In many countries, international trade is an activity primarily undertaken by larger companies. However, in Belgium, small and medium-sized enterprises, and sometimes even start-ups, play a significant role in both Belgium exports and Belgium imports. This also explains our distinctive position in global international trade statistics.

A healthy mix of economic sectors

A look at the goods we trade confirms that Belgium is particularly strong in chemicals and pharmaceuticals, but also excels in mineral products, energy, transport and machinery. We also have a presence in important niche markets such as basic metals, plastics, food, vegetables and fruit.

In short, there are few economic sectors in Belgium where foreign trade is not at least being considered. If you have been thinking about it for some time, you can feel reassured that many of your fellow entrepreneurs have gone before you and helped turn Belgium foreign trade into a genuine success story in international trade.

At BNP Paribas Fortis, we understand that entrepreneurs have many questions when they want to start trading internationally. Do you have plans to import or export, or would you like to expand your current international business? Are you looking for new opportunities abroad? If so, contact your relationship manager. They will be happy to put you in touch with a specialist in the field of Belgium foreign trade.