published on has •
2 reading min
Main information
- Belgium’s trade deficit persists due to the drop in imports and exports.
- The drop in exports is mainly due to price reductions in the energy sector.
- Exports to the United States has decreased while exports from the United States increased.
The balance of Belgian foreign trade remains negative, according to recent data published by the National Bank. Between March and May, imports decreased by 4.2 percent, while exports fell by 2.8 percent.
The drop in exports is mainly attributed to price reductions in the energy sector, which contributed to the overall decrease up to -2.5 percent. This effect is largely due to price changes, the export volumes having remained relatively stable.
Key trade partners
In terms of business partners, the United States is distinguished. Exports to the United States decreased by 9.8 percent. Imports from the United States increased 11.6 percent. According to the National Bank, this difference could be due to the historically low value of the dollar, which makes American products more affordable for Belgian importers. In addition, the current trade war can also play a role, although the impact seems to focus on sectors such as chemicals and diamonds, which are not directly targeted by commercial disputes.
The National Bank warns that it will probably take some time before all the ramifications of the trade war become apparent.
