Belgian exports contracted by 4.7% and imports plummeted by 7.5% last year compared to 2023, according to initial estimates published on Friday by the National Bank of Belgium (NBB), which described 2024 as “a disappointing year.”
Exports fell less sharply than imports, resulting in a trade surplus that climbed to €28.8 billion in 2024, up from €14.8 billion in 2023.
The average growth rates for Belgian imports and exports from October to December were -4.9% and -1.8%, respectively, indicating a challenging recovery, according to the NBB.
The bank notes that foreign trade has been declining for two years now, and the outlook remains bleak despite a slight improvement in growth rates, which are still negative.
All major sectors are impacted except for food and footwear. Mineral products and precious stones are struggling due to price fluctuations and changes in the international diamond trade, while the chemical products sector is suffering from a decline in vaccine trade.
Additionally, the vehicle trade has been affected by uncertainty over the fiscal and tariff treatment of electric cars.
