Belgium’s imports and exports rose by about 9% between June and August compared with the same period a year earlier, driven entirely by higher prices, the National Bank of Belgium said on Thursday.
The sharp increase in energy prices, caused by the war in the Middle East, significantly pushed up the value of foreign trade.
However, export volumes barely increased, while import volumes fell sharply, showing that the rise in trade value was not due to greater quantities of goods being traded.
Over the three-month period, the value of imports increased by 9.1% year on year, while exports rose by 8.9%.
The biggest rise in value was recorded in the energy sector, which the central bank described as “spectacular.” Energy exports increased by 48.6%, while energy imports rose by 31.7%.
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In volume terms, however, trade in energy declined, meaning the increase in value was solely the result of higher prices linked to tensions in the Middle East.
Trade with the Netherlands grew faster than average, with imports up 22.2% and exports up 18.9%.
On the import side, this was mainly due to energy products, some of which enter Belgium via the Netherlands. Exports to the Netherlands were driven chiefly by chemicals.
Imports from Japan, China and the United Kingdom also recorded above-average growth.
After the Netherlands, France, Germany and the United Kingdom made the largest contribution to the increase in Belgian exports.
The value of imports from the United States fell by 8.6%, while exports to the US increased by 5.9%.
