Belgium’s exports could drop by €92 billion in 2020
Tuesday, 26 May 2020
Belgian exports of goods and services could fall by up to €92 billion in absolute value compared to 2019, according to the latest study by credit insurer Euler Hermes.
Belgium ranks 12th in terms of expected export losses, behind Italy (also -€92 billion) and ahead of France (-€89 billion).
The countries that are expected to suffer the biggest losses in foreign trade are China (-€250 billion), the United States (-€224 billion), Germany (-€217.7 billion), the United Kingdom (-€152 billion), Russia (-€145.7 billion), Japan (-€144.8 billion) and the Netherlands (-€133.9 billion).
The sectors most affected worldwide by the loss of goods exports will be energy (-€667.6 billion), metals (-€382.5 billion) and automobiles (-€245.9 billion). On the contrary, the Software & IT (+€46.4 billion) and pharmaceutical (+€24.6 billion) sectors will see an increase in exports, Euler Hermes forecasted.
The European Commission said at the beginning of May that Belgian exports of goods and services were expected to fall by 10.6% in 2020. Imports are nevertheless expected to fall in the same proportions, so the trade balance is expected to be virtually even.