Belgium's trade deficit continues to rise and now amounts to €6.5 billion for the first eight months of 2022, due in part to gas imports from Norway and the United Kingdom which have added significantly to Belgium's cost of production.
Figures from the National Bank show that exports grew by 36.5% in August compared to a year earlier. However, this was offset by imports rising more strongly – by 56.4%.
Imports have been outpacing exports for months, with strong increases in gas purchases from Norway and the United Kingdom.
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In recent months, the difference is due mainly to the trade in chemicals and pharmaceutical products. While imports of those products continued to rise sharply – thanks to the purchase and storage of a new Covid-19 drug – exports have slowed.
Compared to last year, Belgium exported fewer quantities of Covid vaccines this year than in 2021.
As a result of the unequal growth of imports and exports, Belgium went from a trade surplus of €16.5 billion in the first eight months of last year to a €6.5 billion deficit this year – a historic low, according to the National Bank.
