Share article:
Share article:

Brexit made Belgian exports drop in January

Credit: Belga

Brexit resulted in a sharp fall of Belgian exports and imports in January, the National Bank of Belgium (NBB) reported on Monday.

Compared to January 2020, imports and exports fell by 16.1% and 11.7% respectively, whereas they were still growing by 1.4% and 3.7% in December 2020.

The quarterly average compared to the corresponding quarter of 2020 shows a drop of 5.8% for imports and 3.8% for exports.

“January 2021 was the first month in which the free movement of goods with the UK was interrupted and new border formalities were required,” the NBB noted.

“Imports and exports with the United Kingdom contracted in January 2021, by -54.4% and -35% respectively,” according to the bank.

Related News

 

It remains to be seen “whether this is a temporary effect or whether this decline is entirely explained by the new border formalities,” the bank added.

The particularly low figures observed in January may also reflect a backlash after the sharp rise in trade at the end of 2020, when many companies had anticipated possible problems at the borders and renewed their stocks.

Moreover, Belgium’s trade with other partner countries also remains negative overall, with the exception of transactions with China, driven by growth in trade in medicines.

The Brussels Times

Latest news

Over 50,000 march against fascism in Rome
Tens of thousands of people demonstrated against fascism in Rome on Saturday, one week after violent protests against the Covid certificate. Over ...
Will Brussels bounce back?
The lockdowns have tested the city and forced it to confront key questions about its future. Derek Blyth looks back at an extraordinary moment in our ...
Vaccinations: Belgium’s Health Minister currently not in favour of a general booster shot
The latest figures on new coronavirus cases are worrying, but rather than imposing new safety measures, what is needed is full compliance with ...
Thousands protest against the Covid health pass in France
Demonstrations against the health pass and other measures aimed at preventing the spread of the Coronavirus mobilised tens of thousands of protesters ...
Record-breaking 770-metre highline installed in Freÿr, Belgium
A 770-metre long highline was installed at an altitude of 70 metres at the Freÿr Rocks on Saturday, setting a new Belgian record, according to ...
Huge cannabis farm discovered inside closed down Chinese restaurant near Charleroi
A cannabis plantation with several hundred mature plants was dismantled on Friday evening in a former Chinese restaurant on Chaussée de Bruxelles ...
Citizen founded wind turbine project launched in Liège region
A citizen founded wind turbine project was inaugurated in the Liège Region on Saturday by Walloon Energy Minister Philippe Henry (Ecolo) together ...
Five questions to philosopher Philippe Van Parijs on Leopold II and embarrassment in Brussels’ public space
The worldwide explosion of the Black Lives Matter movement in the aftermath of the death of George Floyd, combined with the 60th anniversary of the ...
Belgium to invest in sustainable heating in 2022
The federal government will set aside about one million euros in its 2022 budget for a social tariff for sustainable heating, Federal Energy Minister ...
Unfinished draft of new Astérix story discovered
The discovery of the unfinished draft of a cartoon album on the most famous of all Gauls, sketched by cartoonist René Goscinny, was announced by his ...
Anti-vaxxers demonstrate against Covid Safe Ticket in Brussels
Hundreds of supporters of the anti-vaxx movement gathered on Saturday outside the headquarters of the Pfizer pharmaceutical company to protest ...
Belgium’s investment funds total 260 billion euros in assets
Belgium’s funds industry grew by 5.3% (13 billion euros) in the second quarter of this year, bringing investment funds available to the public to ...