Import/export of goods

Goods exports (open definition) in the Flemish Region amounted to 104.2 billion euros in the 4^th quarter of 2024, or 2% lower than in the 4^th quarter of 2023 (in current prices). In the 1^st quarter of 2023, exports were almost the same as in the 1^st quarter of 2022 (-0.1%). In the 2^nd quarter of 2023 to the 1^st quarter of 2024, exports were each time significantly lower than the previous year (in current prices). The decline was less pronounced in the 2^nd and 3^rd quarters of 2024 (-1.8% and -0.9%). The 2% decline in the 4^th quarter of 2024 was mainly due to lower export values for precious stones, petroleum products and pharmaceuticals. On the other hand, there was an increase in the value of exported vehicles, precision instruments, various chemical products, copper and cocoa (preparations).

Goods imports (open definition) in the Flemish Region amounted to 101.4 billion euros in the 4^th quarter of 2024. That was 2.9% less than in the 4^th quarter of 2023 (in current prices). The decline was mainly due to a lower value of precious stones, organic chemicals, petroleum products, clothing and footwear. At the same time, there was an increase in the value of pharmaceuticals, inorganic and miscellaneous chemicals, cereals, fruits and cocoa (preparations). In the 1^st quarter of 2023, there was a 2.6% increase in imports. From the 2^nd quarter of 2023, imports were lower than a year earlier (in current prices). This decline weakened in the 2^nd and further in the 3^rd quarter of 2024, but thus became slightly sharper again in the 4^th quarter of 2024.

The figures on imports and exports for the 4^th quarter of 2024 are provisional and may be adjusted in the coming months.

According to provisional figures, the export of goods in the Flemish Region amounted to 418 billion euros in 2024. That is 3.7% less than in 2023 (in current prices). Flemish imports of goods amounted to 408 billion euros in 2024 (provisional figures), or 6.3% less than in 2023. These declines follow (stronger) declines in 2023 and reflect a slowdown in global trade. The main reason for the decline in Flemish exports is the decline in the export amount of oil and natural gas, organic chemicals, precious stones and diamonds. On the import side, lower imports of organic chemicals, petroleum and natural gas and vehicles and parts were mainly responsible for the lower total import value.

Flemish imports and exports have increased steadily every year since 2003. But in the recession year of 2009 there was a contraction due to the financial and economic crisis. Foreign trade recovered in 2010 and 2011. Imports exceeded exports (expressed in euros) for a number of years between 2008 and 2012 due to price increases of imported oil. Since 2013, exports have increasingly exceeded imports. In 2019 there was a decline in both exports and imports of goods. Trade conflicts and protectionist measures (trade conflict with China) were the cause of this. The Covid-19 crisis caused an even greater decline in imports and exports in 2020. In 2022, the value of imports again exceeded that of exports. This is related to the more expensive imported oil and natural gas at the time. In 2023, exports and imports were lower, mainly due to the fall in prices of energy products. In 2024, the value of exports was again slightly higher than that of imports.

The countries of the European Union (EU) remain the most important export market for the Flemish Region: the EU27 countries purchased 65% of Flemish exports in 2024. This mainly concerns the EU14 countries (open definition) (58% of Flemish exports) and more specifically the 3 neighbouring countries Germany, France and the Netherlands (43% of Flemish exports). The EU13 countries (open definition) accounted for 7% of Flemish exports. For countries outside the EU27, the US and Canada combined and the UK had shares of 7% and 6%. Trading blocs such as BRICS (open definition) and Next-11 (open definition) accounted for 4%.

Compared to 2023, the EU27 share increased slightly (+1 percentage point) due to the increase in the EU14 (+1 percentage point). The UK’s share fell between 2020 and 2022, but has since rebounded slightly. The US and Canada grew in importance in recent years. The share of the BRICS and the Next-11 declined in 2024.

On the import side, the EU countries are also the most important: in 2024, the EU27 had a 60% share of imports into the Flemish Region. That is a lower figure than for exports. These are mainly the EU14 countries. On the import side, the greater importance of the BRICS stands out (11%). This is due to the share of imports from China (8%).

The top 5 export products in 2024 were vehicles and parts, pharmaceutical products, oil and natural gas, machinery and equipment and plastics and plastic products. Together they accounted for 49% of the value of Flemish exports. Compared to 2023, the importance of oil and natural gas decreased.

The same products represented 51% of total imports in 2024. Oil and natural gas were the most important imports by value. The importance of oil and natural gas also decreased on the import side but the importance of pharmaceutical products increased.

Flemish exports accounted for 82% of Belgian exports in 2024. For imports this was 85%.

Belgium, like our three neighbouring countries, has greater foreign trade than the Flemish Region (expressed in euros). It is therefore about larger economies. German exports amounted to 1,556 billion euros in 2024. In 2024, Belgium was the 5^th most important export country in the EU, after Germany, the Netherlands, Italy and France. Exports declined in both Belgium (and all regions) and the 3 neighbouring countries in 2024. The decline (in current prices) was larger in Belgium (-6%) than in the 3 neighbouring countries (between -1.2% and -1.7%). There was a decline in each region, but especially in Brussels (-15%) and Wallonia (-8%).

On the import side, Germany is also the largest importer (1,317 billion euros). Belgium is also in 5^th place here, after Germany, the Netherlands, France and Italy.