Belgian trade balance with China

Belgian exports to China from 2011 to 2021 (source: COMTRADE)

According to the United Nations COMTRADE database on international trade, Belgian exports to China accounted for EUR 8.0 billion in 2021. China is Belgium’s 3rd biggest export country outside of Europe, taking up 1.8% of total Belgian exports, behind the United States (7.1%) and Japan (2.1%).

This is a 5.9% decrease, as compared to 2020. The biggest product category was chemicals and pharmaceuticals (31.7%), followed by machinery & equipment (16.8%) and plastics (10.9%).

As can be seen from the below chart, despite a significant growth of China’s GDP and consumer market in the past 10 years, Belgian exports to China have not increased in the same period, illustrating the challenges which Belgian companies are facing when exploring opportunities in a complicated market, such as China.

Belgian imports from China was EUR 24.8 billion in 2021, making China Belgium’s 2nd biggest non-EU supplier, accounting for 2.9% of total Belgian imports, behind the United States (4.8%). This is an impressive 36.0% increase, as compared to 2020. The biggest product category was machinery & equipment (31.8%), followed by transport equipment (14.4%) and miscellaneous manufactured articles (10.8%).

Belgian imports from China from 2011 to 2021 (source: COMTRADE)

From the above chart it can be observed that imports from China have considerably increased in the past 10 years, illustrating China’s growing importance in the global supply chain.

As a consequence, Belgium’s negative trade balance with China grew to EUR 16.8 billion in 2021, a major increase, as compared to the numbers of the past years.

Belgian trade balance with China from 2017 to 2021 (source: Belgian Foreign Trade Agency)

In the first 5 months of 2022, Belgian exports to China have decreased with another 4.8%, as compared to the same period last year. In contrast, imports from China have further increased with 50.1% to EUR 13.3 billion.

In areas where Belgium has strengths and China has demands, such as innovation, digital economy, healthcare, agriculture, food, chemical industry, green and low-carbon transition and sustainable development, it is important that Belgian companies keep an open mind and maintain a long-term perspective with regard to their China activities and plans.

Please contact us for more information and if you need assistance in doing business with China.

Sources:

• https://tradingeconomics.com/belgium/exports/china
• Belgian Foreign Trade Agency