Import/export of goods

Goods exports (open definition) in the Flemish Region amounted to 106.2 billion euros in the 4^th quarter of 2023, or 13.5% lower than in the 4^th quarter of 2022 (in current prices (open definition) ). Goods exports recorded a sharp decline in the 2^nd quarter of 2020, just after the outbreak of the Covid-19 crisis. There was also a decline (on an annual basis) in the following 2 quarters of 2020, but the decline was less pronounced. In the 1^st quarter of 2021, exports were slightly higher again than in the 1^st quarter of 2020 (+2%). This increase then increased significantly from the 1^st quarter of 2022 to the 3^rd quarter of 2022 (growth rates based on current prices between 25% and 50%). In the 4^th quarter of 2022, there was a weakening of export growth to 16%. In the 1^st quarter of 2023, exports fell very slightly. This decline intensified in the following 3 quarters of 2023. The decline in the 4^th quarter of 2023 was mainly due to the decline in exports of pharmaceutical products, petroleum products, precious stones and plastic products (amount in current prices). This was offset by an increase in ship exports.

Goods imports in the Flemish Region amounted to 102.6 billion euros in the 4^th quarter of 2023. That was 15% less than in the 4^th quarter of 2022 (in current prices). The reason for this decline lies mainly in the decline in the amount of imports of petroleum products, and to a lesser extent gemstones. The decline in imports was strongest in the 2^nd quarter of 2020 and less strong in the two following quarters. From 2021 onwards, there was also growth here, initially modest in the 1^st quarter of 2021 (+5%), then much stronger in the 2^nd quarter of 2021 to the 3^rd quarter of 2022, and weakening to +6% in the 4^th quarter of 2021. 2022. Analogous to exports, the import amount decreased mainly in the last 3 quarters of 2023.

The figures on imports and exports for the 4^th quarter of 2023 are provisional and may be adjusted in the coming months.

According to provisional figures, the export of goods in the Flemish Region amounted to 430 billion euros in 2023. That is 11% less than in 2022 (in current prices). Flemish imports of goods amounted to 426 billion euros in 2023 (provisional figures), or 13% less than in 2022. This puts an end to 2 previous years of strong growth (in current prices). The main reason for the decline in Flemish exports is the decline in 2023 in the export amount of oil and natural gas and pharmaceutical products (both approximately a quarter lower in current prices). The price drops of energy products play an important role in the former. Without the categories of natural gas and petroleum and pharmaceutical products, Flemish exports would be 4% lower in 2023 than in 2022. Imports would then be 7% lower.

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, the value of exports will again be slightly greater 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 64% of Flemish exports in 2023. This mainly concerns the EU14 countries (open definition) (58% of Flemish exports) and more specifically the 3 neighboring countries Germany, France and the Netherlands (43% of Flemish exports). Compared to 2022, the share of the 3 neighboring countries fell (45% in 2022), mainly due to the smaller share of the Netherlands in Flemish exports. The EU13 countries (open definition) accounted for 6% of Flemish exports. For countries outside the EU, the United Kingdom had a share of 6% of Flemish exports in 2023. This share has been declining since 2021. In 2015 and 2016 this was more than 9%. The US and Canada accounted for 7% in 2023. Trade blocs such as BRICS (open definition) and Next 11 (open definition) were less important. The weight of the BRICS in Flemish exports also decreased (5% in 2023 compared to 8% in 2012).

On the import side, the EU countries are also the most important: in 2023, the EU27 had a 59% share of imports into the Flemish Region. That is a lower figure than for exports. And the three neighboring countries are also the most important in imports (40%).

The top 5 exports in 2023 were oil and natural gas, pharmaceuticals, vehicles and parts, machinery and tools, and plastic products and applications. Together they accounted for 49% of the value of Flemish exports. Compared to 2022, the importance of the export value of the 2 most important Flemish export products decreased in 2023 (oil and natural gas: from 15% to 12% and pharmaceutical products: from 14% to 12%). On the other hand, there was an increase in the importance of vehicles for exports (share from 9% in 2022 to 12% in 2023).

The same products represented 51% of total imports in 2023. Oil and natural gas were the most important imports by value. The importance of oil and natural gas also decreased on the import side (from 25% in 2022 to 19% in 2023).

Flemish exports accounted for 82% of Belgian exports in 2023. For imports this was 84%.

Belgium, like our three neighboring countries, has greater foreign trade than the Flemish Region (expressed in euros). It is therefore about larger economies. German exports amounted to 1,562 billion euros in 2023. In 2023, Belgium was the 5^th most important export country in the EU, after Germany, the Netherlands, Italy and France.

Exports from the Netherlands and Germany fell by 5.7% and 2.0% in 2023. In France there was an increase of 1.7% (in current prices).

On the import side, Germany is also the largest importer (1,353 billion euros). Belgium is also in 5^th place here, after Germany, the Netherlands, France and Italy.