Belgian exports fall for third consecutive year
Belgian exports fell by almost 2 per cent to 503 billion euros in 2025. This is, amongst others, due to the halving of exports of COVID‑19 vaccines and lower exports to the US, reported De Tijd.
2025 was a bad year for Belgian foreign trade, according to provisional figures from the National Bank. Exports of goods fell by 1.8 per cent to 503.2 billion euros, reported De Tijd. Imports fell by 2 per cent to 476.6 billion euros. This is the third consecutive year that imports and exports have fallen.
Because imports fell slightly more than exports, the trade surplus rose by around 300 million euros to a record high of 26.6 billion euros. Foreign trade figures are important because Belgium is one of the most open economies in the world.
Almost half of the decline in exports is attributable to trade in COVID‑19 vaccines. Exports of these vaccines fell by almost 60 per cent compared to 2024, to 3.3 billion euros. In 2022, exports of COVID‑19 vaccines were ten times higher.
A quarter of the decline in exports in 2025 is due to the reduction in exports to the United States. These fell by 7 per cent to 31.9 billion euros. This is partly due to the sharp increase in US import tariffs by US president Donald Trump. The rise of the euro against the dollar may also have played a role. This made Belgian goods more expensive for American customers.
Imports from the US rose by 7 per cent to 35 billion. As a result, Belgium recorded a trade deficit of around 3 billion euros with the US last year. In 2024, our country still had a trade surplus of one and a half billion with the world's largest economy.
Furthermore, imports and exports of mineral products – especially oil and gas – have decreased significantly. This decline reflects, among other things, price reductions. The price of oil expressed in euros fell by 18 per cent last year.
Trade with China remained relatively stable. Belgium imported 32 billion euros worth of goods from China and exported only for 8 billion euros. This results in a trade deficit of 24 billion euros.
Only the deficit with the Netherlands – 30 billion euros – is even greater. Belgium has a very large trade deficit with its northern neighbours because most of the oil it imports passes through the port of Rotterdam. The largest markets for Belgian exporters remain Germany (92 billion euros), the Netherlands and France (65 billion euros each).
Illustration © PHOTO Nicolas TUCAT / AFP
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