Belgian-US trade falls sharply in first quarter

13 May 2026

Trade in goods between Belgium and the United States fell sharply in the first three months of 2026 compared with the same period last year, according to figures published on Wednesday by the National Bank of Belgium (NBB).

Belgian imports of American goods dropped by 21.2 per cent, while exports to the US fell by 16.8 per cent.

The decline was especially visible in the chemicals sector. Belgium imported 40.6 per cent fewer chemical products from the United States, while exports of Belgian chemical products to the US fell by 46.8 per cent. Exports of machinery and electrical equipment also declined sharply, by 30.5 per cent.

Preemptive reaction to tariffs

The NBB said the figures should be viewed in context. “Trade with the US was at a high level in the first quarter of 2025 because companies were anticipating the possible introduction of additional trade tariffs by the Trump administration,” it said in a press release.

In other words, many companies had increased imports and exports early last year to avoid possible future tariffs, making the comparison with 2026 particularly stark.

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Overall, Belgium imported 8.1 per cent fewer goods from around the world during the first quarter, while exports remained broadly stable.

Lower energy prices in January and February also played a role. The value of imported mineral products, such as crude oil and natural gas, fell by around one-fifth compared with a year earlier because prices were lower. The impact of rising energy prices in March, following the start of the war in the Middle East, remained limited over the full quarter.

More gas exports to Germany

Exports of mineral products remained almost stable overall, falling by just 0.4 per cent. According to the NBB, this was largely due to a strong increase in natural gas exports to Germany.

“Since the discontinuation of the Nord Stream 1 submarine gas pipeline in September 2022, Belgium has formed one of the alternative routes that Germany has developed to replace Russian natural gas,” the NBB said.

There was also a notable difference in trade involving transport equipment. Imports fell slightly, by 2.7 per cent, while exports rose by more than 15 per cent, driven mainly by higher exports of tractors and freight vehicles.

^{© BELGA PHOTO JONAS ROOSENS}

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