Flemish exports fell by 2 per cent in late 2024 amid slowing global trade
Exports of Flemish goods dropped by 2 per cent in the fourth quarter of 2024 compared to the same period the previous year, reaching 104.2 billion euros. This continues the downward trend that has been observed since early 2023.
According to Statistiek Vlaanderen, the decline was largely driven by falling export values for precious stones, petroleum products and pharmaceuticals, although exports of vehicles and machinery rose slightly.
For the full year, Flemish exports totalled 418 billion euros, a 3.7 per cent decrease from 2023, while imports fell by 6.3 per cent to 408 billion. The ongoing slowdown in global trade remains the main driver, particularly impacting fossil fuels, organic chemicals and diamonds. The trade balance has remained positive since 2013, except for brief setbacks caused by oil price spikes or crises, such as that caused by the Covid-19 pandemic.
Trading partner
The European Union remains Flanders' most important trading partner, accounting for 65 per cent of exports. Germany, France and the Netherlands alone represent 43 per cent. Non-EU trade was led by the US, Canada and the UK, although emerging economies such as the BRICS and the Next-11 saw their share decline in 2024.
The top Flemish exports in 2024 were vehicles and parts, pharmaceuticals, petroleum and gas, machinery and plastics, together making up nearly half of total exports. The same categories dominate imports, with fossil fuels still leading, though their importance is declining while pharmaceutical imports are growing.
Flanders continues to dominate Belgium’s trade, accounting for 82 per cent of national exports and 85 per cent of imports. Although Belgium remains one of the EU’s top five exporters, its overall trade declined more sharply than that of neighbouring Germany, France, and the Netherlands, falling by 6 per cent. The Brussels and Walloon regions were hit hardest, with respective export drops of 15 and 8 per cent.
#FlandersNewsService | © BELGA PHOTO JONAS ROOSENS
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