National Bank warns of "turning point" as Belgian foreign trade declines
Belgian foreign trade is deteriorating, according to the National Bank of Belgium (NBB). The bank calls Belgium's most recent trade figures "a turning point towards more negative growth figures after a period of stabilisation".
Between September and November, the value of Belgian imports fell by 5.6 per cent year on year, while exports declined by 5.7 per cent. The contraction intensified in November, with imports down 6.7 per cent and exports 7.5 per cent.
The NBB attributes the weak performance primarily to a sharp fall in exports to the United States. Shipments to the US dropped by 22 per cent compared with the same period in 2024. While Belgium recorded a trade surplus of 1.3 billion euros with the US between September and November 2024, this has now turned into a deficit of 0.9 billion euros.
The decline is driven mainly by chemical products, the NBB said. "In that sector, exports to the US fell by more than 600 million euros in the last three months compared with the same period a year earlier." Metals form the second most affected category, with exports to the US also falling sharply.
Too early to draw conclusions
Several factors may be weighing on Belgian exports. Last year, the dollar depreciated by 12 per cent against the euro and the Trump administration increased import duties. The NBB cautioned, however, that it is too early to draw firm conclusions. "A more thorough analysis will have to determine to what extent this can explain the deterioration in exports to the US."
The central bank also noted that exports of chemical products are weakening in other key markets, including the United Kingdom, Italy and the Netherlands. At the same time, Belgium has managed to increase exports of certain other goods to the US, including diamonds and mineral products.
© BELGA PHOTO JONAS ROOSENS
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