Value of goods exports from Flanders up 26 per cent in 2022
The value of goods exports from Flanders was exceptionally high in 2022, up by more than a quarter on the previous year. The increase was mainly driven by rising world prices, according to analysis by Flanders Investment & Trade (FIT).
At 479.7 billion euros, the total value of exports in 2022 was more than a quarter higher (26 per cent) than in 2021, 61 per cent higher than in 2020 and 47.7 per cent higher than in 2019. The increase was mainly driven by rising world prices, according to analysis by FIT based on data from the National Bank of Belgium. From the fourth quarter of 2022, growth slowed as energy prices fell and commodity prices leveled off.
The value of exports in Flanders is growing at a similar rate to the EU and world average, the analysis shows. Most of the increase in export value (62.7 per cent) can be attributed to mineral products (rising oil and gas prices) and chemicals and pharmaceuticals (export of Covid-19 vaccines and medicines).
Almost two-thirds (64.2 per cent) of Flanders' exports went to EU member states, while 10.2 per cent went to European countries outside the EU. Exports to other continents increased by 27.6 per cent, with the US accounting for the majority (+40.4 per cent).
"Export is the trademark of Flanders," Flemish minister-president Jan Jambon said in response to the results. "In 2022 we secured a strong 16th position among world goods exporters. This means that 1/50th of everything that is exported around the world comes from or is traded in Flanders. This is an exceptionally strong performance for such a small region. As one of the most open economies in the world, international business is our lifeblood, with a significant impact on job creation and prosperity.”
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