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2023
Flag → Flag
Exports $3.92BRnk 16 / 220
2023
Flag → Flag
Top Product $1.78BDiamonds
2023
Flag → Flag
Exports $4.82BRnk 27 / 220
2023
Flag → Flag
Top Product $2.2BDiamonds
2023
Flag
Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
Flag
Economic Complexity (ECI) ECI 0.65Rnk 39 / 132
2023
Flag  
GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
Flag
GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
Flag
 GDP$3.57TCURRENT US$
Rnk 5 / 195
2013-2023
Flag
GDP GROWTH92.1%CURRENT US$
Rnk 19 / 195
2023
Flag
GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
Flag
GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
Flag
GDP PC$2,481CURRENT US$
Rnk 148 / 196
2013-2023
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GDP PC GROWTH73.1%CURRENT US$
Rnk 22 / 195

About

Belgium-India Trade: In 2023, Belgium exported $3.92B to India. The main products that Belgium exported to India were Diamonds ($1.78B), Scrap Iron ($163M), and Looms ($114M). Over the past 5 years the exports of Belgium to India have decreased at an annualized rate of 16.1%, from $9.39B in 2018 to $3.92B in 2023.

In 2020, Belgium exported services to India worth $312M, with Other business services ($109M), Computer and information services ($82.2M), and Transportation ($80M) being the largest in terms of value.

India-Belgium Trade: In 2023, India exported $4.82B to Belgium. The main products that India exported to Belgium were Diamonds ($2.2B), Packaged Medicaments ($158M), and Refined Petroleum ($154M). Over the past 5 years the exports of India to Belgium have increased at an annualized rate of 0.94%,  from $4.6B in 2018 to $4.82B in 2023.

In 2023, India did not export any services to Belgium.

Comparison: In 2023,  Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B). That same year, India ranked 39 in the Economic Complexity Index (ECI 0.65), and 12 in total exports ($441B).

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €236M and imported €343M from India, resulting in a negative trade balance of €107M. Between October 2023 and October 2024 the exports of Belgium have decreased by €-119M (-33.5%) from €354M to €236M, while imports decreased by €-23.2M (-6.32%) from €367M to €343M.

Trade In October 2024, the top exports of Belgium to India were Precious stones, metals, & pearls (€215M), Machinery, mechanical appliances, & parts (€27.8M), Organic chemicals (€13.9M), Plastics & articles thereof (€12.6M), and Iron & steel (€12.4M). In October 2024 the top imports of Belgium from India were Precious stones, metals, & pearls (€290M), Organic chemicals (€38.5M), Pharmaceutical products (€27.8M), Iron & steel (€10.5M), and Machinery, mechanical appliances, & parts (€9.89M).

Growth In October 2024, the decrease in Belgium's year-by-year exports to India was explained primarily by an decrease in product exports in Precious stones, metals, & pearls (€-161M or -42.8%), Tools & cutlery (€-4.9M or -94.3%), and Rubber & articles thereof (€-2.77M or -55.6%). In October 2024, the decrease in Belgium's year-by-year imports  from India was explained primarily by an decrease in product imports  in Iron & steel (€-78.3M or -88.2%), Iron/Steel Articles (€-3.09M or -36.2%), and Ores, slag and ash (€-2.68M or -100%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)€-119M(-33.5%)
IMPORT GROWTH (October 2023 - October 2024)€-23.2M(-6.32%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check India and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore India and Belgium Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Belgium exported $3.92B to India. The main products exported from Belgium to India were Diamonds ($1.78B), Scrap Iron ($163M), and Looms ($114M). During the last 5 years the exports of Belgium to India have decreased at an annualized rate of 16.1%, from $9.39B in 2018 to $3.92B in 2023.

In 2018, India exported $4.82B to Belgium. The main products exported from India to Belgium were Diamonds ($2.2B), Packaged Medicaments ($158M), and Refined Petroleum ($154M). During the last 5 years the exports of India to Belgium have increased at an annualized rate of 0.94%, from $4.6B in 2023 to $4.82B in 2018.

Exports from Belgium (Flag) to India (Flag) (2023)

Exports from India (Flag) to Belgium (Flag) (2023)

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
India
Top DestinationUnited States$85.5B

This map shows whether countries import more from Belgium or India. Each country is colored based on the difference in imports they receive from Belgium and India or the difference in the growth in imports.

In 2023, countries that imported more from Belgium than India included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

In 2023, countries that imported more from India than Belgium included United States ($85.5B), United Arab Emirates ($28.8B), and Bangladesh ($11.3B).

Difference in imports from India (Flag) and Belgium (Flag) (2023)

Comparative Advantage Belgium - India

Flow
Scale

This chart compares trade between Belgium and India by product, considering products traded by both, Belgium and India.

During 2023, Belgium had a large net trade with India in the exports of Precious Metals ($1.8B), Chemical Products ($516M), and Machines ($446M).

During 2018, India had a large net trade with Belgium in the exports of Precious Metals ($2.35B), Chemical Products ($818M), and Metals ($329M).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium India+$224MRefined Petroleum
Top Product Potential India Belgium+$827MRefined Petroleum

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Belgium and India. This means that a dot/product with the flag of Belgium indicates it has a comparative advantage over India. Similarly, a dot/product with the flag of India indicates it has a comparative advantage over Belgium.

Product Space of Belgium (Flag) and India (Flag) (2023)

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