Canada (CAN) and Belgium (BEL) Trade

2022

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Exports $3.68BRnk 10 / 215

2022

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About

Canada-Belgium Trade: In 2022, Canada exported $3.68B to Belgium. The main products that Canada exported to Belgium were Diamonds ($1.35B), Potassic Fertilizers ($403M), and Iron Ore ($269M). Over the past 5 years the exports of Canada to Belgium have increased at an annualized rate of 5.49%, from $2.82B in 2017 to $3.68B in 2022.

In 2020, Canada exported services to Belgium worth $336M, with Financial services ($157M), Transportation ($49.2M), and Royalties and license fees ($46.2M) being the largest in terms of value.

Belgium-Canada Trade: In 2022, Belgium exported $3.41B to Canada. The main products that Belgium exported to Canada were Vaccines, blood, antisera, toxins and cultures ($578M), Packaged Medicaments ($356M), and Hormones ($340M). Over the past 5 years the exports of Belgium to Canada have increased at an annualized rate of 5.04%, from $2.19B in 2017 to $3.41B in 2022.

In 2020, Belgium exported services to Canada worth $344M, with Other business services ($175M), Transportation ($99.4M), and Computer and information services ($34.3M) being the largest in terms of value.

Comparison: In 2022, Canada ranked 31 in the Economic Complexity Index (ECI 0.92), and 9 in total exports ($587B). That same year, Belgium ranked 19 in the Economic Complexity Index (ECI 1.25), and 13 in total exports ($475B).

Latest Trends

August, 2024

About

Overview In August 2024, Canada exported C$256M and imported C$331M from Belgium, resulting in a negative trade balance of C$74.8M. Between August 2023 and August 2024 the exports of Canada have increased by C$75.4M (41.8%) from C$180M to C$256M, while imports decreased by C$-73.9M (-18.3%) from C$404M to C$331M.

Trade In August 2024, the top exports of Canada to Belgium were Diamonds (C$182M), Potassic Fertilizers (C$75.2M), Iron Ore (C$34.7M), Raw Nickel (C$19.9M), and Non-Iron and Steel Slag, Ash and... (C$13.2M). In August 2024 the top imports of Canada from Belgium were Hormones (C$160M), Vaccines, blood, antisera, toxins and cultures (C$67.8M), Harvesting Machinery (C$38.4M), Packaged Medicaments (C$33.1M), and Refined Petroleum (C$29.7M).

Origins In August 2024 the exports of Canada were mainly from Nunavut (C$52.3M), Saskatchewan (C$48.6M), Quebec (C$46.8M), Ontario (C$44.3M), and Newfoundland Labrador (C$26.3M), while imports destinations were mainly Quebec (C$129M), Ontario (C$126M), Nova Scotia (C$46.7M), Alberta (C$11.1M), and British Columbia (C$8.8M).

Growth In August 2024, the increase in Canada's year-by-year exports to Belgium was explained primarily by an increase in product exports in Potassic Fertilizers (C$48.8M or 185%), Non-Iron and Steel Slag, Ash and... (C$7.21M or 121%), and Raw Nickel (C$6.06M or 43.7%). In August 2024, the decrease in Canada's year-by-year imports from Belgium was explained primarily by an decrease in product imports in Vaccines, blood, antisera, toxins and cultures (C$-187M or -73.4%), Refined Petroleum (C$-34.8M or -54%), and Platinum (C$-25.1M or -58.7%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (August 2023 - August 2024)C$75.4M(41.8%)

IMPORT GROWTH (August 2023 - August 2024)C$-73.9M(-18.3%)

MAIN EXPORTER (August 2024)NunavutC$52.3M

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

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

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2022, Canada exported $3.68B to Belgium. The main products exported from Canada to Belgium were Diamonds ($1.35B), Potassic Fertilizers ($403M), and Iron Ore ($269M). During the last 5 years the exports of Canada to Belgium have increased at an annualized rate of 5.49%, from $2.82B in 2017 to $3.68B in 2022.

In 2017, Belgium exported $3.41B to Canada. The main products exported from Belgium to Canada were Vaccines, blood, antisera, toxins and cultures ($578M), Packaged Medicaments ($356M), and Hormones ($340M). During the last 5 years the exports of Belgium to Canada have increased at an annualized rate of 5.04%, from $2.19B in 2022 to $3.41B in 2017.

Exports from Canada () to Belgium () (2022)

Exports from Belgium () to Canada () (2022)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Canada
Top DestinationUnited States$438B

Belgium
Top DestinationGermany$91.9B

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

In 2022, countries that imported more from Canada than Belgium included United States ($438B), China ($25.4B), and Mexico ($7.39B).

In 2022, countries that imported more from Belgium than Canada included Germany ($91.9B), France ($71.1B), and Netherlands ($65.7B).

Difference in imports from Belgium () and Canada () (2022)

Comparative Advantage Canada - Belgium

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2022, Canada had a large net trade with Belgium in the exports of Precious Metals ($1.36B), Chemical Products ($840M), and Mineral Products ($392M).

During 2017, Belgium had a large net trade with Canada in the exports of Chemical Products ($1.51B), Mineral Products ($417M), and Precious Metals ($292M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Canada Belgium+$107MPackaged Medicaments

Top Product Potential Belgium Canada+$199MCars

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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Bilateral Service Trade

Bel Year

Can Year

In 2020, Canada exported services to Belgium worth $336M, with Financial services ($157M), Transportation ($49.2M), and Royalties and license fees ($46.2M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Canada () to Belgium () (2020)

Services Exports from Belgium () to Canada () (2020)

Service Trade

Economic Complexity

Competitive Landscape

Year

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

Product Space of Canada () and Belgium () (2022)

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