Spain (ESP) and Belgium (BEL) Trade

2023

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Exports $10.8BRnk 9 / 220

2023

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About

Spain-Belgium Trade: In 2023, Spain exported $10.8B to Belgium. The main products that Spain exported to Belgium were Cars ($1.67B), Vaccines, blood, antisera, toxins and cultures ($962M), and Delivery Trucks ($624M). Over the past 5 years the exports of Spain to Belgium have increased at an annualized rate of 4.57%, from $8.61B in 2018 to $10.8B in 2023.

In 2020, Spain exported services to Belgium worth $789M, with Travel ($789M) being the largest in terms of value.

Belgium-Spain Trade: In 2023, Belgium exported $10.5B to Spain. The main products that Belgium exported to Spain were Packaged Medicaments ($736M), Refined Petroleum ($511M), and Vaccines, blood, antisera, toxins and cultures ($503M). Over the past 5 years the exports of Belgium to Spain have increased at an annualized rate of 3.63%, from $8.81B in 2018 to $10.5B in 2023.

In 2020, Belgium exported services to Spain worth $1.92B, with Other business services ($810M), Transportation ($386M), and Computer and information services ($257M) being the largest in terms of value.

Comparison: In 2023, Spain ranked 31 in the Economic Complexity Index (ECI 0.86), and 16 in total exports ($402B). That same year, Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B).

Latest Trends

November, 2024

About

Overview In November 2024, Spain exported €974M and imported €895M from Belgium, resulting in a positive trade balance of €78.8M. Between November 2023 and November 2024 the exports of Spain have decreased by €-173M (-15.1%) from €1.15B to €974M, while imports increased by €11.8M (1.33%) from €884M to €895M.

Trade In November 2024, the top exports of Spain to Belgium were Vaccines, blood, antisera, toxins and cultures (€560M), Cars (€181M), Commodities not elsewhere specified (€70.6M), Delivery Trucks (€57.8M), and Refined Petroleum (€32.3M). In November 2024 the top imports of Spain from Belgium were Refined Petroleum (€96.9M), Packaged Medicaments (€54.6M), Motor vehicles; parts and accessories (8701... (€39.7M), Vaccines, blood, antisera, toxins and cultures (€28.4M), and Nitrogen Heterocyclic Compounds (€24.4M).

Origins In November 2024 the exports of Spain were mainly from Madrid (€134M), Barcelona (€114M), Valencia (€103M), Pontevedra (€74.3M), and Vizcaya (€63.9M), while imports destinations were mainly Madrid (€275M), Barcelona (€156M), Valencia (€50.1M), Alicante (€34.5M), and Guadalajara (€28.6M).

Growth In November 2024, the decrease in Spain's year-by-year exports to Belgium was explained primarily by an decrease in product exports in Refined Petroleum (€-38M or -54.1%), Hot-Rolled Iron Bars (€-14.8M or -88%), and Coal Tar Oil (€-5.27M or -78.1%). In November 2024, the increase in Spain's year-by-year imports from Belgium was explained primarily by an increase in product imports in Refined Petroleum (€70.6M or 269%), Motor vehicles; parts and accessories (8701... (€24.5M or 160%), and Nitrogen Heterocyclic Compounds (€22M or 941%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (November 2023 - November 2024)€-173M(-15.1%)

IMPORT GROWTH (November 2023 - November 2024)€11.8M(1.33%)

MAIN EXPORTER (November 2024)Madrid€134M

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

To check Belgium and Spain 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 2023, Spain exported $10.8B to Belgium. The main products exported from Spain to Belgium were Cars ($1.67B), Vaccines, blood, antisera, toxins and cultures ($962M), and Delivery Trucks ($624M). During the last 5 years the exports of Spain to Belgium have increased at an annualized rate of 4.57%, from $8.61B in 2018 to $10.8B in 2023.

In 2018, Belgium exported $10.5B to Spain. The main products exported from Belgium to Spain were Packaged Medicaments ($736M), Refined Petroleum ($511M), and Vaccines, blood, antisera, toxins and cultures ($503M). During the last 5 years the exports of Belgium to Spain have increased at an annualized rate of 3.63%, from $8.81B in 2023 to $10.5B in 2018.

Exports from Spain () to Belgium () (2023)

Exports from Belgium () to Spain () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Spain
Top DestinationFrance$61.9B

Belgium
Top DestinationFrance$85.6B

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

In 2023, countries that imported more from Spain than Belgium included Portugal ($38.1B), Morocco ($11.7B), and United Kingdom ($25.5B).

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

Difference in imports from Belgium () and Spain () (2023)

Comparative Advantage Spain - Belgium

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Spain had a large net trade with Belgium in the exports of Transportation ($2.71B), Chemical Products ($2.29B), and Metals ($963M).

During 2018, Belgium had a large net trade with Spain in the exports of Chemical Products ($2.84B), Foodstuffs ($1.21B), and Plastics and Rubbers ($1.16B).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Spain Belgium+$202MCars

Top Product Potential Belgium Spain+$234MCars

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

Esp Year

In 2020, Spain exported services to Belgium worth $789M, with Travel ($789M) being the largest in terms of value.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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

Product Space of Spain () and Belgium () (2023)

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