2022
Flag  
GDP
$3.39TCURRENT US$
Rnk 5 / 186
2012-2022
Flag
GDP GROWTH
85.2%CURRENT US$
Rnk 24 / 186
2022
Flag
 GDP
$579BCURRENT US$
Rnk 25 / 186
2012-2022
Flag
GDP GROWTH
16.6%CURRENT US$
Rnk 131 / 186
2022
Flag
GDP PC 
$2,389CURRENT US$
Rnk 140 / 186
2012-2022
Flag
GDP PC GROWTH
66.6%CURRENT US$
Rnk 20 / 186
2022
Flag
GDP PC
$49,583CURRENT US$
Rnk 19 / 186
2012-2022
Flag
GDP PC GROWTH
11%CURRENT US$
Rnk 112 / 186

About

India-Belgium Trade: In 2022, India exported $9.2B to Belgium. The main products that India exported to Belgium were Diamonds ($2.91B), Refined Petroleum ($1.35B), and Packaged Medicaments ($474M). Over the past 5 years the exports of India to Belgium have increased at an annualized rate of 9.6%, from $5.82B in 2017 to $9.2B in 2022.

In 2022, India did not export any services to Belgium.

Belgium-India Trade: In 2022, Belgium exported $7.63B to India. The main products that Belgium exported to India were Diamonds ($4.96B), Orthopedic Appliances ($107M), and Vaccines, blood, antisera, toxins and cultures ($101M). Over the past 5 years the exports of Belgium to India have decreased at an annualized rate of 1.43%,  from $8.2B in 2017 to $7.63B in 2022.

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.

Comparison: In 2022,  India ranked 40 in the Economic Complexity Index (ECI 0.64), and 15 in total exports ($468B). That same year, Belgium ranked 19 in the Economic Complexity Index (ECI 1.25), and 13 in total exports ($475B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, India exported $9.2B to Belgium. The main products exported from India to Belgium were Diamonds ($2.91B), Refined Petroleum ($1.35B), and Packaged Medicaments ($474M). During the last 5 years the exports of India to Belgium have increased at an annualized rate of 9.6%, from $5.82B in 2017 to $9.2B in 2022.

In 2017, Belgium exported $7.63B to India. The main products exported from Belgium to India were Diamonds ($4.96B), Orthopedic Appliances ($107M), and Vaccines, blood, antisera, toxins and cultures ($101M). During the last 5 years the exports of Belgium to India have decreased at an annualized rate of 1.43%, from $8.2B in 2022 to $7.63B in 2017.

Exports from India (Flag) to Belgium (Flag) (2022)

Exports from Belgium (Flag) to India (Flag) (2022)

Market Competitiveness

Color
India
Top Destination
United States$82.9B
Belgium
Top Destination
Germany$91.9B

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

In 2022, countries that imported more from India than Belgium included United States ($82.9B), United Arab Emirates ($31.6B), and Bangladesh ($13.8B).

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

Difference in imports from Belgium (Flag) and India (Flag) (2022)

Comparative Advantage India - Belgium

Flow
Scale

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

During 2022, India had a large net trade with Belgium in the exports of Precious Metals ($3.03B), Chemical Products ($1.63B), and Mineral Products ($1.38B).

During 2017, Belgium had a large net trade with India in the exports of Precious Metals ($5.03B), Chemical Products ($696M), and Machines ($638M).

Potential Exports

Potential Exports

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

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.

Service trade data is presented based on availability.

Services Exports from Belgium (Flag) to India (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

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

Product Space of India (Flag) and Belgium (Flag) (2022)

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