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2023
Exports $22.4BWorld Rnk 8 / 214
Flag Rnk 5 / 1216
2023
Destination $1.9B Netherlands
2022 - 2023
FASTEST GROWING MARKET $1.9BNetherlands
2023
PRODUCT COMPLEXITY IN Packaged Medicaments0.63Rnk 313 / 1025
2023
Imports $22.5BWorld Rnk 5 / 226
Flag Rnk 4 / 1213
2023
Origin $1.4B Italy
2022 - 2023
FASTEST GROWING ORIGIN $1.4BIreland
2023
ECONOMIC COMPLEXITY of Belgium1.23Rnk 20 / 132

About

Exports In 2023, Belgium exported $22.4B in Packaged Medicaments, making it the 8th largest exporter of Packaged Medicaments in the world. At the same year, Packaged Medicaments was the 5th most exported product in Belgium. The main destination of Packaged Medicaments exports from Belgium are: Netherlands ($4.23B), Italy ($3.79B), United States ($2.02B), France ($1.53B), and Germany ($957M).

The fastest growing export markets for Packaged Medicaments of Belgium between 2022 and 2023 were Netherlands ($1.9B), Italy ($620M), and South Korea ($319M).

Imports In 2023, Belgium imported $22.5B in Packaged Medicaments, becoming the 5th largest importer of Packaged Medicaments in the world. At the same year, Packaged Medicaments was the 4th most imported product in Belgium. Belgium imports Packaged Medicaments primarily from: Italy ($5.9B), Germany ($3.86B), United States ($3.47B), France ($2.61B), and Ireland ($2.01B).

The fastest growing import markets in Packaged Medicaments for Belgium between 2022 and 2023 were Ireland ($1.4B), United States ($355M), and France ($301M).

COMPANIES In 2023, leading companies such as Baxter Healthcare (28) and L'Oreal (19) were at the forefront of shipping Packaged Medicaments from Belgium to the United States.

Latest Trends

October 2024

About

Overview In October 2024 Belgium's Packaged Medicaments exports accounted up to €2.38B and imports accounted up to €1.87B, resulting in a positive trade balance of €511M. Between October 2023 and October 2024 the exports of Belgium's   Packaged Medicaments have increased by €323M (15.7%) from €2.06B to €2.38B, while imports decreased by €-272M (-12.7%) from €2.14B to €1.87B.

Destinations In October 2024, Packaged Medicaments were exported mostly to United States (€518M), Italy (€392M), Germany (€169M), Netherlands (€168M), and France (€117M), and were imported mostly from Italy (€737M), United States (€253M), Germany (€244M), France (€204M), and Switzerland (€109M).

Growth In October 2024, the increase in Packaged Medicaments's year-by-year exports was explained primarily by an increase in exports to China (€282M or 554%), Netherlands (€163M or 348%), and France (€59.1M or 54.8%). In October 2024, the decrease in Packaged Medicaments's year-by-year imports was explained primarily by a decrease in imports from United Kingdom (€-110M or -73.6%), France (€-31.4M or -20.8%), and Canada (€-11.1M or -39.7%).

Subnational Monthly Trade

Time Scale
Flow
Color
EXPORT GROWTH (October 2023 - October 2024)€323M(15.7%)
IMPORT GROWTH (October 2023 - October 2024)€-272M(-12.7%)
MAIN DESTINATION (October 2024)United States€518M

This section shows Packaged Medicaments's exports and imports data at subnational level for Belgium. Click any date in the line plot, any subnational region in the geomap, or any destination or origin country to explore the exports or imports behavior of Packaged Medicaments over time.

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Historical Data

Trade Balance

Color
EXPORTS (2023)$22.4B
IMPORTS (2023)$22.5B
NET TRADE (2023)-$166M

In 2023, Belgium exported $22.4B in Packaged Medicaments. The main destinations of Belgium exports on Packaged Medicaments were Netherlands ($4.23B), Italy ($3.79B), United States ($2.02B), France ($1.53B), and Germany ($957M).

In 2023, Belgium imported $22.5B in Packaged Medicaments, mainly from Italy ($5.9B), Germany ($3.86B), United States ($3.47B), France ($2.61B), and Ireland ($2.01B).

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Export Destinations (2023)

Import Origins (2023)

Market Growth

Flow
THE FASTEST GROWING Packaged Medicaments EXPORT MARKETS FOR Belgium WERE (2022 - 2023):
Netherlands$1.9B (81.5%)
Italy$620M (19.5%)
South Korea$319M (280%)
THE FASTEST DECLINING MARKETS FOR THE EXPORT OF Packaged Medicaments BY Belgium WERE (2022 - 2023):
United States-$359M (-15.1%)
Germany-$334M (-25.9%)
Vietnam-$306M (-62%)
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Change in Exports by Market (2022 - 2023)

Market Concentration

View
Flow
Type
In 2023, Belgium's main exporting competitors in Packaged Medicaments were:
Germany $66.4B
United States $41B
Switzerland $39.7B
In 2023, Belgium's main importing competitors in Packaged Medicaments were:
United States $82.7B
Switzerland $40B
Germany $30.8B

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Trade Value of Packaged Medicaments by Exporters

Potential Exports

Potential Exports

Flow
View
TOP EXPORT POTENTIALGermany+ $1.41B
TOP IMPORT POTENTIALGermany+ $1.8B

Packaged Medicaments’s highest export potential is Germany. With an export gap of $1.41B.   Packaged Medicaments’s highest import potential is Germany with an import gap of $1.8B.

See methodology.

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