Belgium-Luxembourg
Product Exports (2018): $442B, Rank 10 of 222
Product Imports (2018): $432B, Rank 12 of 221
Exports: The top exports of Belgium-Luxembourg are Cars ($29.4B), Refined Petroleum ($27.1B), Packaged Medicaments ($23.5B), Diamonds ($16.6B), and Blood, antisera, vaccines, toxins and cultures ($16.2B), exporting mostly to Germany ($77.4B), France ($62.3B), Netherlands ($57.5B), United Kingdom ($36.7B), and Italy ($23.8B).
In 2018, Belgium-Luxembourg was the world's biggest exporter of Other Frozen Vegetables ($2.07B), Frozen Vegetables ($1.26B), Looms ($690M), Armored vehicles ($564M), and Wheat Gluten ($320M)
Imports: The top imports of Belgium-Luxembourg are Cars ($29.4B), Refined Petroleum ($24B), Packaged Medicaments ($16.6B), Diamonds ($16.4B), and Blood, antisera, vaccines, toxins and cultures ($16.3B), importing mostly from Netherlands ($71.3B), Germany ($59B), France ($42.9B), United States ($32B), and United Kingdom ($20.1B).
In 2018, Belgium-Luxembourg was the world's biggest importer of Raw Tobacco ($1.76B), Saturated Acyclic Monocarboxylic Acids ($1.73B), Potatoes ($371M), Linseed ($176M), Composite Paper ($74.4M)
Product Trade
#permalink to sectionYearly Exports
#permalink to sectionIn 2018, Belgium-Luxembourg exported a total of $442B, making it the number 10 exporter in the world. During the last five reported years the exports of Belgium-Luxembourg have changed by $48.6B from $393B in 2013 to $442B in 2018.
The most recent exports are led by Cars ($29.4B), Refined Petroleum ($27.1B), Packaged Medicaments ($23.5B), Diamonds ($16.6B), and Blood, antisera, vaccines, toxins and cultures ($16.2B). The most common destination for the exports of Belgium-Luxembourg are Germany ($77.4B), France ($62.3B), Netherlands ($57.5B), United Kingdom ($36.7B), and Italy ($23.8B).
Yearly Imports
#permalink to sectionTop Import (2018): Cars, $29.4B
Top Origin (2018): Netherlands, $71.3B
In 2018 Belgium-Luxembourg imported $432B, making it the number 12 trade destination in the world. During the last five reported years the imports of Belgium-Luxembourg changed by -$52.9B from $485B in 2013 to $432B in 2018.
The most recent imports of Belgium-Luxembourg are led by Cars ($29.4B), Refined Petroleum ($24B), Packaged Medicaments ($16.6B), Diamonds ($16.4B), and Blood, antisera, vaccines, toxins and cultures ($16.3B). The most common import partners for Belgium-Luxembourg are Netherlands ($71.3B), Germany ($59B), France ($42.9B), United States ($32B), and United Kingdom ($20.1B).
Market Growth
#permalink to sectionFastest Growing Export Markets (2017 - 2018)
- Germany, $27.7B (+ 55.7%)
- France, $17.8B (+ 39.8%)
- United States, $8.39B (+ 59.4%)
Fastest Growing Import Markets (2017 - 2018)
- Netherlands, $3.64B (+ 5.39%)
- France, $3.18B (+ 8.01%)
- United States, $2.61B (+ 8.87%)
Forecasts
#permalink to sectionTrade Forecasts
#permalink to sectionThis section shows forecasts for total product exports and imports for Belgium-Luxembourg. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionBelgium-Luxembourg has a high level of specialization in Looms (12.7), Zinc Powder (12.2), Flax Fibers (11.9), Other Frozen Vegetables (9.58), and Vegetable and Mineral Carvings (9.27). Specialization is measured using RCA, an index that takes the ratio between Belgium-Luxembourg observed and expected exports in each product.
Most Complex Products by PCI
#permalink to sectionThe highest complexity exports of Belgium-Luxembourg according to the product complexity index (PCI) are Machining centre, single/multistation transfer machine (2.58), Photograph film, rolls, unexposed, not paper (2.02), Machine-tools for non-mechanical removal of material (2.01), Lathes for removing metal (1.9), and Gaskets and similar joints of metal sheet (1.86). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Belgium-Luxembourg according to the relatedness index, are Leather Used in Machinery (0.47), Tin Plating (0.46), Bovine, Sheep, and Goat Fat (0.43), Laboratory Reagents (0.42), and Petroleum Coke (0.41). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Belgium-Luxembourg is not specialized in.
Product Space
#permalink to sectionThe product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
Diversification Frontier
#permalink to sectionThe Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
