Foreign trade figures fall for the first time in more than two years

The total value of Belgian trade with other countries fell during the first quarter of 2023. This marks the first fall in Belgium’s foreign trade figures since the final quarter of 2020. The foreign trade figures were announced by the National Bank of Belgium on Monday morning. 

The value of imports into Belgium during the months of January, February and March fell and was 2.8% lower than in the first quarter of 2022. Meanwhile, the total value of exports from Belgium fell by 3.1%. Despite this, Belgium’s balance of trade remained positive with a trade surplus of 2.3 billion euro during the first quarter of this year. This is 0.5 billion euro down on the trade surplus of 2.8 billion euro recorded during the first quarter of 2022.

The trade figures were still rising in January, but in March the trend reversed with a fall of 10% recorded during the final month of the first quarter. The fall can at least in part be explained by price increases implemented last year following the Russian invasion of Ukraine. Prices are now returning to pre-war levels again which in turn results in a fall in the value of trade compared with when prices were peaking.

During the first quarter, the food industry saw n increase in its trade levels and there was also an increase in the total value of machinery that was imported into and exported out of the country.  Meanwhile, there was an increase in both volume and total value of goods imported and exported by the transport equipment sector.