What can be learned from international trade in the first six months of 2024? Which goods and services sectors are booming? Which are struggling to keep pace? Find out in our overview of foreign trade!

Whether you are an ambitious start-up or a large, fast-growing company, this half-year report provides the main keys to understanding Brussels’ international dynamics and identifying the levers for new opportunities. Take a look at the new markets and growth sectors for our region.

Falling exports and new sector leader

In the first half of 2024, the Brussels-Capital Region exported goods worth €5.1 billion, a 16% drop compared with the same period in 2023. This fall marks a significant break after three consecutive years of growth. The drop was more moderate for imports (-3.1%), but the trade balance remained negative, with a total deficit of €4.5 billion, a similar trend to Flanders. Wallonia, on the other hand, had a positive trade balance.

There was a significant change in the export categories of the Brussels Region. Products of the chemical or allied industries were in first place, while Transport equipment, the previous leader, recorded a significant drop of 40%, due primarily to a fall in exports of passenger cars. At the same time, although exports of Products of the chemical industry were in the lead, they fell by 16%, particularly in the sub-category of medicines for therapeutic or prophylactic use.

However, there was a remarkable and promising increase in the category of Plastics and related articles, particularly in the sub-category of “plastic tubes, pipes and fittings”, which doubled (+106%) in the first half of the year, accounting for almost 10% of total exports.

And nationally?

Important trends also emerged at national level over the first six months, for both goods and services.

• Belgium exported €68.1 billion in services, a slight fall of 0.8%, the first since 2020.
• The Netherlands, France and the United States remained key partners for services exports.
• At national level, exports of goods fell by 5.5% (€178 billion) and imports by 12.4% (€177 billion), generating a positive trade balance with a surplus of €1 billion.

The decline in Belgian exports of goods was due primarily to a fall in energy prices and lower sales of COVID-19 vaccines, diamonds and rare metals.

Focus on Europe, with a look at overseas

The European Union remained the main destination for Brussels exports by far, representing 76% of the total in the first half of 2024. This strong focus on the EU – and the European continent in general – logically reduced the proportion of exports to other continents.

• The European continent represented more than 86% of exports.
• America was in second place, although its share has fallen in recent years to just over 8%.
• Asia was third, with an export share of just over 3%.
• Africa and Oceania still had modest shares of below 2%.

In terms of destinations, the three main markets remained our neighbours: Germany, France and the Netherlands. They were followed by Luxembourg and, in fifth place, the United States. There were two noticeable opposing trends:

• on the one hand, a sharp drop in exports to Germany (-39.7%), the United States (-44.9%) and the Netherlands (-18.4%).
• on the other hand, a significant increase to France (+14.7%), the UK (+23.3%) and Switzerland (+16.7%).