Belgian foreign trade declines amid weak exports to the United States
BRUSSELS, 16 JANUARY / WAM / The Belgian National Bank announced that foreign trade has entered a “turning point” towards negative growth rates, after the sharp decline in exports to the United States by 22% led to a shift in the trade balance with it from a surplus of 1.3 billion euros to a deficit of 0.9 billion euros in recent months.
The bank indicated that this decline had a negative impact on overall performance, as imports and exports declined by between 5.6% and 5.7% on an annual basis, with the contraction particularly worsening in November.
Chemical products topped the list of the most affected sectors, with losses exceeding 600 million euros in the American market, in addition to noticeable weakness in the markets of Britain, Italy, and the Netherlands, followed by metals, while the diamond sector witnessed an improvement in exports.
The bank attributed part of this decline to monetary and customs reasons, including the 12% decline in the value of the dollar against the euro and the rise in US customs duties, calling for waiting for deeper analyzes before issuing final rulings on these factors.
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