Europe: The value of the export of goods from Belgium has increased by 33.5 percent and imports by 40 percent in March 2022, as per statistics published by the National Bank of Belgium on 16 May.
In the first quarter of 2022, imports and exports equally increased by 38.5 percent as well as 42.2 percent, respectively. The National Bank states that this sharp increase in value is a result of rising commodity prices, exacerbated by Russia’s full-scale military operation against Ukraine.
The National Bank mentioned in the statement, “The war in Ukraine has exacerbated existing tensions in energy markets, and the rise in energy prices continues to affect the economy.” This, the economists say, explains much of the increase in the value of imports into Belgium.
Moreover, the Raw materials, such as food and metals, are subject to strong price increases. The price of wheat alone rose from about $8 to over $12 a bushel in 2022.
This means that imports and more costly, adding to the total value of trade in Belgium.
The Imports and exports are worth more, as per the data, the strongest growth in the value of imports was with Norway, which witnessed 278.1 percent more than the year before. For exports, Belgium exported 186.9 percent higher value in goods than last year.
Along with this, Belgium is increasingly trading in mineral products, which are required in many industries such as the technology sector, construction, as well as the chemical industry.
Compared to the last year, there was a 144 percent rise in the value of their import and a 160.7 percent increase in export.
Trade to the European Union member states still accounts for a 21.2 percent rise in the value of imports as well as 27.2 percent in exports.
Furthermore, in 2021, Belgium maintained the 18th most positive trade balance in the world of $34 billion, meaning that the nation exports much more than it imports.