Belgian balance of trade plummets

Belgium has always been a country of export and has always maintained a very positive balance of trade. The difference between import and export was most favourable in 2002 when export exceeded import in Belgium by some 18 billion euros.

Belgium is completely reliant on foreign oil imports.

Last year saw the surplus plummet to around 0.7 billion euros. The preceding year still managed 8.2 billion euros more in export than import.

The balance of trade is extremely sensitive to seasonal variations; export is especially reduced during the holiday season.

This yearly drop occurred as usual last year but the expected recovery did not materialise in the following months.

In November, Belgium sunk into a negative balance in trade with import out performing export.

The high price of oil was a particular contributory factor in the equation; Belgium being completely reliant on foreign fuel supply.

Employers' representative also point to high wage costs in Belgium in comparison to neighbouring countries; this is seen as a handicap by employers' organisations who indicate the growing difference between Belgian wage costs and those in the Netherlands and Germany.