Belgium-Spain Bilateral Trade Analysis 2023
Complete trade statistics: $24.54B total volume •Belgium deficit: $3.14B
Belgium → Spain
$10.70B
Exports (2023)
Spain → Belgium
$13.84B
Imports (2023)
Trade Balance
$3.14B
Deficit for Belgium
Total Trade
$24.54B
Combined Volume
Trade Flow Visualization
Direct trade relationship between Belgium and Spain. Green line shows exports from Belgium, red line shows imports.
Detailed Product Trade Analysis
Comprehensive breakdown of trade flows by product category, revealing the specialized nature of the Belgium-Spain commercial relationship and competitive positioning in global markets.
Belgium → Spain Exports
Export Market Intelligence
🎯 Strategic Export Focus
Belgium's export portfolio to Spain demonstrates strong diversification across multiple sectors, with medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale representing a key competitive advantage in this bilateral market.
Spain → Belgium Imports
Import Dependency Profile
📦 Import Strategy Analysis
Belgium's import pattern from Spain reveals strategic sourcingin vaccines: for human medicine, highlighting complementary economic structures and potential supply chain optimization opportunities.
Competitive Trade Position Analysis
Market Leadership
Belgium demonstrates competitive strength in exportingmedicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale to Spain, leveraging comparative advantages.
Trade Complementarity
The bilateral relationship showsstrongcomplementarity, with each country specializing in different sectors.
Growth Potential
The $24.54B trade volume indicates substantial economic integration with room for expansion in emerging sectors.
Executive Summary: Belgium-Spain Trade Relationship
Key Trade Highlights 2023
- Total Trade Volume: $24.54 billionrepresenting a significant bilateral economic relationship
- Trade Balance: Belgium maintains a deficit of $3.14 billion
- Export Focus: Belgium's primary exports include medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, petroleum oils and oils from bituminous minerals, not crude: preparations n.e.c. containing by weight 70% or more of petroleum oils or oils from bituminous minerals: these being the basic constituents of the preparations: waste oils, tractors: road, for semi-trailers
- Import Dependencies: Key imports from Spain include vaccines: for human medicine, vehicles: with only spark-ignition internal combustion reciprocating piston engine, cylinder capacity over 1000 but not over 1500cc, heterocyclic compounds: containing a pyrimidine ring (whether or not hydrogenated) or piperazine ring in the structure, (other than malonylurea and its derivatives, loprazolam, mecloqualone, methaqualone, zipeprol, and salts thereof) n.e.c. in 2933.5
Strategic Trade Indicators
📈 Market Position: This bilateral trade relationship represents a significant global trade partnerships, with complementary economic strengths driving sustained commercial exchange.
Historical Trade Analysis & Economic Context
Trade Evolution Timeline
2019-2023: Recent Trends
Current trade volume of $24.54B represents the culmination of evolving bilateral commercial relationships, influenced by global supply chain shifts and changing economic priorities.
2015-2019: Growth Period
Sustained expansion in bilateral trade driven by complementary economic structures, with Belgium leveraging its comparative advantages in medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale.
2010-2015: Foundation Building
Establishment of modern trade frameworks and reduction of barriers, facilitating increased commercial exchange and investment flows between the two economies.
Pre-2010: Early Development
Initial stages of bilateral trade relationship development, with focus on traditional export-import patterns and gradual market integration.
Key Economic Drivers
Comparative Advantage
Belgium's specialization in medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail salecomplements Spain's demand patterns, creating natural trade synergies.
Supply Chain Integration
Deep integration in global value chains has strengthened bilateral linkages, particularly in vaccines: for human medicine.
Market Access & Trade Policy
Favorable trade agreements and market access conditions have facilitated the growth of this $24.54B bilateral relationship.
Trade Pattern Insights
Trade Relationship Outlook
The $24.54B bilateral trade volume positions this relationship for continued growth, supported by technological advancement, evolving consumer preferences, and strengthening economic ties. Key opportunities lie in expanding cooperation in emerging sectors while managing potential supply chain vulnerabilities.
Economic Impact & Strategic Outlook
Economic Impact Assessment
Trade Volume Impact
The $24.54 billion bilateral trade volume represents a significant economic factorfor both economies.
Industrial Integration
Trade flows in medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale and vaccines: for human medicine demonstrate deep industrial linkages and supply chain integration.
Trade Balance Effects
Belgium's trade deficit of $3.14 billion impacts its overall economic position in this bilateral relationship.
Strategic Future Outlook
🚀Growth Opportunities
⚠️Risk Factors
🎯Strategic Recommendations
- Strengthen cooperation in high-value sectors beyond current trade patterns
- Develop alternative supply chains to reduce dependency risks
- Explore joint ventures in emerging technology sectors
- Enhance trade facilitation and reduce transaction costs
Market Position & Competitive Summary
The bilateral trade relationship between Belgium and Spain represents a total trade volume of $24.54 billion in 2023. This partnership demonstrates an unfavorable trade balance for Belgium, with imports exceeding exportsby $3.14 billion.
Export Strengths
Belgium's exports to Spain total $10.70 billion, with competitive advantages in medicaments: consisting of mixed or unmixed products n.e.c. in heading no. 3004, for therapeutic or prophylactic uses, packaged for retail sale, representing $674.51M or6.3% of bilateral exports.
Import Dependencies
Imports from Spain amount to $13.84 billion, highlighting economic interdependence in vaccines: for human medicine, with Vaccines: for human medicine comprising21.7% of total imports.
The trade relationship reflects broader economic patterns and comparative advantages. The trade deficit indicates Belgium's strategic sourcing from Spain. This partnership is characterized by complementary trade flows, with each country specializing in different product categories based on their respective economic strengths, industrial capabilities, and position in global value chains.
Download Bilateral Trade Data
Access detailed trade data between Belgium and Spain in multiple formats.
Data Source: CEPII BACI (Base pour l'Analyse du Commerce International) • Last Updated: January 2025 • Coverage: 1995-2023