BRUSSELS, Aug. 16 (Xinhua) — The National Bank of Belgium (NBB) reported on Friday a notable improvement in the country’s trade balance for the first half (H1) of 2024.
The value of goods exports decreased by 6.8 percent compared to the same period in 2023, while imports fell by a larger margin, dropping by 11.1 percent.
As a result, the trade surplus surged significantly, reaching 13.2 billion euros (14.5 billion U.S. dollars), up from 1.8 billion euros in the first half of the previous year.
The NBB attributed this improvement primarily to the more substantial reduction in imports compared to exports.
Chemicals and pharmaceuticals played a crucial role in this increase, with a rise in surplus by 5.9 billion euros, attributed to a significant drop in import prices in these sectors.
Surpluses also increased in several other sectors: electrical machinery and equipment, mineral products, and transportation equipment.
