Statistics

Annual Report: No. 18 Belgium - Diamonds, medicines lead trade

July 19th, 2006

New York – the U.S. diamond capital – plays a key role in trade between the United States and Belgium

The increase in diamond traffic between the United States and Belgium last year might have been even greater had it not been for the unfavorable exchange rate between the U.S. dollar and the euro.

Looking at all commodities, the two nations traded a total of nearly $32 billion in goods, an increase of nearly 8 percent from $29 billion in 2004. U.S. exports reached almost $19 billion while imports were $13 billion.

The United States is Belgium’s fifth largest trading partner behind the Netherlands, Germany, France and the United Kingdom.

Because Antwerp stands as one of the most important diamond centers in Europe, diamonds are typically the top commodity traded by the United States and Belgium. Trade statistics analyzed by WorldCity showed that 2005 held true to that tradition. The United States sent $1.7 billion in diamonds to Belgium, an increase of 11 percent, while importing $2.8 billion from the European nation – a gain of 4 percent from the year before.

New York’s role as a diamond center became evident in the trade tally: The New York Customs District handled more cargo to and from Belgium than any other district.

More than $8 billion in cargo was processed through the Big Apple in 2005, nearly evenly split between imports and exports.

Other key U.S. exports included chemicals, pharmaceuticals and medical instruments. Sales of chemical compounds reached $936 million, reflecting a nearly 11 percent hike from the year before. Pharmaceuticals, on the other hand, fell 20 percent to $876 million.

U.S. laboratories exported $647 million worth of human and animal blood, plasma and vaccines. That’s an increase of nearly 7 percent from 2004. At the same time, the United States purchased $512 million in Belgian pharmaceuticals, a gain of 31 percent. U.S. imports of blood also rose, by 36 percent, to total $287 million.

Other key exports to Belgium included $535 million in machinery parts, a jump of 78 percent, and $397 million in regional jet parts, an increase of 32 percent.

U.S. imports included refined oil, which rose to $1.7 billion from $1.5 billion a year earlier. Antwerp has the second-largest petrochemical center in the world after Houston.

Passenger cars and trucks were also an important U.S. import, although they fell 1 percent in value to $1.2 billion. Belgium has a vibrant auto manufacturing sector and nine of every 10 vehicles is destined for export. Automakers including General Motors, Ford, Volvo and Honda all have assembly plants in the country.

Belgium’s economy is export-focused. At the Belgian Embassy in Washington, D.C., Trade Commissioner Piet Morisse said 85 percent of goods produced in Belgium are exported. Morisse, who represents the northern region of Flanders, noted that the dollar’s weak position against the euro last year dampened trade results somewhat.

After New York, Houston emerged as the second most important Customs district for trade with Belgium. Cargo traveling between the European country and the Houston area reached a value of $2.9 billion, up 13 percent from 2004. Detroit held the No. 3 spot, showing a gain of 29 percent to pass the $2 billion mark.

Some of the fastest-growing Customs districts for trade with Belgium were Chicago, posting a gain of 48 percent; Boston, up 55 percent; and Washington, D.C., which jumped 99 percent.

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Annual Report: No. 18 Belgium - Diamonds, medicines lead trade (07/19/2006)

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