The Treasurer’s Guide to Trade Finance

Belgium

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 514 bn Goods Exports 324

GDP per capita (USD) 47,831 Imports 336

GDP volume growth (year-on-year) + 1.8% Net – 12

Population 10.75m Services Exports 96

Interest rate (for corporations funding

stocks up to one year) 3.13% Imports^92

Exchange rate EUR / USD (year average) 0.7194 Net + 4

BoP (goods, services & income) as % of GDP + 0.4% Source: IFS, IMF, January 2013

International/Regional memberships

European Union (EU): founding member

since 25 March 1957. Belgium is also a

member of the European Economic Area

(EEA).

International Monetary Fund (IMF):

since 27 December 1945.

World Trade Organization (WTO):

since 1 January 1995.

Government trade policy

ƒ Belgium implements the trade regulations,

commercial policies and customs code of the

EU (ec.europa.eu/trade).

ƒ Belgium trades freely with its fellow EEA

member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

Belgian Export Credit Agency (Office

National Du Ducroire/ONDD —

http://www.ondd.be)

ƒ The EU maintains 74 free trade zones,

though none is located in Belgium.

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

Belgium does not impose foreign exchange

controls.

ƒ Belgium applies controls to financial

credits from residents to non-residents with

maturities exceeding three months if they

form over 10 percent of a resident insurance

company’s technical reserves.

Bank accounts

Permission to hold currency accounts

Within

Belgium

Outside

Belgium

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A