Report: Belgian-Russia Trade Normal Despite Sanctions
Date
3/10/2023 7:09:38 PM
(MENAFN- Kuwait News Agency (KUNA)) BRUSSELS, March 10 (KUNA) -- In a year of war and sanctions, trade between Belgium and Russia has not declined, regardless of the rise in gas prices, Belgian news agency Belga reported Friday.
Quoting the Belgian Foreign Trade Agency, it said that Belgian companies last year exported goods worth 3.6 billion euros (USD 3.8 billion) to Russia. On the other hand, more than 12.8 billion euros (USD 13.6 billion) of imports came from Russia.
The value of imports from Russia reached a historic maximum (64.7 percent), which is explained by the increase in gas prices and the strong increase in LNG imports via Belgium's Zeebrugge port, it said.
Total Belgian exports to Russia declined slightly in 2022, but all three major sectors registered positive figures. Exports of biochemicals, mainly medicines and vaccines, increased by 22 percent.
Before the Russian invasion of Ukraine, 25 percent of the rough diamonds passing through the Antwerp port city came from Russia.
In 2021, Belgium imported 1.8 billion euro (USD 1.9 billion) of Russian diamonds and 1.2 billion euro (USD 1.27 billion) in the first eight months of 2022, according to statistics from the National Bank of Belgium. (end)
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