BELGIUM
ECONOMY |
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| Densely populated Belgium is located at the heart of one of the world's most
highly industrialised regions. One of the first countries to undergo an
industrial revolution on the continent of Europe in the early 1800s, Belgium
developed an excellent transportation infrastructure of ports, canals,
railways, and highways to integrate its industry with that of its
neighbours. One of the founding members of the European Union, Belgium
strongly supports deepening the powers of the EU to integrate European
economies. Belgium was one of the first countries to adopt the euro, the
single European currency, in January 1999 and the Belgian franc was
completely replaced by euro coins and banknotes in early 2002. |
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Belgium is sometimes called "The heart of Europe". This is not only because
of its geographical location, but also due to many international
institutions having their headquarters in Brussels, such as NATO and the
European Union. This, in its turn, is because it has an excellent
transportation system. It has a modern and toll-free road system, is
connected to the European railway system, and Antwerp is the second largest
European port.
The economy in Belgium greatly depends on its imports and exports. Its main
imports are: food products, machinery, rough diamonds, petroleum and
petroleum products, chemicals, clothing and accessories, and textiles, and
its main trade partners are Germany, The Netherlands, France, the United
Kingdom, Italy, the United States, and Spain. Its main exports are
automobiles, food and food products, iron and steel, diamonds, textiles,
plastics, petroleum products, and nonferrous metals. Trade is made together
with Luxembourg, since these two countries created a customs and currency
union in 1922. |
