The import of Indicator Panels incorporating Light Emitting Diodes (LED) to Belgium has exhibited significant fluctuations over the past decade. After a notable peak in 2017, with values reaching 850.0 thousand kilograms, there was a subsequent decline before a sharp spike in 2021, reaching 2170.6 thousand kilograms. By 2023, the import value stood at 628.27 thousand kilograms, marking a 6.73% year-on-year increase, but still below the 2021 peak.
The CAGR over the last five years averaged at -0.95%, indicating a slight overall decline. However, the forecasted period from 2024 to 2028 shows a moderate growth, with an expected CAGR of 2.33%, culminating in a projected import value of 727.62 thousand kilograms by 2028. This suggests a recovery and stabilization of the import volumes in the medium term.
Future trends to watch for include:
- Technological advancements and innovations in LED technology that might drive higher import volumes.
- Changes in international trade policies or tariffs affecting Belgium’s import operations.
- Economic factors influencing the demand for LED indicators in various applications such as automotive, industrial, and consumer electronics sectors.
- Sustainability practices and regulations that may impact the electronics import market.
