The import of mineral fuels, oils, and distillation products to Belgium experienced a significant decline from 2013 to 2016, with the value dropping from $91.72 billion to $37.964 billion. This downward trend was slightly reversed from 2017 onwards, with moderate increases observed, culminating in a $61.021 billion value in 2023. Year-on-year variations fluctuated considerably, with notable declines in earlier years shifting to small increases in recent years. Over the last two years, the value saw modest growth with year-on-year increases of 1.05% in 2022 and 1.02% in 2023. The compound annual growth rate (CAGR) over the last five years was -0.59%. From 2024, the forecast indicates a gradual upward trend, with a forecast 5-year CAGR of 0.81%, leading to a projected value of $64.235 billion by 2028, representing a forecasted growth rate of 4.11% over the period.
Future trends to watch for include the impact of global geopolitical developments on energy supply chains, advancements in renewable energy adoption, and fluctuations in global oil prices. Additionally, Belgium's policies on energy transition may also influence the import patterns of these commodities.
