The arms exports by Belgium have demonstrated significant fluctuations over the past decade. Beginning with a peak in 2013, there was a steep decline in subsequent years until 2017, where a resurgence was noted. This trend continued with a notable peak in 2019, followed by a substantial dip in 2020, and an impressive surge in 2021 and 2022. However, 2023 saw another decline, indicating a potential stabilization phase. As of 2023, the exports stood at approximately 64.627 million US dollars (1990 constant dollars).
Year-on-year variations show sharp increases and decreases, reflecting the sector's volatility. Over the last two years, there was a significant decrease in 2023, following a sizable increase in 2022. The compound annual growth rate (CAGR) for the past five years stands at 25.21%, highlighting substantial growth amidst fluctuations.
Forecasts from 2024 to 2028 suggest a period of relative stability, with minor year-on-year increases projected. The forecasted CAGR for the upcoming five years is a modest 0.57%, indicating an overall growth rate of 2.88% over this period.
The future trends to watch for in Belgium's arms exports include global geopolitical changes, potential policy shifts within Belgium and the European Union that may impact defense exports, and technological advancements in the defense sector which may influence export value and volume.
