The historical data shows that Belgium’s imports of gas oil and diesel oil exhibited significant fluctuations from 2013 to 2023. In 2013, there was a substantial increase by around 52.8%, which was followed by a notable decrease of 18.8% in 2014. Despite some year-on-year variations, the overall trend from 2013 to 2017 remained somewhat steady with a mild decline. From 2018 to 2020, the import volumes showed a sharper decline, reflecting changes in economic activities, possibly due to market saturation or competitive factors. However, starting from 2021, import volumes began to stabilize with marginal increases year on year, evidencing a slower pace of change.
In 2023, Belgium's imports of gas oil and diesel oil stood at 8.81 million metric tons. The recent years (2022 and 2023) showed slight positive growth rates of 1.32% and 1.29% respectively. Over the past five years, the Compound Annual Growth Rate (CAGR) indicated an average annual decrease of around -2.18%.
Looking ahead, the forecasts suggest a gradual increase in imports from 2024 to 2028. By the end of 2028, import volumes are expected to rise to 9.36 million metric tons, representing a five-year growth rate of 4.86% and a forecasted five-year CAGR of 0.95%. These projections indicate a slow yet steady recovery with moderate growth within the coming years.
Future trends to watch for include the impacts of energy transition policies, shifts in fuel types due to environmental regulations, technological advancements in alternative energy sources, and macroeconomic factors influencing demand and supply chains. Monitoring these aspects will be crucial in understanding the dynamics of Belgium's gas oil and diesel oil imports.
