The export of tractors from Belgium saw a notable decline from 2013 to 2017, with values dropping from 3.1847 billion USD to 1.537 billion USD. This period includes significant year-on-year declines such as -24.47% in 2016 and -29.06% in 2017. However, the sector experienced a moderate recovery starting in 2018, culminating in a gradual rise to 2.4817 billion USD by 2023. The year-on-year variations stabilized with increments of around 0.56% to 0.60% from 2020 to 2023. The Compound Annual Growth Rate (CAGR) over the last 5 years up to 2023 averages at -1.61%.
Looking forward, the forecast for 2024 onwards predicts a steady increase, reaching 2.5464 billion USD by 2028. This suggests a future CAGR of 0.41% over the next 5 years, with an overall growth rate of 2.05%.
Future trends to watch for include advancements in tractor technology, shifts in global agricultural demands, trade policies, and potential economic fluctuations impacting the export market. Developing markets and sustainable agricultural practices could also contribute to changes in export dynamics.
