BusinessK Puspa04 Sept 2026
Sep 04: Belgian Prime Minister Bart De Wever’s three-day official visit to India from September 2–4, 2026, marks an important milestone in India–Belgium relations, being the first visit by a Belgian Prime Minister to India in two decades. The visit aims to further strengthen bilateral ties and expand cooperation across trade, investment, defence, technology, connectivity and logistics.
The visit comes amid increased bilateral engagement, including a major Belgian economic mission to India in March 2025 and the inaugural ministerial-level Strategic Dialogue in July 2026, providing further momentum to economic and strategic cooperation.
Belgium is also an important investment partner for India, with foreign direct investment inflows of approximately USD 4.25 billion between April 2000 and March 2026. As the seventh-largest economy in the European Union, Belgium is an important European manufacturing, trade and logistics hub, with strengths across pharmaceuticals, chemicals, machinery, diamonds, transport equipment and maritime logistics.
Against this backdrop, Rubix Data Sciences has analysed the evolving India–Belgium goods trade dynamics and identified opportunities to strengthen bilateral economic ties through greater diversification and deeper value-chain integration.
India’s goods exports to Belgium declined consistently from USD 10.1 billion in FY2022 to USD 6.3 billion in FY2025, representing a 10% CAGR decline. However, exports recovered 4.4% year-on-year to USD 6.6 billion in FY2026, indicating an early reversal of the downward trend.
Imports from Belgium also declined over the five-year period, falling from USD 10.0 billion in FY2022 to USD 6.4 billion in FY2026, translating into a 10% CAGR decline. Imports declined 2.8% year-on-year in FY2026.
As a result, total bilateral goods trade fell sharply from USD 20.0 billion in FY2022 to USD 12.9 billion in FY2025. It marginally recovered to USD 13.0 billion in FY2026, representing 0.8% year-on-year growth.
The trade balance also turned marginally positive. After shifting from a USD 0.1 billion surplus in FY2022 to a USD 0.3 billion deficit in FY2025, India recorded a USD 0.2 billion surplus in FY2026, supported by stronger export growth and lower imports.
Diamonds continue to be the dominant product in India–Belgium merchandise trade. They accounted for 22% of India’s exports to Belgium and 29% of imports from Belgium in FY2026, although their respective shares have declined from 26% and 58% in FY2022.
The significant two-way flow reflects the complementary roles of Belgium and India in the global diamond value chain. Antwerp is a major international diamond trading and distribution hub, while India is a leading global centre for diamond cutting and polishing. Diamonds therefore move between the two countries at different stages of trading, processing and value addition.
Pharmaceuticals are another product category traded in both directions. Pharma products accounted for 5% of India’s exports to Belgium and 2% of imports from Belgium in FY2026.
The two-way trade reflects the complementary nature of the pharmaceutical industries in both countries, covering finished medicines, specialised formulations and products serving different therapeutic and market requirements.
Belgium’s strong pharmaceutical and life sciences ecosystem, combined with India’s large-scale pharmaceutical manufacturing capabilities, provides scope for continued trade and deeper value-chain linkages.
Beyond diamonds and pharmaceuticals, individual product categories account for relatively limited shares, pointing to a broad and diversified bilateral trade basket.
India’s leading exports to Belgium include unmanufactured tobacco, crustaceans and flat-rolled steel, while imports include air pumps, aluminium scrap and orthopaedic devices.
Rubix Data Sciences sees opportunities to expand bilateral trade across marine products, food products, engineering goods, industrial inputs and healthcare equipment, alongside established sectors.
The analysis identifies opportunities for deeper cooperation across several sectors:
The conclusion of the India–EU Free Trade Agreement in January 2026 is expected to create greater market access and reduce trade barriers for Indian businesses once it comes into force. This could support deeper trade and investment linkages between India and Belgium.
Belgium’s position as a major European maritime and logistics hub also presents opportunities for cooperation in ports, shipping and supply-chain development. Meanwhile, the approximately 35,000 people of Indian origin in Belgium provide an important people-to-people link between the two countries.
The India–Belgium trade relationship now has an opportunity to move into a phase of greater diversification and value-chain integration to help reverse the recent contraction in bilateral trade.
Belgium remains an important European hub for diamonds, pharmaceuticals, chemicals, machinery, transport equipment and specialised industrial products, while India has established strengths in pharmaceuticals, diamonds, marine products, engineering goods, chemicals and automotive components.
The presence of diamonds and pharmaceuticals in both countries’ export and import baskets highlights their complementary roles within global trading, manufacturing and processing value chains. The opportunity therefore extends beyond traditional merchandise trade towards deeper partnerships in diamonds, pharmaceuticals, chemicals, advanced manufacturing, engineering, automotive components and healthcare.
As bilateral engagement intensifies, Indian businesses will need greater visibility into Belgian counterparties, suppliers, market opportunities and financial risks to identify opportunities for expanding trade while managing cross-border exposure.
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