Economy, Foreign Trade

The foreign trade of Belgium and the Grand Duchy of Luxembourg is conducted jointly. The two countries formed a customs and currency union in 1922. In 2000 Belgo-Luxembourg exports were valued at $186 billion. Principal commodities were automobiles, food and food products, iron and steel, diamonds, textiles, plastics, petroleum products, and nonferrous metals. Annual imports in 2000 had a value of $172 billion. Principal commodities were food products, machinery, rough diamonds, petroleum and petroleum products, chemicals, clothing and accessories, and textiles. Belgium’s major trading partners were Germany, The Netherlands, France, the United Kingdom, Italy, the United States, and Spain. Belgium became a member of the European Coal and Steel Community (ECSC) in 1951. Six years later, Belgium, France, West Germany, Italy, The Netherlands, and Luxembourg signed two treaties creating the European Economic Community (EEC) and the European Atomic Energy Community (Euratom). In 1967 the ECSC, the EEC, and Euratom merged to form the European Community, now the European Union, with headquarters in Brussels.