Belgian Exports To Russia Slowly Approaching Pre-Sanctions Levels - Diplomat

MOSCOW (UrduPoint News / Sputnik - 13th February, 2020) Belgium's exports to Russia are slowly getting back to the pre-sanctions 2014 levels, but the countries need to do more in order to increase their overall trade, Gerard Seghers, the economic and commercial counselor with the Embassy of Belgium to Russia, told Sputnik.

"What we see from the Belgian side is indeed a return to the level of 2014 in terms of exports. Russia is not a very big market for Belgium, Russia is about the size of the market of Denmark for Belgium. Even though there is a close geographic proximity of Russia and Belgium, Russia is still a relatively small market for us. We should do better. We are getting back to the pre-sanctions, pre-crisis levels of 2014, but at a very modest level," Seghers said on the sidelines of Prodexpo food and drinks exhibition held in Moscow.

Belgian exports to Russia increased by 14 percent year-on-year in the first 10 months of 2019 and reached almost $3.8 billion, according to the diplomat.

Russia's exports to Belgium over the same period, however, amounted to some $7.3 billion, a 20 percent decrease year-on year. Seghers attributed the drop to the decline in the prices of oil and diamonds.

In 2018, Russia was a ninth biggest supplier to the Belgian market. It exported goods and services worth over $10 billion, an increase of almost 8 percent. At the same time, Belgium's exports to Russia stood at $3.9 billion, which was an 11 percent decrease year-on-year.