Belgium: Tractor Market 2024

Tractor Market Size in Belgium

The Belgian tractor market declined notably to $X in 2022, shrinking by -39.1% against the previous year. Over the period under review, consumption, however, continues to indicate a significant increase. As a result, consumption attained the peak level of $X, and then declined markedly in the following year.

Tractor Production in Belgium

In value terms, tractor production reduced remarkably to $X in 2022 estimated in export price. Overall, production continues to indicate a abrupt decline. The growth pace was the most rapid in 2018 when the production volume increased by 84%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Tractor Exports

Exports from Belgium

In 2022, shipments abroad of tractors decreased by -12% to X units for the first time since 2017, thus ending a four-year rising trend. Over the period under review, exports, however, showed a remarkable increase. The growth pace was the most rapid in 2021 when exports increased by 278%. As a result, the exports attained the peak of X units, and then dropped in the following year.

In value terms, tractor exports fell to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 84% against the previous year. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

France (X units), the Netherlands (X units) and Poland (X units) were the main destinations of tractor exports from Belgium, with a combined 45% share of total exports. Germany, the UK, Spain, Italy, Guinea, Nigeria, Cote d'Ivoire, Bulgaria, Lithuania and China lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +56.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tractor exported from Belgium were France ($X), Poland ($X) and Germany ($X), together accounting for 34% of total exports. The Netherlands, the UK, Spain, Italy, Bulgaria, Lithuania, China, Cote d'Ivoire, Guinea and Nigeria lagged somewhat behind, together comprising a further 35%.

China, with a CAGR of +35.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average tractor export price amounted to $X per unit, with an increase of 3.7% against the previous year. Overall, the export price, however, saw a abrupt downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by 12% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (-7.4%), while the prices for the other major destinations experienced a decline.

Tractor Imports

Imports into Belgium

In 2022, after three years of growth, there was significant decline in overseas purchases of tractors, when their volume decreased by -24% to X units. Overall, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 524% against the previous year. As a result, imports attained the peak of X units, and then fell remarkably in the following year.

In value terms, tractor imports expanded modestly to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 38%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X units), the Netherlands (X units) and France (X units) were the main suppliers of tractor imports to Belgium, with a combined 59% share of total imports. These countries were followed by the UK, India, South Korea, Japan, Spain, Poland and Italy, which together accounted for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +79.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest tractor suppliers to Belgium were the UK ($X), the Netherlands ($X) and Germany ($X), together accounting for 67% of total imports.

In terms of the main suppliers, the UK, with a CAGR of +43.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tractor import price amounted to $X per unit, surging by 34% against the previous year. Overall, the import price, however, saw a abrupt descent. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (-15.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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