Belgium Polished Trade Continues Recovery, Helped by HK

Belgium’s polished diamond exports totaled $282.04 million in August, diving 30.3 percent from last year. By volume, the country exported 240,586 carats at an average value of $1,172.31 per carat.

Imports fell even further, shrinking 44.5 percent to 515.68 million averaging $993.08 p/c. The volume of exports fell 32.6 percent to 519,271 carats.

Despite the sharp drop in imports, Belgium still imported nearly twice as much as it exported in the month, creating an overhang of $233.64 million worth of goods.

Exports of 79,985.36 carats of polished to the U.S. were valued at $112.55 million, a 15 percent year-over-year decline but a clear improvement compared to July, when exports were 34 percent below the year before. This is an important indicator that the level of decline is decreasing.

Exports to Hong Kong increased by a whopping 57.2 percent to $60.98 million, rising to represent 21.6 percent of exports in August. Coupled with the high average value of these exports, $1,096.11 p/c, Hong Kong is becoming an increasingly important market as trade to the U.S. and Japan continue to decline.