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Pair · Q2 2026 · Aug 2025–Jul 2026

Goods, bank claims, portfolio holdings and direct investment between Portugal and Belgium, each channel at its own period. Left, Portugal to Belgium; right, Belgium to Portugal.

Finance to trade

positions ÷ goods, both directions
Finance to trade4.2×positions ÷ goods, both directions
Financial positions, both directions18.1USD bn
Goods, both directions4.3USD bn

Bank, and positions in both directions over goods trade in both directions; financial centres show very high ratios because they hold securities for others.

Positions at the periods above, goods in the 12-month window. Calculations: datasteg.

The pair through time

2006–Jul 2026

Each channel at its own period on one time axis: goods every month (12-month windows), bank claims every quarter, portfolio holdings every half year, direct investment every year, and below them the finance-to-trade ratio by quarter. Solid lines are reported flows, dashed stretches estimated; the band between a goods line and its other report is the mirror gap where both reports exist. A month with no goods line is one where the pair fell below trade-flow’s 1,500 largest flows.

SincePortugal → BelgiumBelgium → Portugalother report (mirror gap)estimated
Goods · 12-month windows, monthly · USD bnJul 2026 · 1.6 / 4.3035Bank claims · quarterly · USD bnQ2 2026 · – / 0.50510Portfolio holdings · half-yearly · USD bnDec 2025 · 9.0 / 5.401020Direct investment · annual · USD bn2024 · 0.6 / 2.60510Finance to trade · quarterly, positions both ways ÷ goods both waysQ2 2026 · 4.2×0.0×5.0×10×20062008201020122014201620182020202220242026
Sources

The ratio starts in 2009, when the direct-investment survey begins: bank claims at the quarter, portfolio and direct investment at their latest period at or before it, goods in the 12 months to the quarter end. Calculations: datasteg global-network.

Goods Portugal → Belgium

Aug 2025–Jul 2026

exports of Portugal to Belgium, 12 months

Exports, 12 months–Below the backbone of 1,500 flows
Sources

Window Aug 2025–Jul 2026. Importer-reported where filed, partner-reported or estimated otherwise (tagged). Mirror ratio: the importer’s report over the exporter’s.

Goods Belgium → Portugal

Aug 2025–Jul 2026

exports of Belgium to Portugal, 12 months

Exports, 12 months4.3USD bnreported
–importer’s report ÷ exporter’s
Sources

Window Aug 2025–Jul 2026. Importer-reported where filed, partner-reported or estimated otherwise (tagged). Mirror ratio: the importer’s report over the exporter’s.

Portugal → Belgium

Q2 2026

loans and deposits of banks in Portugal on residents of Belgium

Position–Not reported
Flow in the quarter–
Sources

Loans and deposits, all sectors and currencies, residence basis, Q2 2026. Flow as published by the BIS.

Belgium → Portugal

Q2 2026

loans and deposits of banks in Belgium on residents of Portugal

Position0.5USD bn
Flow in the quarter−0.1USD bnas published by the BIS
Sources

Loans and deposits, all sectors and currencies, residence basis, Q2 2026. Flow as published by the BIS.

Portugal → Belgium

Q4 2025

securities issued in Belgium held by investors in Portugal

Total9.0USD bn
Equity0.3USD bn
Debt securities8.7USD bn
Sources

Holder to issuer, Q4 2025.

Belgium → Portugal

Q4 2025

securities issued in Portugal held by investors in Belgium

Total5.4USD bn
Equity0.3USD bn
Debt securities5.1USD bn
Sources

Holder to issuer, Q4 2025.

Portugal → Belgium

2024

position of investors in Portugal in Belgium

Position0.6USD bn
Reportthe host’s
Sources

Investor to host, 2024; one report per pair, the host’s first.

Belgium → Portugal

2024

position of investors in Belgium in Portugal

Position2.6USD bn
Reportthe host’s
Sources

Investor to host, 2024; one report per pair, the host’s first.