Belgium's strongly globalized economy and its transport infrastructure are integrated with the rest of Europe. Its location at the heart of a highly industrialized region helped make it the world's 15th largest trading nation in 2007. The economy is characterized by a highly productive work force, high GNP and high exports per capita. Belgium's main imports are raw materials, machinery and equipment, chemicals, raw diamonds, pharmaceuticals, foodstuffs, transportation equipment, and oil products. Its main exports are machinery and equipment, chemicals, finished diamonds, metals and metal products, and foodstuffs.
The Belgian economy is heavily service-oriented and shows a dual nature: a dynamic Flemish economy and a Walloon economy that lags behind. One of the founding members of the European Union, Belgium strongly supports an open economy and the extension of the powers of EU institutions to integrate member economies. Since 1922, through the Belgium-Luxembourg Economic Union, Belgium and Luxembourg have been a single trade market with customs and currency union.
Belgium was the first continental European country to undergo the Industrial Revolution, in the early 19th century. Liège and Charleroi rapidly developed mining and steelmaking, which flourished until the mid-20th century in the Sambre and Meuse valley and made Belgium among one of the three most industrialized nations in the world from 1830 to 1910. However, by the 1840s the textile industry of Flanders was in severe crisis, and the region experienced famine from 1846 to 1850.
After World War II, Ghent and Antwerp experienced a rapid expansion of the chemical and petroleum industries. The 1973 and 1979 oil crises sent the economy into a recession; it was particularly prolonged in Wallonia, where the steel industry had become less competitive and experienced serious decline. In the 1980s and 1990s, the economic centre of the country continued to shift northwards and is now
