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2022
Flag → Flag
Exports $2.68BRnk 29 / 222
2022
Flag → Flag
Top Product $825MPackaged Medicaments
2022
Flag → Flag
Exports $9.99BRnk 14 / 138
2022
Flag → Flag
Top Product $3.99BRefined Petroleum
2022
Flag
Economic Complexity (ECI) ECI 1.25Rnk 19 / 133
2022
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Economic Complexity (ECI) ECI 0.43Rnk 47 / 133
2022
Flag  
GDP$579BCURRENT US$
Rnk 25 / 186
2012-2022
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GDP GROWTH16.6%CURRENT US$
Rnk 131 / 186
2022
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 GDP$2.24TCURRENT US$
Rnk 8 / 186
2012-2022
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GDP GROWTH1.45%CURRENT US$
Rnk 164 / 186
2022
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GDP PC $49,583CURRENT US$
Rnk 19 / 186
2012-2022
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GDP PC GROWTH11%CURRENT US$
Rnk 112 / 186
2022
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GDP PC$15,345CURRENT US$
Rnk 63 / 186
2012-2022
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GDP PC GROWTH-0.49%CURRENT US$
Rnk 145 / 186

About

Belgium-Russia Trade: In 2022, Belgium exported $2.68B to Russia. The main products that Belgium exported to Russia were Packaged Medicaments ($825M), Vaccines, blood, antisera, toxins and cultures ($422M), and Medical Instruments ($116M). Over the past 5 years the exports of Belgium to Russia have decreased at an annualized rate of 4.57%, from $3.39B in 2017 to $2.68B in 2022.

In 2020, Belgium exported services to Russia worth $321M, with Other business services ($185M), Transportation ($51.4M), and Royalties and license fees ($24M) being the largest in terms of value.

Russia-Belgium Trade: In 2022, Russia exported $9.99B to Belgium. The main products that Russia exported to Belgium were Refined Petroleum ($3.99B), Petroleum Gas ($2.2B), and Diamonds ($1.46B). Over the past 5 years the exports of Russia to Belgium have increased at an annualized rate of 3.56%,  from $8.39B in 2017 to $9.99B in 2022.

In 2020, Russia exported services to Belgium worth $532M, with Other business services ($232M), Transportation ($227M), and Computer and information services ($24.5M) being the largest in terms of value.

Comparison: In 2022,  Belgium ranked 19 in the Economic Complexity Index (ECI 1.25), and 13 in total exports ($475B). That same year, Russia ranked 47 in the Economic Complexity Index (ECI 0.43), and 12 in total exports ($486B).

Latest Trends

August, 2024

About

Overview In August 2024, Belgium exported €136M and imported €99.5M from Russia, resulting in a positive trade balance of €37M. Between August 2023 and August 2024 the exports of Belgium have increased by €3.99M (3.01%) from €132M to €136M, while imports decreased by €-67.7M (-40.5%) from €167M to €99.5M.

Trade In August 2024, the top exports of Belgium to Russia were Pharmaceutical products (€112M), Optical, photo, & film equipment; medical... (€23.3M), Tobacco & substitutes (€18.7M), Cocoa & cocoa preparations (€7.94M), and Plastics & articles thereof (€7.45M). In August 2024 the top imports of Belgium from Russia were Mineral fuels, mineral oils and products... (€664M), Precious stones, metals, & pearls (€135M), Iron & steel (€69.2M), Oils seeds, oleaginous fruits, grains, straw... (€17.5M), and Salt, sulphur, cement, lime, stone, &... (€8.93M).

Growth In August 2024, the increase in Belgium's year-by-year exports to Russia was explained primarily by an increase in product exports in Tobacco & substitutes (€12.7M or 216%), Optical, photo, & film equipment; medical... (€8.33M or 55.8%), and Cocoa & cocoa preparations (€3.09M or 63.6%). In August 2024, the decrease in Belgium's year-by-year imports  from Russia was explained primarily by an decrease in product imports  in Iron & steel (€-71.1M or -50.7%), Inorganic chemicals (€-31.6M or -98.4%), and Organic chemicals (€-12.4M or -97.3%).

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (August 2023 - August 2024)€3.99M(3.01%)
IMPORT GROWTH (August 2023 - August 2024)€-67.7M(-40.5%)

This section shows exports and imports data at subnational level for Belgium. Click any date in the line plot or any product to explore the exports or imports behavior of Belgium over time.

To check Russia and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Russia and Belgium Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2022, Belgium exported $2.68B to Russia. The main products exported from Belgium to Russia were Packaged Medicaments ($825M), Vaccines, blood, antisera, toxins and cultures ($422M), and Medical Instruments ($116M). During the last 5 years the exports of Belgium to Russia have decreased at an annualized rate of 4.57%, from $3.39B in 2017 to $2.68B in 2022.

In 2017, Russia exported $9.99B to Belgium. The main products exported from Russia to Belgium were Refined Petroleum ($3.99B), Petroleum Gas ($2.2B), and Diamonds ($1.46B). During the last 5 years the exports of Russia to Belgium have increased at an annualized rate of 3.56%, from $8.39B in 2022 to $9.99B in 2017.

Exports from Belgium (Flag) to Russia (Flag) (2022)

Exports from Russia (Flag) to Belgium (Flag) (2022)

Market Competitiveness

Color
Belgium
Top DestinationGermany$91.9B
Russia
Top DestinationChina$101B

This map shows whether countries import more from Belgium or Russia. Each country is colored based on the difference in imports they receive from Belgium and Russia or the difference in the growth in imports.

In 2022, countries that imported more from Belgium than Russia included Germany ($91.9B), France ($71.1B), and Netherlands ($65.7B).

In 2022, countries that imported more from Russia than Belgium included China ($101B), India ($40.4B), and Turkey ($25.3B).

Difference in imports from Russia (Flag) and Belgium (Flag) (2022)

Comparative Advantage Belgium - Russia

Flow
Scale

This chart compares trade between Belgium and Russia by product, considering products traded by both, Belgium and Russia.

During 2022, Belgium had a large net trade with Russia in the exports of Chemical Products ($1.57B), Foodstuffs ($248M), and Instruments ($221M).

During 2017, Russia had a large net trade with Belgium in the exports of Mineral Products ($6.72B), Precious Metals ($1.46B), and Metals ($1.14B).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Russia+$191MVaccines, blood, antisera, toxins and cultures
Top Product Potential Russia Belgium+$772MPetroleum Gas

We estimate the export potential of an economy for each product and destination using an extension of the bilateral relatedness model of Jun et al. (2019).This extended gravity model considers similarities among products and geographies and explains more than 50% of the variance in future trade flows.

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Bilateral Service Trade

In 2020, Belgium exported services to Russia worth $321M, with Other business services ($185M), Transportation ($51.4M), and Royalties and license fees ($24M) being the largest in terms of value.

In 2020, Russia exported services to Belgium worth $532M, with Other business services ($232M), Transportation ($227M), and Computer and information services ($24.5M) being the largest in terms of value.

Service trade data is presented based on availability.

Services Exports from Belgium (Flag) to Russia (Flag) (2020)

Services Exports from Russia (Flag) to Belgium (Flag) (2020)

Service Trade

Economic Complexity

Competitive Landscape

This visualization shows the product space at the HS4 level with the flags of Belgium and Russia. This means that a dot/product with the flag of Belgium indicates it has a comparative advantage over Russia. Similarly, a dot/product with the flag of Russia indicates it has a comparative advantage over Belgium.

Product Space of Belgium (Flag) and Russia (Flag) (2022)

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