Azerbaijan (AZE) and Belgium (BEL) Trade | The Observatory of Economic Complexity

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Azerbaijan-Belgium Trade: In 2023, Azerbaijan exported $63.3M to Belgium. The main products that Azerbaijan exported to Belgium were Coal Tar Oil ($42.9M), Petroleum Resins ($17.8M), and Inedible Fats and Oils ($629k). Over the past 5 years the exports of Azerbaijan to Belgium have increased at an annualized rate of 33%, from $15.2M in 2018 to $63.3M in 2023.

In 2023, Azerbaijan did not export any services to Belgium.

Belgium-Azerbaijan Trade: In 2023, Belgium exported $67.1M to Azerbaijan. The main products that Belgium exported to Azerbaijan were Refined Petroleum ($7.98M), Packaged Medicaments ($5.37M), and Acyclic Hydrocarbons ($2.67M). Over the past 5 years the exports of Belgium to Azerbaijan have increased at an annualized rate of 1.62%, from $61.9M in 2018 to $67.1M in 2023.

In 2023, Belgium did not export any services to Azerbaijan.

Comparison: In 2023, Azerbaijan ranked 84 in the Economic Complexity Index (ECI -0.43), and 70 in total exports ($31.2B). That same year, Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B).

Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Azerbaijan exported $63.3M to Belgium. The main products exported from Azerbaijan to Belgium were Coal Tar Oil ($42.9M), Petroleum Resins ($17.8M), and Inedible Fats and Oils ($629k). During the last 5 years the exports of Azerbaijan to Belgium have increased at an annualized rate of 33%, from $15.2M in 2018 to $63.3M in 2023.

In 2018, Belgium exported $67.1M to Azerbaijan. The main products exported from Belgium to Azerbaijan were Refined Petroleum ($7.98M), Packaged Medicaments ($5.37M), and Acyclic Hydrocarbons ($2.67M). During the last 5 years the exports of Belgium to Azerbaijan have increased at an annualized rate of 1.62%, from $61.9M in 2023 to $67.1M in 2018.

Exports from Azerbaijan () to Belgium () (2023)

Exports from Belgium () to Azerbaijan () (2023)

Latest Data

Trade between Azerbaijan () and Belgium ()

Azerbaijan Exports

Date

Belgium Exports

Date

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Azerbaijan
Top DestinationItaly$11.4B

Belgium
Top DestinationFrance$85.6B

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

In 2023, countries that imported more from Azerbaijan than Belgium included Turkey ($5.85B), Georgia ($654M), and Turkmenistan ($86.1M).

In 2023, countries that imported more from Belgium than Azerbaijan included France ($85.6B), Netherlands ($67.3B), and Germany ($60.8B).

Difference in imports from Belgium () and Azerbaijan () (2023)

Comparative Advantage Azerbaijan - Belgium

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Azerbaijan had a large net trade with Belgium in the exports of Mineral Products ($43M), Plastics and Rubbers ($18M), and Animal and Vegetable Bi-Products ($629k).

During 2018, Belgium had a large net trade with Azerbaijan in the exports of Chemical Products ($23.3M), Mineral Products ($8.14M), and Plastics and Rubbers ($6.73M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Azerbaijan Belgium+$5.97MRefined Petroleum

Top Product Potential Belgium Azerbaijan+$12.2MRefined Petroleum

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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Economic Complexity

Competitive Landscape

Year

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

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Historical Data

Bilateral Trade by Products

Exports from Azerbaijan () to Belgium () (2023)

Exports from Belgium () to Azerbaijan () (2023)

Latest Data

Trade between Azerbaijan () and Belgium ()

Azerbaijan Exports

Belgium Exports

Market Competitiveness

Difference in imports from Belgium () and Azerbaijan () (2023)

Comparative Advantage Azerbaijan - Belgium

Potential Exports

Potential Exports

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Economic Complexity

Competitive Landscape

Product Space of Azerbaijan () and Belgium () (2023)

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