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2023
Flag → Flag
Exports $67.1MRnk 125 / 220
2023
Flag → Flag
Top Product $7.98MRefined Petroleum
2023
Flag → Flag
Exports $63.3MRnk 34 / 137
2023
Flag → Flag
Top Product $42.9MCoal Tar Oil
2023
Flag
Economic Complexity (ECI) ECI 1.23Rnk 20 / 132
2023
Flag
Economic Complexity (ECI) ECI -0.43Rnk 84 / 132
2023
Flag  
GDP$645BCURRENT US$
Rnk 23 / 195
2013-2023
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GDP GROWTH23%CURRENT US$
Rnk 132 / 195
2023
Flag
 GDP$72.4BCURRENT US$
Rnk 83 / 195
2013-2023
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GDP GROWTH-2.43%CURRENT US$
Rnk 173 / 195
2023
Flag
GDP PC $54,701CURRENT US$
Rnk 20 / 195
2013-2023
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GDP PC GROWTH16.5%CURRENT US$
Rnk 113 / 195
2023
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GDP PC$7,126CURRENT US$
Rnk 103 / 196
2013-2023
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GDP PC GROWTH-9.52%CURRENT US$
Rnk 168 / 195

About

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.

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.

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

Latest Trends

October, 2024

About

Overview In October 2024, Belgium exported €4.88M and imported €47.9k from Azerbaijan, resulting in a positive trade balance of €4.83M. Between October 2023 and October 2024 the exports of Belgium have increased by €2.25M (85.5%) from €2.63M to €4.88M, while imports decreased by €-223k (-82.3%) from €270k to €47.9k.

Trade In October 2024, the top exports of Belgium to Azerbaijan were Chemical products n.e.s. (€428k), Organic chemicals (€356k), Mineral fuels, mineral oils and products... (€342k), Fertilizers (€245k), and Rubber & articles thereof (€238k). In October 2024 the top imports of Belgium from Azerbaijan were Iron & steel (€74.5k), Animal or vegetable fats, oils, &... (€27.6k), Cars, tractors, trucks & parts thereof. (€659), Plastics & articles thereof (€276), and Non-knitted clothing accesories (€205).

Growth In October 2024, the increase in Belgium's year-by-year exports to Azerbaijan was explained primarily by an increase in product exports in Organic chemicals (€268k or 306%), Rubber & articles thereof (€148k or 164%), and Chemical products n.e.s. (€136k or 46.7%). In October 2024, the decrease in Belgium's year-by-year imports  from Azerbaijan was explained primarily by an decrease in product imports  in .

Latest Trade

Time Scale
Flow
Value
Depth
EXPORT GROWTH (October 2023 - October 2024)€2.25M(85.5%)
IMPORT GROWTH (October 2023 - October 2024)€-223k(-82.3%)

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 Azerbaijan and Belgium trade dynamics, check the bilateral page.

For full datasets download visit Bulk Download page.

Explore Azerbaijan and Belgium Data

Go to Bulk Download

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, 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 2018 to $67.1M in 2023.

In 2018, 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 2023 to $63.3M in 2018.

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

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

Market Competitiveness

Color
Belgium
Top DestinationFrance$85.6B
Azerbaijan
Top DestinationItaly$11.4B

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

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

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

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

Comparative Advantage Belgium - Azerbaijan

Flow
Scale

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

During 2023, 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).

During 2018, 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).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Belgium Azerbaijan+$12.2MRefined Petroleum
Top Product Potential Azerbaijan Belgium+$5.97MRefined 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

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

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

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