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2023
Flag → Flag
Exports $62.1MRnk 73 / 201
2023
Flag → Flag
Top Product $23.6MPackaged Medicaments
2023
Flag → Flag
Exports $59.1MRnk 35 / 137
2023
Flag → Flag
Top Product $54.3MCrude Petroleum
2023
Flag
Economic Complexity (ECI) ECI 1.41Rnk 14 / 132
2023
Flag
Economic Complexity (ECI) ECI -0.43Rnk 84 / 132
2023
Flag  
GDP$212BCURRENT US$
Rnk 56 / 195
2013-2023
Flag
GDP GROWTH56.5%CURRENT US$
Rnk 60 / 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 $22,142CURRENT US$
Rnk 58 / 195
2013-2023
Flag
GDP PC GROWTH61.4%CURRENT US$
Rnk 29 / 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

Hungary-Azerbaijan Trade: In 2023, Hungary exported $62.1M to Azerbaijan. The main products that Hungary exported to Azerbaijan were Packaged Medicaments ($23.6M), Vaccines, blood, antisera, toxins and cultures ($4.01M), and Dental Products ($2.52M). Over the past 5 years the exports of Hungary to Azerbaijan have decreased at an annualized rate of 2.78%, from $71.4M in 2018 to $62.1M in 2023.

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

Azerbaijan-Hungary Trade: In 2023, Azerbaijan exported $59.1M to Hungary. The main products that Azerbaijan exported to Hungary were Crude Petroleum ($54.3M), Refined Petroleum ($4.12M), and Broadcasting Equipment ($413k). Over the past 5 years the exports of Azerbaijan to Hungary have increased at an annualized rate of 103%,  from $1.7M in 2018 to $59.1M in 2023.

In 2008, Azerbaijan exported services to Hungary worth $1k, with Communications services ($1k) being the largest in terms of value.

Comparison: In 2023,  Hungary ranked 14 in the Economic Complexity Index (ECI 1.41), and 35 in total exports ($150B). That same year, Azerbaijan ranked 84 in the Economic Complexity Index (ECI -0.43), and 70 in total exports ($31.2B).

Historical Data

Bilateral Trade by Products

Depth
Value

In 2023, Hungary exported $62.1M to Azerbaijan. The main products exported from Hungary to Azerbaijan were Packaged Medicaments ($23.6M), Vaccines, blood, antisera, toxins and cultures ($4.01M), and Dental Products ($2.52M). During the last 5 years the exports of Hungary to Azerbaijan have decreased at an annualized rate of 2.78%, from $71.4M in 2018 to $62.1M in 2023.

In 2018, Azerbaijan exported $59.1M to Hungary. The main products exported from Azerbaijan to Hungary were Crude Petroleum ($54.3M), Refined Petroleum ($4.12M), and Broadcasting Equipment ($413k). During the last 5 years the exports of Azerbaijan to Hungary have increased at an annualized rate of 103%, from $1.7M in 2023 to $59.1M in 2018.

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

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

Latest Data

Trade between Hungary (Flag) and Azerbaijan (Flag)

Hungary Exports

Azerbaijan Exports

Market Competitiveness

Color
Hungary
Top DestinationGermany$37.4B
Azerbaijan
Top DestinationItaly$11.4B

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

In 2023, countries that imported more from Hungary than Azerbaijan included Germany ($37.4B), Romania ($8.43B), and United States ($7.66B).

In 2023, countries that imported more from Azerbaijan than Hungary included Turkey ($5.85B), Italy ($11.4B), and Israel ($1.4B).

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

Comparative Advantage Hungary - Azerbaijan

Flow
Scale

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

During 2023, Hungary had a large net trade with Azerbaijan in the exports of Chemical Products ($33.1M), Machines ($7.52M), and Foodstuffs ($5.15M).

During 2018, Azerbaijan had a large net trade with Hungary in the exports of Mineral Products ($58.4M), Machines ($629k), and Foodstuffs ($46.5k).

Potential Exports

Potential Exports

Depth
View
Sort By
Top Product Potential Hungary Azerbaijan+$5.63MPackaged Medicaments
Top Product Potential Azerbaijan Hungary+$2.74MRefined 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 Hungary and Azerbaijan. This means that a dot/product with the flag of Hungary indicates it has a comparative advantage over Azerbaijan. Similarly, a dot/product with the flag of Azerbaijan indicates it has a comparative advantage over Hungary.

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

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