Russia (RUS) and Belgium (BEL) Trade

2023

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Exports $3.73BRnk 19 / 137

2023

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About

Russia-Belgium Trade: In 2023, Russia exported $3.73B to Belgium. The main products that Russia exported to Belgium were Petroleum Gas ($1.84B), Semi-Finished Iron ($657M), and Refined Petroleum ($351M). Over the past 5 years the exports of Russia to Belgium have decreased at an annualized rate of 16.3%, from $9.07B in 2018 to $3.73B in 2023.

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.

Belgium-Russia Trade: In 2023, Belgium exported $2.08B to Russia. The main products that Belgium exported to Russia were Packaged Medicaments ($801M), Vaccines, blood, antisera, toxins and cultures ($360M), and Raw Tobacco ($125M). Over the past 5 years the exports of Belgium to Russia have decreased at an annualized rate of 4.7%, from $2.65B in 2018 to $2.08B in 2023.

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.

Comparison: In 2023, Russia ranked 50 in the Economic Complexity Index (ECI 0.3), and 18 in total exports ($394B). That same year, Belgium ranked 20 in the Economic Complexity Index (ECI 1.23), and 13 in total exports ($437B).

Latest Trends

January, 2022

About

Overview In January 2022, Russia exported $660M and imported $163M from Belgium, resulting in a positive trade balance of $496M. Between January 2021 and January 2022 the exports of Russia have decreased by $-10.7M (-1.6%) from $670M to $660M, while imports increased by $48.4M (42.1%) from $115M to $163M.

Trade In January 2022, the top exports of Russia to Belgium were Semi-Finished Iron ($194M), Refined Petroleum ($180M), Diamonds ($119M), Petroleum Gas ($48.5M), and Commodities not elsewhere specified ($31.1M). In January 2022 the top imports of Russia from Belgium were Packaged Medicaments ($6.78M), Refined Petroleum ($4.97M), Chocolate ($3.98M), Other Organo-Inorganic Compounds ($3.87M), and Propylene Polymers ($3.26M).

Origins In January 2022 the exports of Russia were mainly from REPUBLIC OF SAKHA (YAKUTIA) ($117M), LIPETSK REGION ($112M), YAMAL-NENETS AUTONOMOUS AREA ($64.1M), MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($56.4M), and VOLOGDA REGION ($49.7M), while imports destinations were mainly MOSCOW, THE CAPITAL OF RUSSIAN FEDERATION ($83.4M), MOSCOW REGION ($24.1M), ST. PETERSBURG ($12M), SAMARA REGION ($6.37M), and REPUBLIC OF TATARSTAN ($5.73M).

Growth In January 2022, the decrease in Russia's year-by-year exports to Belgium was explained primarily by an decrease in product exports in Diamonds ($-122M or -50.7%), Refined Petroleum ($-90.9M or -33.5%), and Coal Tar Oil ($-26.6M or -99.8%). In January 2022, the increase in Russia's year-by-year imports from Belgium was explained primarily by an increase in product imports in Packaged Medicaments ($3.19M or 89%), Other Organo-Inorganic Compounds ($1.34M or 52.8%), and Animal Food ($1.33M or 91.2%).

Latest Trade

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Value

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

EXPORT GROWTH (January 2021 - January 2022)$-10.7M(-1.6%)

IMPORT GROWTH (January 2021 - January 2022)$48.4M(42.1%)

MAIN EXPORTER (January 2022)REPUBLIC OF SAKHA (YAKUTIA)$117M

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

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

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Historical Data

Bilateral Trade by Products

Depth

HS2

HS4

HS6

Value

Trade

Growth

Growth (%)

Year

In 2023, Russia exported $3.73B to Belgium. The main products exported from Russia to Belgium were Petroleum Gas ($1.84B), Semi-Finished Iron ($657M), and Refined Petroleum ($351M). During the last 5 years the exports of Russia to Belgium have decreased at an annualized rate of 16.3%, from $9.07B in 2018 to $3.73B in 2023.

In 2018, Belgium exported $2.08B to Russia. The main products exported from Belgium to Russia were Packaged Medicaments ($801M), Vaccines, blood, antisera, toxins and cultures ($360M), and Raw Tobacco ($125M). During the last 5 years the exports of Belgium to Russia have decreased at an annualized rate of 4.7%, from $2.65B in 2023 to $2.08B in 2018.

Exports from Russia () to Belgium () (2023)

Exports from Belgium () to Russia () (2023)

Market Competitiveness

Color

Exports

Export Growth

Section

Year

Russia
Top DestinationChina$129B

Belgium
Top DestinationFrance$85.6B

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

In 2023, countries that imported more from Russia than Belgium included China ($129B), India ($66.1B), and Turkey ($31B).

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

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

Comparative Advantage Russia - Belgium

Flow

Section

HS2

HS4

Scale

Log

Linear

Year

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

During 2023, Russia had a large net trade with Belgium in the exports of Mineral Products ($2.26B), Metals ($862M), and Precious Metals ($312M).

During 2018, Belgium had a large net trade with Russia in the exports of Chemical Products ($1.31B), Foodstuffs ($272M), and Instruments ($184M).

Potential Exports

Depth

Section

HS2

HS4

View

Top 20

Top 15

Top 10

Sort By

Highest Potential

Most Saturated

Section

Top Product Potential Russia Belgium+$772MPetroleum Gas

Top Product Potential Belgium Russia+$191MVaccines, blood, antisera, toxins and cultures

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

Bel Year

Rus Year

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.

Service trade data is presented based on availability.

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

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

Service Trade

Economic Complexity

Competitive Landscape

Year

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

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

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