Looking around, it varies on the nature of the hug.
A soft, gentle hug might not make any sound, or very little. But a vigorous or enthusiastic hug could make a sound.
Focus on the nature of the hug. Is one person slapping the other on the back? Did one person grab or jump on the other? Maybe limit sound effects to accent specific actions- like patting on the back, or the rustling of fabric- to express something more specific about the action- like intimacy or enthusiasm.