Azerbaijan: Accordion Market 2024

Accordion Market Size in Azerbaijan

In 2021, the Azerbaijani accordion market decreased by -43.5% to $X, falling for the second year in a row after two years of growth. In general, consumption, however, continues to indicate measured growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Accordion Production in Azerbaijan

In value terms, accordion production rose rapidly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 38% against the previous year. As a result, production reached the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Accordion Exports

Exports from Azerbaijan

In 2021, accordion exports from Azerbaijan surged to X units, rising by 157% against 2020 figures. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 186%. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, accordion exports skyrocketed to $X in 2021. Over the period under review, exports posted a significant expansion. The growth pace was the most rapid in 2018 with an increase of 309%. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), the UK (X units) and Russia (X units) were the main destinations of accordion exports from Azerbaijan, with a combined 67% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +43.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the UK ($X) and Mexico ($X) constituted the largest markets for accordion exported from Azerbaijan worldwide, together comprising 85% of total exports.

In terms of the main countries of destination, the UK, with a CAGR of +34.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average accordion export price amounted to $X per unit, which is down by -43.5% against the previous year. Over the period under review, the export price continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2014 an increase of 51% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Qatar ($X per unit), while the average price for exports to Georgia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (-0.2%), while the prices for the other major destinations experienced a decline.

Accordion Imports

Imports into Azerbaijan

In 2021, supplies from abroad of accordions and mouth organs decreased by -22.7% to X units, falling for the second year in a row after two years of growth. Over the period under review, imports, however, continue to indicate a prominent expansion. The pace of growth was the most pronounced in 2013 when imports increased by 1,051% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, accordion imports declined notably to $X in 2021. Overall, imports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2013 when imports increased by 653%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), the UK (X units) and France (X units) were the main suppliers of accordion imports to Azerbaijan, with a combined 71% share of total imports. Japan, Indonesia, Germany, the United Arab Emirates, Turkey and the United States lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +38.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest accordion suppliers to Azerbaijan were Japan ($X), France ($X) and the UK ($X), with a combined 79% share of total imports.

Among the main suppliers, Japan, with a CAGR of +47.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average accordion import price stood at $X per unit in 2021, which is down by -18.4% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 an increase of 43%. Over the period under review, average import prices hit record highs at $X per unit in 2020, and then reduced notably in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+15.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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