Azerbaijan: Bearing Market 2024

Bearing Market Size in Azerbaijan

The Azerbaijani bearing market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption, however, continues to indicate a relatively flat trend pattern. Bearing consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Bearing Production in Azerbaijan

In value terms, bearing production expanded modestly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2014 with an increase of 20% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Bearing Exports

Exports from Azerbaijan

In 2021, overseas shipments of ball and roller bearings increased by 1,015% to X tons for the first time since 2018, thus ending a two-year declining trend. Overall, exports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 6,721%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, bearing exports contracted to $X in 2021. In general, exports saw a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 370% against the previous year. The exports peaked at $X in 2020, and then declined in the following year.

Exports by Country

Russia (X tons) was the main destination for bearing exports from Azerbaijan, accounting for a 38% share of total exports. Moreover, bearing exports to Russia exceeded the volume sent to the second major destination, Turkmenistan (X tons), twofold. Georgia (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Russia amounted to +8.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkmenistan (+15.9% per year) and Georgia (+146.2% per year).

In value terms, Canada ($X), Turkmenistan ($X) and Russia ($X) were the largest markets for bearing exported from Azerbaijan worldwide, with a combined 49% share of total exports. Georgia, China and Egypt lagged somewhat behind, together comprising a further 13%.

China, with a CAGR of +165.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average bearing export price stood at $X per ton in 2021, falling by -91.8% against the previous year. In general, the export price, however, continues to indicate measured growth. The pace of growth was the most pronounced in 2017 an increase of 3,449%. The export price peaked at $X per ton in 2020, and then contracted sharply in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Egypt (+356.0%), while the prices for the other major destinations experienced mixed trend patterns.

Bearing Imports

Imports into Azerbaijan

In 2021, supplies from abroad of ball and roller bearings decreased by -0.6% to X tons, falling for the second consecutive year after four years of growth. In general, imports, however, saw a significant increase. The most prominent rate of growth was recorded in 2016 when imports increased by 442% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, bearing imports expanded markedly to $X in 2021. Overall, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 with an increase of 53% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates (X tons), China (X tons) and Russia (X tons) were the main suppliers of bearing imports to Azerbaijan, with a combined 91% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +46.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of ball and roller bearings to Azerbaijan, comprising 54% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by Russia, with a 4.5% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates amounted to +35.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+27.7% per year) and Russia (-1.9% per year).

Import Prices by Country

The average bearing import price stood at $X per ton in 2021, increasing by 14% against the previous year. Overall, the import price, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2013 an increase of 63% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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