Azerbaijan: Ball Bearing Market 2024

Ball Bearing Market Size in Azerbaijan

The Azerbaijani ball bearing market rose rapidly to $X in 2021, picking up by 5.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption posted a significant expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Ball Bearing Exports

Exports from Azerbaijan

In 2021, exports of ball bearings from Azerbaijan surged to X kg, increasing by 67% against the year before. Over the period under review, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 960% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, ball bearing exports contracted sharply to $X in 2021. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 1,312%. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X kg) was the main destination for ball bearing exports from Azerbaijan, with a 55% share of total exports. Moreover, ball bearing exports to China exceeded the volume sent to the second major destination, Turkmenistan (X kg), twofold. The third position in this ranking was taken by India (X kg), with a 6.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkmenistan (+45.7% per year) and India (+5.6% per year).

In value terms, Turkmenistan ($X) emerged as the key foreign market for ball bearings exports from Azerbaijan, comprising 53% of total exports. The second position in the ranking was taken by India ($X), with a 17% share of total exports. It was followed by China, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Turkmenistan totaled +52.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+35.7% per year) and China (0.0% per year).

Export Prices by Country

The average ball bearing export price stood at $X per ton in 2021, with a decrease of -58.5% against the previous year. Overall, the export price showed a abrupt slump. The growth pace was the most rapid in 2020 when the average export price increased by 387% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was India ($X per ton), while the average price for exports to China ($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 India (+28.5%), while the prices for the other major destinations experienced more modest paces of growth.

Ball Bearing Imports

Imports into Azerbaijan

In 2021, the amount of ball bearings imported into Azerbaijan amounted to X tons, growing by 3.9% compared with the previous year. In general, imports showed significant growth. The pace of growth appeared the most rapid in 2016 with an increase of 388% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, ball bearing imports rose significantly to $X in 2021. Over the period under review, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2013 with an increase of 74% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

The United Arab Emirates (X tons), China (X tons) and Russia (X tons) were the main suppliers of ball bearing imports to Azerbaijan, with a combined 93% 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 +49.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) constituted the largest supplier of ball bearings to Azerbaijan, comprising 55% of total imports. The second position in the ranking was taken by China ($X), with a 21% share of total imports. It was followed by Russia, with a 3.6% share.

From 2012 to 2021, the average annual growth rate of value from the United Arab Emirates totaled +34.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+25.4% per year) and Russia (+14.4% per year).

Import Prices by Country

In 2021, the average ball bearing import price amounted to $X per ton, growing by 8.6% against the previous year. Over the period under review, the import price, however, saw a abrupt descent. The pace of growth was the most pronounced in 2013 when the average import price increased by 117%. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Russia ($X per ton), while the price for China ($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 (+13.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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