Azerbaijan: Bearing Market 2024

Bearing Market Size in Azerbaijan

The Azerbaijani bearing market soared to $X in 2022, growing by X% against the previous year. Overall, consumption enjoyed a prominent expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Bearing Production in Azerbaijan

In value terms, bearing production fell modestly to $X in 2022 estimated in export price. In general, production saw a noticeable reduction. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Bearing production peaked at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Bearing Exports

Exports from Azerbaijan

In 2022, bearing exports from Azerbaijan declined dramatically to X tons, with a decrease of X% on 2021. In general, exports saw a abrupt shrinkage. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, bearing exports contracted significantly to $X in 2022. Over the period under review, exports, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

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

From 2012 to 2022, the average annual growth rate of volume to Georgia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (X% per year) and Russia (X% per year).

In value terms, Russia ($X) emerged as the key foreign market for ball or roller bearings exports from Azerbaijan, comprising X% of total exports. The second position in the ranking was taken by Kazakhstan ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Russia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (X% per year) and the UK (X% per year).

Export Prices by Country

The average bearing export price stood at $X per ton in 2022, rising by X% against the previous year. In general, the export price enjoyed a significant increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced a decline.

Bearing Imports

Imports into Azerbaijan

Bearing imports into Azerbaijan surged to X tons in 2022, with an increase of X% on the year before. In general, imports enjoyed significant growth. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, bearing imports rose sharply to $X in 2022. Overall, imports posted strong growth. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2019; afterwards, it flattened through to 2022.

Imports by Country

In 2022, China (X tons) constituted the largest bearing supplier to Azerbaijan, with a X% share of total imports. Moreover, bearing imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), more than tenfold. The third position in this ranking was taken by Japan (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (X% per year) and Japan (X% per year).

In value terms, China ($X) constituted the largest supplier of ball or roller bearings to Azerbaijan, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports. It was followed by Japan, with an X% share.

From 2012 to 2022, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Japan (X% per year).

Import Prices by Country

The average bearing import price stood at $X per ton in 2022, declining by X% against the previous year. In general, the import price saw a abrupt decline. The pace of growth appeared the most rapid in 2015 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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