Azerbaijan: Granite Building Stone Market 2024

Granite Building Stone Market Size in Azerbaijan

The Azerbaijani granite building stone market skyrocketed to $X in 2021, increasing by 23% 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, the total consumption indicated a slight increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Granite building stone consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Granite Building Stone Exports

Exports from Azerbaijan

In 2021, approx. X tons of granite building stone were exported from Azerbaijan; remaining constant against the previous year. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 422% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, granite building stone exports skyrocketed to $X in 2021. Overall, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons) was the main destination for granite building stone exports from Azerbaijan, with a 87% share of total exports. Moreover, granite building stone exports to Turkey exceeded the volume sent to the second major destination, Russia (X tons), ninefold.

From 2013 to 2021, the average annual growth rate of volume to Turkey stood at +212.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-24.8% per year) and Georgia (-34.2% per year).

In value terms, Turkey ($X) emerged as the key foreign market for granite building stone exports from Azerbaijan, comprising 95% of total exports. The second position in the ranking was held by Russia ($X), with a 3.8% share of total exports.

From 2013 to 2021, the average annual rate of growth in terms of value to Turkey stood at +191.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-18.3% per year) and Georgia (-2.2% per year).

Export Prices by Country

In 2021, the average granite building stone export price amounted to $X per ton, with an increase of 531% against the previous year. In general, the export price enjoyed a significant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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 Turkey ($X per ton), while the average price for exports to Georgia ($X per ton) was amongst the lowest.

From 2013 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Georgia (+48.5%), while the prices for the other major destinations experienced mixed trend patterns.

Granite Building Stone Imports

Imports into Azerbaijan

In 2021, the amount of granite building stone imported into Azerbaijan surged to X tons, with an increase of 21% compared with the year before. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 57%. Over the period under review, imports attained the maximum at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, granite building stone imports surged to $X in 2021. In general, total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 41%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2021, Iran (X tons) constituted the largest granite building stone supplier to Azerbaijan, with a 72% share of total imports. Moreover, granite building stone imports from Iran exceeded the figures recorded by the second-largest supplier, India (X tons), fourfold. China (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Iran amounted to +42.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+41.5% per year) and China (-27.2% per year).

In value terms, Iran ($X), India ($X) and China ($X) appeared to be the largest granite building stone suppliers to Azerbaijan, with a combined 96% share of total imports.

India, with a CAGR of +51.1%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average granite building stone import price stood at $X per ton in 2021, picking up by 8.1% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, granite building stone import price increased by +8.7% against 2018 indices. The growth pace was the most rapid in 2015 when the average import price increased by 39% against the previous year. The import price peaked at $X per ton in 2017; however, from 2018 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 ($X per ton), while the price for Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+13.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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