Azerbaijan: Hand Tools Market 2024

Hand Tools Market Size in Azerbaijan

In 2021, the Azerbaijani hand tools market increased by 1.7% to $X, rising for the fifth consecutive year after three years of decline. In general, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.2% against 2016 indices. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the near future.

Hand Tools Production in Azerbaijan

In value terms, hand tools production shrank to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 1.8% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then shrank in the following year.

Hand Tools Exports

Exports from Azerbaijan

Hand tools exports from Azerbaijan declined markedly to X tons in 2021, waning by -55.2% compared with the previous year. Over the period under review, exports faced a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 286%. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, hand tools exports contracted significantly to $X in 2021. In general, exports recorded a pronounced setback. The most prominent rate of growth was recorded in 2019 when exports increased by 85% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Russia (X tons) was the main destination for hand tools exports from Azerbaijan, with a 36% share of total exports. Moreover, hand tools exports to Russia exceeded the volume sent to the second major destination, Senegal (X tons), twofold. The third position in this ranking was held by the UK (X kg), with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume to Russia totaled +85.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (0.0% per year) and the UK (-2.7% per year).

In value terms, Senegal ($X) emerged as the key foreign market for hand tools exports from Azerbaijan, comprising 30% of total exports. The second position in the ranking was taken by Norway ($X), with a 14% share of total exports. It was followed by Russia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value to Senegal was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Norway (+56.9% per year) and Russia (+51.0% per year).

Export Prices by Country

The average hand tools export price stood at $X per ton in 2021, with an increase of 11% against the previous year. In general, the export price posted a prominent increase. The most prominent rate of growth was recorded in 2015 an increase of 53% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while the average price for exports to Malaysia ($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 the United Arab Emirates (+33.2%), while the prices for the other major destinations experienced more modest paces of growth.

Hand Tools Imports

Imports into Azerbaijan

After six years of growth, supplies from abroad of hand tools decreased by -3.8% to X tons in 2021. In general, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 73%. Over the period under review, imports reached the peak figure at X tons in 2020, and then declined in the following year.

In value terms, hand tools imports totaled $X in 2021. The total import value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 24%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of hand tools to Azerbaijan, with a 65% share of total imports. Moreover, hand tools imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. The third position in this ranking was taken by Russia (X tons), with an 8.5% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +34.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+1.1% per year) and Russia (+13.4% per year).

In value terms, China ($X) constituted the largest supplier of hand tools to Azerbaijan, comprising 45% of total imports. The second position in the ranking was held by Turkey ($X), with a 15% share of total imports. It was followed by Russia, with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+2.5% per year) and Russia (+7.3% per year).

Import Prices by Country

In 2021, the average hand tools import price amounted to $X per ton, growing by 11% against the previous year. Over the period under review, the import price, however, showed a pronounced descent. The pace of growth appeared the most rapid in 2014 an increase of 30% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the average 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 Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+19.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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