Azerbaijan: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Azerbaijan

In 2021, the Azerbaijani interchangeable tool market increased by 5.6% to $X, rising for the second year in a row after two years of decline. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Interchangeable Tool Production in Azerbaijan

In value terms, interchangeable tool production expanded rapidly to $X in 2021 estimated in export price. Overall, production saw a abrupt descent. Interchangeable tool production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Interchangeable Tool Exports

Exports from Azerbaijan

In 2021, shipments abroad of interchangeable tools for hand tools decreased by -36.6% to X tons, falling for the second year in a row after two years of growth. Overall, exports, however, showed buoyant growth. The pace of growth was the most pronounced in 2016 when exports increased by 476% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, interchangeable tool exports dropped dramatically to $X in 2021. In general, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 339% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Russia (X tons) was the main destination for interchangeable tool exports from Azerbaijan, accounting for a 33% share of total exports. Moreover, interchangeable tool exports to Russia exceeded the volume sent to the second major destination, Kazakhstan (X tons), twofold. The third position in this ranking was taken by Saudi Arabia (X tons), with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Russia totaled +29.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Kazakhstan (+43.0% per year) and Saudi Arabia (+166.8% per year).

In value terms, the United States ($X), Kazakhstan ($X) and Japan ($X) appeared to be the largest markets for interchangeable tool exported from Azerbaijan worldwide, together accounting for 57% of total exports. These countries were followed by Russia, Saudi Arabia, Georgia, Qatar, the Netherlands, Ghana, Australia, Indonesia and Thailand, which together accounted for a further 33%.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of +134.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average interchangeable tool export price stood at $X per ton in 2021, picking up by 21% against the previous year. Overall, the export price saw strong growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 189% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Thailand ($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 Russia (+18.7%), while the prices for the other major destinations experienced more modest paces of growth.

Interchangeable Tool Imports

Imports into Azerbaijan

In 2021, purchases abroad of interchangeable tools for hand tools increased by 13% to X tons, rising for the second year in a row after two years of decline. Over the period under review, total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +30.7% against 2019 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 47%. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, interchangeable tool imports shrank slightly to $X in 2021. In general, imports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 37% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of interchangeable tool to Azerbaijan, with a 48% share of total imports. Moreover, interchangeable tool imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), twofold. The UK (X tons) ranked third in terms of total imports with a 6.3% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +32.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+1.7% per year) and the UK (-8.2% per year).

In value terms, China ($X) constituted the largest supplier of interchangeable tools for hand tools to Azerbaijan, comprising 33% of total imports. The second position in the ranking was taken by the UK ($X), with a 13% share of total imports. It was followed by the United States, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +20.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-13.1% per year) and the United States (-15.7% per year).

Import Prices by Country

The average interchangeable tool import price stood at $X per ton in 2021, with a decrease of -12.5% against the previous year. Overall, the import price recorded a deep contraction. The growth pace was the most rapid in 2015 an increase of 32% against the previous year. As a result, import price reached the peak level of $X per ton. From 2016 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 Sweden ($X per ton), while the price for Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (-0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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