Azerbaijan: Iodine Market 2024

Iodine Market Size in Azerbaijan

The Azerbaijani iodine market contracted sharply to $X in 2022, waning by -40.5% against the previous year. Overall, consumption faced a abrupt decline. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Iodine Production in Azerbaijan

In value terms, iodine production reached $X in 2022 estimated in export price. Over the period under review, production, however, recorded a pronounced downturn. The most prominent rate of growth was recorded in 2018 when the production volume increased by 37% against the previous year. Iodine production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Iodine Exports

Exports from Azerbaijan

In 2022, the amount of iodine exported from Azerbaijan skyrocketed to X tons, rising by 93% against 2021. In general, total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +100.3% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, iodine exports soared to $X in 2022. Over the period under review, exports continue to indicate a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Russia (X tons) was the main destination for iodine exports from Azerbaijan, with a 85% share of total exports. Moreover, iodine exports to Russia exceeded the volume sent to the second major destination, India (X tons), tenfold. The third position in this ranking was held by China (X tons), with a 5.2% share.

From 2012 to 2022, the average annual growth rate of volume to Russia totaled +27.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-4.8% per year) and China (-15.5% per year).

In value terms, Russia ($X) emerged as the key foreign market for iodine exports from Azerbaijan, comprising 86% of total exports. The second position in the ranking was taken by India ($X), with a 6.7% share of total exports. It was followed by China, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value to Russia totaled +30.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (-5.6% per year) and China (-12.6% per year).

Export Prices by Country

In 2022, the average iodine export price amounted to $X per ton, picking up by 30% against the previous year. Overall, export price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iodine export price increased by +115.1% against 2017 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 36%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to India ($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 Ukraine (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Iodine Imports

Imports into Azerbaijan

In 2022, approx. X kg of iodine were imported into Azerbaijan; jumping by 282% compared with 2021 figures. Over the period under review, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2016 with an increase of 1,800%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, iodine imports skyrocketed to $X in 2022. In general, imports posted a significant increase. The pace of growth appeared the most rapid in 2016 with an increase of 577%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Russia (X kg) constituted the largest supplier of iodine to Azerbaijan, with a 78% share of total imports. Moreover, iodine imports from Russia exceeded the figures recorded by the second-largest supplier, Turkey (X kg), fivefold. The third position in this ranking was taken by the United States (X kg), with a 1.5% share.

From 2012 to 2022, the average annual growth rate of volume from Russia amounted to +48.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-7.1% per year) and the United States (-9.4% per year).

In value terms, Russia ($X) constituted the largest supplier of iodine to Azerbaijan, comprising 87% of total imports. The second position in the ranking was held by Turkey ($X), with a 7.2% share of total imports. It was followed by Germany, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Russia totaled +53.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (-3.6% per year) and Germany (-3.5% per year).

Import Prices by Country

In 2022, the average iodine import price amounted to $X per ton, waning by -8.7% against the previous year. In general, the import price, however, saw a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of 549%. Over the period under review, average import prices hit record highs at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+3.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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