Azerbaijan: Silver Market 2025

Silver Market Size in Azerbaijan

In 2021, the Azerbaijani silver market increased by 8.2% to $X, rising for the third year in a row after two years of decline. Overall, consumption continues to indicate a perceptible decline. Silver consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Silver Production in Azerbaijan

In value terms, silver production dropped to $X in 2021 estimated in export price. In general, production continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 18%. Silver production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Silver Exports

Exports from Azerbaijan

In 2021, after two years of growth, there was significant decline in overseas shipments of silver including silver plated with gold or platinum, when their volume decreased by -12.8% to X tons. In general, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2017 with an increase of 904%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, silver exports shrank modestly to $X in 2021. Overall, exports, however, continue to indicate strong growth. The pace of growth appeared the most rapid in 2017 with an increase of 871%. The exports peaked at $X in 2020, and then reduced in the following year.

Exports by Country

Switzerland (X tons) was the main destination for silver exports from Azerbaijan, with a 86% share of total exports. Moreover, silver exports to Switzerland exceeded the volume sent to the second major destination, Turkey (X kg), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to Switzerland stood at +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+44.4% per year) and Senegal (0.0% per year).

In value terms, Switzerland ($X) remains the key foreign market for silver including silver plated with gold or platinum exports from Azerbaijan, comprising 94% of total exports. The second position in the ranking was held by Turkey ($X), with a 5.7% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Switzerland stood at +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+25.5% per year) and Senegal (0.0% per year).

Export Prices by Country

In 2021, the average silver export price amounted to $X per ton, with an increase of 12% against the previous year. Overall, the export price, however, saw a noticeable descent. The pace of growth was the most pronounced in 2020 when the average export price increased by 27% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 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, amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to Senegal ($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 Switzerland (-2.1%).

Silver Imports

Imports into Azerbaijan

In 2021, the amount of silver including silver plated with gold or platinum imported into Azerbaijan soared to X kg, increasing by 2,253% compared with the year before. Overall, imports showed a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 8,750%. As a result, imports reached the peak of X kg. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, silver imports skyrocketed to $X in 2021. Over the period under review, imports showed a significant expansion. The pace of growth was the most pronounced in 2015 when imports increased by 12,435% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, Switzerland (X kg) constituted the largest silver supplier to Azerbaijan, accounting for a 83% share of total imports. Moreover, silver imports from Switzerland exceeded the figures recorded by the second-largest supplier, Italy (X kg), fivefold. Russia (X kg) ranked third in terms of total imports with a 0.8% share.

From 2012 to 2021, the average annual growth rate of volume from Switzerland totaled +76.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+57.9% per year) and Russia (-8.3% per year).

In value terms, Switzerland ($X) constituted the largest supplier of silver including silver plated with gold or platinum to Azerbaijan, comprising 94% of total imports. The second position in the ranking was held by Italy ($X), with a 4.7% share of total imports. It was followed by Russia, with a 0.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland totaled +80.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+49.3% per year) and Russia (+26.8% per year).

Import Prices by Country

The average silver import price stood at $X per ton in 2021, growing by 40% against the previous year. Overall, the import price showed a mild increase. The pace of growth was the most pronounced in 2018 when the average import price increased by 77% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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