Azerbaijan: Tractor Market 2024

Tractor Market Size in Azerbaijan

The Azerbaijani tractor market contracted sharply to $X in 2022, reducing by -16.3% against the previous year. In general, consumption saw a noticeable slump. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Tractor Production in Azerbaijan

In value terms, tractor production reached $X in 2022 estimated in export price. Overall, production, however, showed a perceptible slump. The pace of growth was the most pronounced in 2020 with an increase of 11% against the previous year. Tractor production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Tractor Exports

Exports from Azerbaijan

In 2022, overseas shipments of tractors were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Overall, exports, however, recorded a pronounced slump. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

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

Exports by Country

Turkey (X units), Russia (X units) and Georgia (X units) were the main destinations of tractor exports from Azerbaijan, together comprising 47% of total exports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +14.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) emerged as the key foreign market for tractors exports from Azerbaijan, comprising 43% of total exports. The second position in the ranking was held by Russia ($X), with a 3.8% share of total exports. It was followed by Georgia, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value to Turkey stood at +17.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+9.3% per year) and Georgia (+6.5% per year).

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, rising by 637% against the previous year. In general, the export price showed resilient growth. The growth pace was the most rapid in 2016 an increase of 951% against the previous year. The export price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Ukraine ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+33.4%), while the prices for the other major destinations experienced a decline.

Tractor Imports

Imports into Azerbaijan

In 2022, the amount of tractors imported into Azerbaijan shrank rapidly to X units, reducing by -41.7% compared with the previous year's figure. Over the period under review, total imports indicated a slight expansion from 2012 to 2022: its volume increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 70% against the previous year. As a result, imports attained the peak of X units, and then reduced dramatically in the following year.

In value terms, tractor imports dropped rapidly to $X in 2022. Overall, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +26.0% against 2020 indices. The most prominent rate of growth was recorded in 2017 when imports increased by 103%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Belarus (X units), China (X units) and Turkey (X units) were the main suppliers of tractor imports to Azerbaijan, together comprising 27% of total imports. Germany, Poland, the Netherlands, India and Sweden lagged somewhat behind, together comprising a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +60.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belarus ($X), China ($X) and Turkey ($X) appeared to be the largest tractor suppliers to Azerbaijan, with a combined 23% share of total imports. Germany, the Netherlands, India, Sweden and Poland lagged somewhat behind, together accounting for a further 14%.

In terms of the main suppliers, India, with a CAGR of +61.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average tractor import price amounted to $X per unit, jumping by 42% against the previous year. Over the period under review, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 an increase of 74%. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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