Azerbaijan: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Azerbaijan

In 2022, the Azerbaijani interchangeable tool market increased by X% to $X, rising for the third consecutive year after two years of decline. Over the period under review, the total consumption indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2019 indices. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Interchangeable Tool Production in Azerbaijan

In value terms, interchangeable tool production fell modestly to $X in 2022 estimated in export price. Overall, production, however, recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2021 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Interchangeable Tool Exports

Exports from Azerbaijan

Interchangeable tool exports from Azerbaijan dropped markedly to X tons in 2022, with a decrease of X% against 2021 figures. Overall, exports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2016 when exports increased by X%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, interchangeable tool exports contracted rapidly to $X in 2022. In general, exports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Kazakhstan (X tons) was the main destination for interchangeable tool exports from Azerbaijan, with a X% share of total exports. Moreover, interchangeable tool exports to Kazakhstan exceeded the volume sent to the second major destination, the United States (X tons), fivefold. The UK (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Kazakhstan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and the UK (X% per year).

In value terms, the United States ($X), the UK ($X) and Kazakhstan ($X) appeared to be the largest markets for interchangeable tool exported from Azerbaijan worldwide, together comprising X% of total exports. Turkey, the United Arab Emirates, Russia, Belgium and Denmark lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Turkey, with a CAGR of X%, saw the highest rates of growth with regard to 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 2022, falling by X% against the previous year. In general, the export price, however, posted a buoyant increase. The pace of growth was the most pronounced in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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

Interchangeable Tool Imports

Imports into Azerbaijan

In 2022, purchases abroad of interchangeable tools for hand tools increased by X% to X tons, rising for the third consecutive year after two years of decline. Overall, imports continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of X%. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, interchangeable tool imports skyrocketed to $X in 2022. Over the period under review, imports, however, continue to indicate a noticeable curtailment. The pace of growth was the most pronounced in 2013 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Turkey (X tons) and the United States (X tons) were the main suppliers of interchangeable tool imports to Azerbaijan, together accounting for X% of total imports. South Korea, Germany, the UK and Russia lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest interchangeable tool suppliers to Azerbaijan were China ($X), the United States ($X) and Turkey ($X), together comprising X% of total imports. Russia, the UK, Germany and South Korea lagged somewhat behind, together comprising a further X%.

South Korea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average interchangeable tool import price stood at $X per ton in 2022, waning by X% against the previous year. In general, the import price recorded a abrupt decrease. The most prominent rate of growth was recorded in 2015 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices remained at a lower figure.

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 the United States ($X per ton), while the price for Turkey ($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 (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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