Report Update Apr 1, 2024

Azerbaijan - Gold - Market Analysis, Forecast, Size, Trends and Insights

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Azerbaijan: Gold Market 2024

Gold Market Size in Azerbaijan

In 2021, the Azerbaijani gold market decreased by -97.7% to $X, falling for the second year in a row after two years of growth. Over the period under review, consumption recorded a precipitous shrinkage. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Gold Production in Azerbaijan

In value terms, gold production contracted to $X in 2021 estimated in export price. In general, production, however, enjoyed prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 86% against the previous year. Gold production peaked at $X in 2020, and then declined in the following year.

Gold Exports

Exports from Azerbaijan

In 2021, approx. X tons of gold were exported from Azerbaijan; rising by 41% compared with the year before. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 320,000% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, gold exports expanded slightly to $X in 2021. Over the period under review, exports showed significant growth. The growth pace was the most rapid in 2017 when exports increased by 361,401% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Switzerland (X tons) was the main destination for gold exports from Azerbaijan, accounting for a 100% share of total exports. It was followed by Turkey (X kg), with a 0.1% share of total exports.

From 2016 to 2021, the average annual rate of growth in terms of volume to Switzerland amounted to +471.2%.

In value terms, Switzerland ($X) remains the key foreign market for gold exports from Azerbaijan, comprising 100% of total exports. The second position in the ranking was held by Turkey ($X), with a 0.1% share of total exports.

From 2016 to 2021, the average annual growth rate of value to Switzerland totaled +475.6%.

Export Prices by Country

The average gold export price stood at $X per kg in 2021, dropping by -26.5% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 26% against the previous year. As a result, the export price reached the peak level of $X per kg, and then declined sharply in the following year.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per kg), while the average price for exports to Switzerland totaled $X per kg.

From 2016 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Turkey (+4.9%).

Gold Imports

Imports into Azerbaijan

In 2021, overseas purchases of gold decreased by 0% to X tons, falling for the second consecutive year after three years of growth. In general, imports recorded a sharp setback. The pace of growth appeared the most rapid in 2019 with an increase of 142% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, gold imports soared to $X in 2021. Over the period under review, imports showed a sharp setback. The most prominent rate of growth was recorded in 2018 when imports increased by 93,569,716%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Switzerland (X tons) was the main supplier of gold to Azerbaijan, accounting for a approx. 99% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from Switzerland totaled +5.7%.

In value terms, Switzerland ($X) constituted the largest supplier of gold to Azerbaijan.

From 2012 to 2021, the average annual growth rate of value from Switzerland totaled +6.8%.

Import Prices by Country

In 2021, the average gold import price amounted to $X per kg, surging by 13% against the previous year. Over the period under review, the import price posted notable growth. The growth pace was the most rapid in 2015 when the average import price increased by 38%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

As there is only one major supplying country, the average price level is determined by prices for Switzerland.

From 2013 to 2021, the rate of growth in terms of prices for the United States amounted to +7.9% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for gold in the world?

The countries with the highest volumes of consumption in 2021 were the UK, China and India, with a combined 38% share of global consumption. These countries were followed by Switzerland, the United Arab Emirates, the United States, Belgium, Hong Kong SAR, Thailand, Argentina, Germany, Peru and Canada, which together accounted for a further 38%.

What are the largest producers of gold in the world?

The UK constituted the country with the largest volume of gold production, comprising approx. 15% of total volume. Moreover, gold production in the UK exceeded the figures recorded by the second-largest producer, the United States, twofold. The United Arab Emirates ranked third in terms of total production with a 7.5% share.

What are the leading suppliers of gold to Azerbaijan?

In value terms, Switzerland constituted the largest supplier of gold to Azerbaijan.

What are the leading importers of gold from Azerbaijan?

In value terms, Switzerland remains the key foreign market for gold exports from Azerbaijan, comprising 100% of total exports. The second position in the ranking was held by Turkey, with a 0.1% share of total exports.

What is the average export price for gold in Azerbaijan?

In 2021, the average gold export price amounted to $33,307 per kg, which is down by -26.5% against the previous year.

What is the average import price for gold in Azerbaijan?

The average gold import price stood at $57,835 per kg in 2021, surging by 13% against the previous year.

This report provides an in-depth analysis of the gold market in Azerbaijan. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24412030 - Gold, unwrought or in powder form for non-monetary use (including plated with platinum)
Prodcom 24412035 -
Prodcom 24412040 -
Prodcom 24412050 - Gold, in semi-manufactured forms for non-monetary use (including plated with platinum) (excluding unwrought or in powder form)
Prodcom 24412070 - Monetary gold (including gold plated with platinum)

Country coverage:

Azerbaijan

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Azerbaijan
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023