Waxes; Artificial, Prepared Price in Azerbaijan - 2023

Waxes; Artificial, Prepared Price in Azerbaijan (CIF) - 2022

In 2022, the average waxes; artificial, prepared import price amounted to $4,024 per ton, growing by 28% against the previous year. In general, import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, waxes; artificial, prepared import price increased by +117.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 70% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

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 Arab Emirates ($6,401 per ton), while the price for Iran ($1,405 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+14.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Waxes; Artificial, Prepared Price in Azerbaijan (FOB) - 2022

The average waxes; artificial, prepared export price stood at $4,962 per ton in 2022, increasing by 3% against the previous year. Over the period under review, the export price showed a significant expansion. The most prominent rate of growth was recorded in 2013 when the average export price increased by 718%. Over the period under review, the average export prices hit record highs at $8,238 per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($27,322 per ton), while the average price for exports to Georgia stood at $2,936 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+730.7%), while the prices for the other major destinations experienced mixed trend patterns.

Waxes; Artificial, Prepared Imports in Azerbaijan

In 2022, supplies from abroad of waxes; artificial, prepared decreased by -13.3% to 211 tons, falling for the second year in a row after two years of growth. Over the period under review, imports showed a abrupt downturn. The most prominent rate of growth was recorded in 2020 when imports increased by 32% against the previous year. As a result, imports attained the peak of 339 tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, waxes; artificial, prepared imports expanded sharply to $847K in 2022. In general, total imports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +17.6% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +62.5% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 22%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Import of Waxes; Artificial, Prepared in Azerbaijan (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United Arab Emirates	119	2.5	157	258	29.4%
Denmark	153	192	113	185	6.5%
Turkey	72.0	99.3	71.6	126	20.5%
Iran	6.4	11.3	8.5	77.8	129.9%
Russia	17.6	79.2	34.0	55.6	46.7%
China	13.2	83.0	21.0	34.3	37.5%
Spain	31.9	56.6	15.4	29.4	-2.7%
India	34.7	40.6	8.7	23.0	-12.8%
Slovakia	N/A	N/A	39.5	N/A	0%
Saudi Arabia	29.2	N/A	N/A	N/A	0%
Others	44.7	64.7	295	58.1	9.1%
Total	521	629	764	847	17.6%

Top Suppliers of Waxes; Artificial, Prepared to Azerbaijan in 2022:

Iran (55.4 tons)
Denmark (42.6 tons)
United Arab Emirates (40.2 tons)
Turkey (21.0 tons)
China (15.7 tons)
Spain (14.7 tons)
Russia (10.2 tons)
India (2.1 tons)

Waxes; Artificial, Prepared Exports in Azerbaijan

Waxes; artificial, prepared exports from Azerbaijan fell significantly to 158 kg in 2022, reducing by -27.5% compared with the previous year. Overall, exports, however, enjoyed a resilient increase. The growth pace was the most rapid in 2021 when exports increased by 246%. As a result, the exports attained the peak of 218 kg, and then reduced notably in the following year.

In value terms, waxes; artificial, prepared exports declined sharply to $784 in 2022. In general, exports saw a noticeable decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 102%. As a result, the exports reached the peak of $1.1K, and then dropped remarkably in the following year.