Azerbaijan: Refined Olive Oil Market 2024

Refined Olive Oil Market Size in Azerbaijan

The Azerbaijani refined olive oil market contracted slightly to $X in 2022, remaining constant against the previous year. In general, consumption, however, continues to indicate a pronounced descent. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refined Olive Oil Production in Azerbaijan

In value terms, refined olive oil production contracted slightly to $X in 2022 estimated in export price. Overall, production continues to indicate a noticeable reduction. The growth pace was the most rapid in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Refined Olive Oil Exports

Exports from Azerbaijan

In 2022, refined olive oil exports from Azerbaijan amounted to X tons, growing by X% compared with 2021. In general, exports enjoyed a resilient increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. 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, refined olive oil exports skyrocketed to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Georgia (X tons) was the main destination for refined olive oil exports from Azerbaijan, with a X% share of total exports. Moreover, refined olive oil exports to Georgia exceeded the volume sent to the second major destination, Iraq (X tons), fourfold. The third position in this ranking was taken by Kazakhstan (X tons), with an X% share.

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

In value terms, Georgia ($X) remains the key foreign market for refined olive oil exports from Azerbaijan, comprising X% of total exports. The second position in the ranking was held by Iraq ($X), with a X% share of total exports. It was followed by Kazakhstan, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Georgia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (X% per year) and Kazakhstan (X% per year).

Export Prices by Country

The average refined olive oil export price stood at $X per ton in 2022, growing by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Georgia ($X per ton) and Uzbekistan ($X per ton), while the average price for exports to Pakistan ($X per ton) and Kazakhstan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Uzbekistan (X%), while the prices for the other major destinations experienced more modest paces of growth.

Refined Olive Oil Imports

Imports into Azerbaijan

In 2022, approx. X tons of refined olive oil were imported into Azerbaijan; increasing by X% compared with 2021 figures. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. Imports peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, refined olive oil imports soared to $X in 2022. In general, imports showed a buoyant expansion. The pace of growth was the most pronounced in 2018 when imports increased by X%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Turkey (X tons) constituted the largest refined olive oil supplier to Azerbaijan, with a X% share of total imports. Moreover, refined olive oil imports from Turkey exceeded the figures recorded by the second-largest supplier, Italy (X tons), threefold. The third position in this ranking was held by Spain (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Turkey stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Spain (X% per year).

In value terms, Turkey ($X) constituted the largest supplier of refined olive oil to Azerbaijan, comprising X% of total imports. The second position in the ranking was held by Italy ($X), with a X% share of total imports. It was followed by Spain, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Spain (X% per year).

Import Prices by Country

In 2022, the average refined olive oil import price amounted to $X per ton, rising by X% against the previous year. Over the period under review, the import price continues to indicate a resilient expansion. The most prominent rate of growth was recorded in 2016 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2017; however, from 2018 to 2022, import prices stood at a somewhat 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 Greece ($X per ton), while the price for Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform