Key Market Indicators
**Azerbaijan's Nickel Import to Decline, Export to See Modest Rise by 2028** Azerbaijan's nickel imports are projected to plummet to approximately $908,000 by 2028, down from around $2.16 million in 2023. This represents an average annual decline of 13.7%. The country's demand for nickel has been on a downward trajectory since 2001, decreasing by nearly 3% each year. Conversely, Azerbaijan's nickel exports are expected to experience a modest increase. By 2028, exports are anticipated to reach about $83,000, up from $61,000 in 2023. This marks an average annual growth rate of 4.6%. Since 2004, Azerbaijan's nickel supply has surged by more than 53% annually. In 2023, Azerbaijan ranked 61st in nickel exports, with New Zealand surpassing it with an identical export value of $61,000. Leading the global rankings were Canada, Russia, and Malaysia in second, third, and fourth places, respectively.
