Dec 01, 2023
Turkish iron and steel exports start to recover in Europe, continue steady growth in Africa

The Turkish iron and steel industry’s export volume decreased by eight percent year on year in October, while its export value declined by five percent, according to the statement of the Mediterranean Exporters’ Association. The decrease in the given month was less compared to other months.

The Turkish iron and steel industry, which continues to record declines in terms of volumes and value due to the contraction in global demand, is trying to compensate for its losses by focusing on alternative markets. Continuing its steady growth in the African market, the industry has also started to recover in Europe.

The Turkish ferrous and non-ferrous metals industry’s export value declined by 7.1 percent to $973 million in October, while the steel industry’s export value decreased by 3.1 percent to $1.3 billion, both year on year. In the given month, the share of the ferrous and non-ferrous metals industry in Turkey’s total exports was 4.3 percent, while the share of the steel industry was 5.8 percent.

In the given month, Germany ranked first among destinations for Turkey’s iron and steel exports with a value of $169 million, followed by Romania with $129 million and the US with $112 million. Turkish iron and steel exports to Spain increased by 76 percent, while exports to Romania and Morocco increased by 51 percent and 24 percent, respectively.

Source: Steel Orbis