Turkish Steel Industry Begins Year with 15.8% Export Increase, Reaches $2.5 Billion in First Two Months

Exports of the Turkish steel industry in the first two months of the year increased by 15.8% compared to the same period of 2023, reaching $2 billion 503 million 142 thousand.

According to the compilation made by the AA correspondent from the data of the Ministry of Commerce and the Turkish Exporters Assembly, the country broke a monthly record in January and February exports. Exports, which were $20 billion 28 million in the first month, were recorded as $21 billion 86 million in February.

This situation in general exports was also accompanied by the steel industry. The sector’s exports in the first two months were $1 billion 117 million 104 thousand and $1 billion 386 million 38 thousand, respectively. A total of $2 billion 161 million 770 thousand of exports were made from the steel industry in the same period last year. Thus, in the first two months of the year, the exports of the steel industry increased by 15.8% compared to the same period of the previous year and reached $2 billion 503 million 142 thousand.

Istanbul ranks first in exports

When we look at the distribution of exports by province, it is seen that Istanbul ranks first with exports of $1 billion 199 million. This province was followed by Hatay with $242 million 579 thousand and Kocaeli with $179 million 728 thousand.

It was observed that steel exports from Hatay, which hosts one of Turkiye’s largest iron and steel factories and was affected by the February 6 earthquakes, increased by 200% during this period.

Turkiye’s most exports were to Romania, Italy and Germany

When we look at the distribution of exports from the sector by country, Romania ranked first with $192 million 284 thousand. This country was followed by Italy with $136 million 499 thousand and Germany with $122 million 471 thousand.

The steel industry is experiencing a prolonged demand contraction as a result of global uncertainty and inflationary environment. While uncertainties regarding the US, EU and Chinese economies pressure prices in the steel industry, the sector is expected to recover after the second half of the year.

Despite global uncertainties, the sector in Turkiye started the new year well. The continuation of the recovery in the steel sector, which has an important place in the country’s industry, is considered important in terms of increasing the country’s exports.

Source: AA / Prepared by Irem Yildiz

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