Iron and steel sectors supported Turkiye's exports by 2.2 billion dollars in July. In the first 7 months of the year, the sector, which exported 15.8 billion dollars, made a significant contribution to the country's economy by undertaking 12.7 per cent of Turkiye's total exports despite the stagnation in global demand.
Pressure on demand may decrease towards the end of the year
Underlining that the contraction in global demand continues, ADMIB President Fuat Tosyalı said, "We anticipate that the demand pressure, which is felt globally, will decrease towards the end of the year. We expect demand to increase especially with the strengthening of the recovery signals in the US economy, as well as the expected revival in tourism in the ASEAN region. We will try to catch up and even exceed 30 billion dollars of exports at the end of the year in our iron and steel sectors in Turkiye with the stirring in demand."
Turkiye's exports in July amounted to 20.1 billion dollars with an increase of 8.4 per cent and 143.4 billion dollars with a decrease of 0.5 per cent in the first 7 months of the year.
"Two sectors undertook 12.2 per cent of Turkiye's July exports"
While the ferrous and non-ferrous metals sector exported 989 million dollars with an increase of 1 percent in July, the steel sector exported 1.2 billion dollars with a 27.2 percent decrease. Ferrous and non-ferrous metals exports accounted for 5.6 per cent of Turkiye's total exports, while steel had a share of 6.6 per cent. The two sectors undertook 12.2 per cent of Turkiye's July exports.
Looking at the July data of the Mediterranean Ferrous and Non-Ferrous Metals Exporters Association (ADMIB), the ferrous and non-ferrous metals sector exported 53 million dollars with a decrease of 8.3 percent compared to the same period last year. In this month, steel exports decreased by 41.2 per cent to 96 million dollars.
15.8 billion dollar export contribution in 7 months
Looking at the total export figures for January-July, Turkiye-wide ferrous and non-ferrous metals exports decreased by 14.8 percent to 7.5 billion dollars, while exports from the steel sector decreased by 37.8 percent to 8.3 billion dollars.
When the export figures made from the General Secretariat of the Mediterranean Exporters' Associations in the first 7 months of the year are examined, exports from the ferrous and non-ferrous metals sector decreased by 13.9 percent to 452 million dollars and exports from the steel sector decreased by 53.8 percent to 770 million dollars.
In this period, the ferrous and non-ferrous metals sector had a share of 6 per cent of Turkiye's total exports and the steel sector had a share of 6.7 per cent.
Germany ranked first in exports
In July, Germany ranked first in Turkiye's iron and steel exports with 206.9 million dollars. This country was followed by Israel with 106.6 million dollars and Romania with 99.6 million dollars. Romania attracted attention with 44 per cent growth. In ADMIB's exports, Iraq ranked first with 15.6 million dollars. This country was followed by Germany with 10.6 million dollars and the USA with 8.1 million dollars. TRNC was the most growing market with 151 per cent growth.
In the January-July period, the first country in Turkiye's iron and steel exports was Germany with 1.5 billion dollars, followed by Italy with 874.1 million dollars and Israel with 730.9 dollars. Iraq ranked first in ADMIB's exports in the January-July period with 94.6 million dollars. This country was followed by Germany with 90.8 million dollars and Romania with 77.4 million dollars.