Türkiye's ferrous and non-ferrous metals sector increased exports by 4 percent in February 2024 compared to the same period last year, reaching 1 billion dollars. However, the picture was not as positive for Türkiye's steel industry. The sector's exports decreased by 9.7 percent to $1.2 billion in February.
On a regional basis, the Mediterranean Ferrous and Non-Ferrous Metals Exporters' Association (ADMIB) recorded a slight decline of 0.7 percent in ferrous and non-ferrous metals exports in February, while steel exports increased by a strong 20 percent to $165 million.
Italy Continues to Rise
Italy was the country with the highest exports in Türkiye's iron and steel exports in February. Italy was followed by Germany, Romania, Iraq and Spain. Especially double-digit growth in some markets attracted attention. Exports to Morocco increased by 59 percent, Belgium by 53 percent, Spain by 29 percent and Italy by 28 percent. These increases indicate that the recovery in some European markets continues.
Italy remained the leader in ADMİB's export performance, followed by Iraq, Egypt, Germany and Spain. Exports to Germany increased by 32 percent, while exports to Iraq increased by 21 percent.
Signs of Contraction in the Sector, but Regional Opportunities Exist
In general, the decline in exports in the steel sector is attributed to the slowdown in global demand, freight costs and ongoing political uncertainties in some markets. However, increases in European and North African markets suggest that Turkish producers are taking advantage of regional opportunities.
According to data from the Turkish Steel Exporters' Association (ÇİB), total steel exports declined by 10.5 percent in the first two months of the year compared to the same period last year. However, the decline was partially balanced by companies focusing on exports of high value-added products.
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