It was followed by the cement, glass, ceramics and earth products sector with a loss of 15.1%. The chemicals sector suffered a 14% loss, while the ready-to-wear and apparel sector declined by 7%. In this period, exports declined and unit prices increased in 12 of the 27 sub-groups, but growth remained below 5%.
0.4% loss compared to last year
The contraction in Turkey's exports continued in August, with exports in the January-August period falling by 0.4% compared to the same period last year, from $165.5 billion to $164.9 billion. The recession and lack of demand in the main export markets led exporters struggling with rising domestic costs to be unable to maintain prices and lose customers. In addition, falling freight rates, China's return to the market and falling prices of some commodities contributed to the decline in export figures. In particular, losses in the top 10 sectors of Turkey's exports raised concerns about the future.
Sales declined in all 10 countries
The steel industry suffered the highest export loss in the January-August 2023 period. Compared to the same period last year, steel exports decreased by 36.4%, from $15.2 billion to $9.6 billion. The decline in quantity was also recorded as 35.5%. Exports to Israel, one of the steel sector's biggest customers, decreased by 40%, while exports to Germany, the sector's second largest market, contracted by 7%. According to the statistics, sales declined in all of the top 10 countries to which the steel industry exports the most.