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Turkish exporters are growing in the Balkan market

While Türkiye recorded a 4.1 percent drop in exports in March, it was able to increase its exports to the Balkan countries, with which it has maintained intensive political, social and cultural relations for almost seven centuries, by 19 percent from 1 billion 853 million dollars to 2 billion 204 million dollars.

Turkish exporters are growing in the Balkan market

This time, instead of rainy and cool weather, clouds of foreign currency came to Türkiye from the Balkans, and there is a rain of foreign currency from the Balkans to Türkiye.

According to the data of the Turkish Exporters Assembly; Türkiye, which increased its exports from 61.4 billion dollars to 63.6 billion dollars with an increase of 3.6 percent in the first quarter of 2024, increased its exports to 11 Balkan countries from 4.7 billion dollars to 5.6 billion dollars with an increase of 19.11 percent in the same period.

According to the statement made by the Aegean Exporters' Association; While Türkiye's share in world exports is 1.08 percent, its share in the total imports of the Balkan countries exceeding 450 billion dollars is; It reached the range of 4.5-5 percent.

Leading countries in exports are Romania and Bulgaria

Turkish exporters made the most exports in the Balkans to Romania and Bulgaria in the first quarter of 2024. Türkiye's exports to Romania increased by 36 percent, from 1 billion 375 million dollars to 1 billion 865 million dollars. Exports to Bulgaria, which were 994 million dollars in the first quarter of 2023, increased by 3.4 percent to 1 billion 27 million dollars.

Albania became a record holder in export growth

Turkish exporters, who increased their exports to Albania from 163 million dollars to 299 million dollars with an increase of 83 percent, broke the export increase record among the Balkan countries in Albania in the first quarter of 2024.

Turkish exporters brought their exports to Greece on the other side of the Aegean Sea, which was 635 million dollars in the first quarter of 2023, to our country with 666 million dollars of foreign currency, with an increase of 5 percent in the January-March period of 2024.

Slovenia's demand for Turkish products increased by 13 percent in the January-March period of 2024, reaching 607 million dollars from 539 million dollars. Türkiye, which exported 407 million dollars to Serbia, earned 207 million dollars in exports to Croatia.

Türkiye has achieved a successful period in exports to the Balkan countries Bosnia-Herzegovina and Kosovo in the first quarter of 2024. While its exports to Bosnia and Herzegovina increased by 13 percent from 167 million dollars to 189 million dollars, its exports to Kosovo increased by 40 million dollars, from 138 million dollars to 178 million dollars. Türkiye, which achieved a 43 percent growth in exports to Montenegro, earned 47.4 million dollars of foreign currency from exports to Montenegro.

Macedonia is the only country in the Balkans where our exports decreased.

Macedonia was the only country that suffered a loss in exports from Türkiye to the Balkan countries. Türkiye, which exported 149 million dollars to Macedonia in the first quarter of 2023, could not prevent a 2 percent decrease in exports to Macedonia in the same period of 2024 and was able to export 146 million dollars.

We exported mostly chemicals, automotive and steel to the Balkans

Turkish exporters to 11 countries in the Balkans in the first quarter of 2024; While exporting products worth 5 billion 640 million dollars, the most exported products were the chemical, automotive industry and steel sectors.

The chemical industry, which increased its exports to the Balkans by 57 percent from 719 million dollars to 1 billion 128 million dollars in the first quarter of 2024, managed to rank first in 2024, while it was the second sector in 2023.

The chemical industry showed an export performance of 516.5 million dollars to Romania, 141 million dollars to Bulgaria and 133 million dollars to Slovenia.

Although the automotive industry, which has been the leading sector in exports in Türkiye for many years, lost its leadership to the chemical industry in the first quarter of 2024 in the Balkans, it held on to second place with an export volume of 895 million dollars.

In the January-March period of 2024; The automotive industry, which exported 398.5 million dollars to Slovenia, brought 247 million dollars of foreign currency to Türkiye from exports to Romania. Bulgaria is; The Turkish automotive industry requested products worth $88 million.

The steel industry wrote a great success story in exports to the Balkans in the first quarter of 2024. The steel industry, which increased its exports from 543 million dollars in the January-March period of 2023 to 893 million dollars in 2024 by increasing 64 percent in the same period, made the most exports to Romania with 385 million dollars. Romania was followed by Greece with 135 million dollars of exports and Bulgaria with 103 million dollars.

While the Balkan countries received a 7.4 percent share of Türkiye's exports in 2023, the share of the Balkan countries in Türkiye's exports increased to 8.7 percent in the first quarter of 2024.

Imports of 11 Balkan countries, with a population of 60 million and reaching 70 million with refugees, are expected to exceed 500 billion dollars. In the Balkan region, which has a foreign trade deficit of around 150 billion dollars annually, Turkey is in a position to increase its annual exports, which exceed 20 billion dollars today, to 50 billion dollars in the medium term, thanks to its historical ties.

Exports from the Aegean Region to the Balkans increased by 16 percent in March


While the Aegean Region's exports decreased by 10 percent from 2.9 billion dollars to 2.6 billion dollars in March, its exports to 11 Balkan countries increased by 16 percent, from 171 million dollars to 198 million dollars. Aegean exporters increased their exports to the Balkans by 9 percent in the first quarter of 2024, from 439 million dollars to 479 million dollars.

While Romania was the leading country in exports from the Aegean Region to the Balkans with 125.6 million dollars in the January-March period of 2024, Aegean exporters exported 117 million dollars to Greece and 93 million dollars to Bulgaria.

The share of Balkan countries in the Aegean Region's exports increased from 5.7 percent to 7.5 percent.

Making the statement, EIB Coordinator Vice President and Aegean Iron and Non-Ferrous Metals Exporters Association President Yalçın Ertan said; “Balkan countries are a large market with annual imports of 500 billion dollars. We can export everything from needle to thread. A large slice of 5 billion 113 million dollars, corresponding to 91 percent of the 5 billion 640 million dollars of exports from Turkey to the Balkans in the first quarter of 2024, consists of industrial products. While the chemical sector was the leader with exports of 1 billion 128 million dollars, the automotive industry was the leading sector with exports of 895 million dollars, the steel sector was 893 million dollars, the ferrous and non-ferrous metals sector was 397 million dollars, and the electrical and electronics sector was 335 million dollars. The textile sector showed an export performance of 241 million dollars, the furniture sector 230 million dollars and the machinery sector 229 million dollars. "While the ready-made clothing industry brought 217 million dollars of foreign currency to Turkey through the Balkans, the air conditioning sector exported 166 million dollars to 11 Balkan countries," he said.

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SteelRadar Insight - Sayı 1 (Haziran 2024)

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