In October, Turkey's steel product exports rose sharply in terms of both volume and value compared to September, while a significant year-on-year increase in volume was also recorded in the month in question mainly due to the base effect arising from the global economic crisis which started in September last year. Furthermore, the total monthly revenue from Turkey's steel exports exceeded the level of one billion dollars for the first time since the beginning of the economic crisis. The country's steel exports have been surging continuously since August this year.
According to the preliminary statistics provided by the Istanbul Mineral and Metals Exporters' Association (IMMIB), in October Turkey's total steel product exports amounted to 1.81 million metric tons, increasing by 49.2 percent year on year. Meanwhile, the revenue generated by these exports totaled $1.1 billion, decreasing by 9.79 percent compared to October last year.
In October this year Turkey's steel product export volume increased by 35.74 percent compared to September, while the revenue from steel product exports increased by 33.27 percent month on month.
Veysel Yayan, general secretary of the Turkish Iron and Steel Producers Association, said in a press statement, "Since the beginning of the economic crisis the export revenue had never reached the level of one billion dollars. In October, however, the export volume in terms of revenue has surged for the first time over one billion dollars, and this indicates that the steel industry has started to recover."
In the January-October period of the current year total steel product exports of Turkish mills slid 8.34 percent year on year to 15.8 million metric tons, totaling a value of $9.27 billion, which is 47.56 percent lower than for the corresponding period of 2008.
