The Turkish Steel Exporters' Association (CIS) has announced that, at a meeting in Iskenderun hosted by Iskenderun Chamber of Commerce and Industry and including the participation of the Foreign Economic Relations Boards (DEIK) Turkish-
Iraq Business Council, the parties discussed the recent developments in
Iraq relating to the Islamic State of
Iraq and the Levant (ISIL), a.k.a. Islamic State, as well as possible solutions.
Speaking at the meeting, CIB chairman Namık Ekinci said that Turkish exports to
Iraq,
Turkey's biggest export market, have witnessed significant declines due to recent developments in
Iraq. During the January-July period this year, the value of
Turkey's steel exports to
Iraq decreased by 20 percent year on year to $891 million. Mr. Ekinci stated that
Turkey's most exported steel product to
Iraq is
rebar and that
Iraq holds greater potential for the Turkish steel industry, adding that the elimination of negative developments in
Iraq will enable Iskenderun, which is the heart of the Turkish steel industry, to obtain an important share of
Iraq's potential.
Mr. Ekinci said that Turkish exporters are mulling the establishment of warehouses in Basra and Kuwait and shipping exports to
Iraq via these warehouses. The CIB chairman underlined that the opening up of transportation via Iranian highways gives an advantage to Turkish exporters, providing alternative routes for exports to
Iraq. He also recalled that China with its "dumped goods" is the main competitor of Turkish exporters in the Iranian market.