According to data from the Turkey-based Mediterranean Ferrous and Non-Ferrous Metals Exporters Association (ADMİB), in February of this year Turkey's ferrous and non-ferrous metals sector exports increased by 7.7 percent year on year to $1.1 billion, while steel sector exports decreased by 3.3 percent year on year to $1.2 billion. The two sectors with total exports of $2.3 billion together accounted for 10.9 percent of Turkey’s total exports in the given month.
In February, Germany was the leading market for Turkey's iron and steel exports. Germany was followed by Italy, Romania, the UK and the US. Furthermore, exports to the UK and Romania increased by 35 percent and 27 percent, respectively, while the US market stood out as one of the fastest-growing markets, with a 32 percent increase in exports to the US.
Meanwhile, in February Turkish Mediterranean region-based steel producers' ferrous and non-ferrous metal exports increased by 5.1 percent year on year to $62 million, while their steel exports increased by 1.2 percent to $167 million. In February, Romania was the leading market for Turkey’s Mediterranean region-based exporters of ferrous and non-ferrous metals. Romania was followed by Morocco, Italy, Germany and Ukraine. The most notable increases in the producers’ exports were recorded to the US with 329 percent, Romania with 156 percent, the UK with 143 percent, Ukraine with 125 percent, and Morocco with 109 percent.
Assessing the sector’s performance in February, ADMIB president Fuat Tosyalı stated that the impact of geopolitical developments on global trade is increasing and that tensions in the Middle East have initiated a cautious period in trade. Pointing out that new opportunities may also emerge during this process, Mr. Tosyalı said, “The war in the region is creating pressure from freight costs to delivery times. This situation is leading to a more cautious approach, particularly in trade with the Middle East and Gulf region. Our hope is for tensions in our region to ease and for an environment of peace and stability to be reestablished.”
Emphasizing that Turkey’s iron-steel and metals sector has the capacity to manage this process thanks to its strong production infrastructure and market diversification, Tosyalı added, “The strong increases we have achieved in the North African, European and US markets demonstrate the flexibility of our sector. In the coming period, we aim to expand into new markets and increase the share of value-added products.”