According to a statement from the Mediterranean Ferrous and Non-Ferrous Metals/Steel Exporters’ Association (ADMIB), in April this year the Turkish steel industry’s export value decreased by 17.2 percent to $19.3 billion due to the stagnation of global demand.
The ferrous and non-ferrous metals industry’s export value declined by 33.4 percent to $997 million, while steel industry’s export value decreased by 46.8 percent to $1 billion, both year on year. The declines were due to the decrease in commodity prices, high energy prices and the exchange rate lagging behind inflation. In the given month, the share of the ferrous and non-ferrous metals industry in Turkey’s total exports was 5.2 percent, while the share of the steel industry was 5.5 percent. Germany was the top iron and steel export market for Turkey with $206.8 million in April, followed by Israel with $110 million and Italy with $104.6 million.
Fuat Tosyalı, ADMIB chairman, stated that Turkey’s exports recorded the biggest decrease, seen after the pandemic. Noting that the iron and steel industry is the sector with the highest energy consumption, Mr. Tosyalı said that steps should be taken as soon as possible to reduce the dependence on imports in energy , renewable energy investments should be supported, and the necessary financing should be made available.
Meanwhile, ADMIB chairman believes that the outlook for second half of the year will be more positive than the first half despite all the unfavorable developments. Mr. Tosyalı anticipates that exports will increase with the revival of delayed demand, increase in capacities and the improvement of the conditions for competition.