In the January-August period of this year, Turkey's steel product exports to the United Arab Emirates, its largest steel export market, fell by 9.21 percent year on year, reaching 1.4 million metric tons, according to the data provided by the Istanbul Mineral and Metals Exporters' Association (IMMIB). The revenue generated by these exports came to $765.48 million, increasing by 15.97 percent as compared to the corresponding period of 2009, due to increased steel prices.
Meanwhile, as compared to the first eight months of 2008, Turkey's steel product exports to the UAE regressed by 70.59 percent in volume and 82.6 percent in revenue.
Steel product exports to the UAE accounted for a 12.47 percent share of Turkey's total steel product exports in the January-August period this year, slightly up from the 12.20 percent share recorded in the first eight months of 2009, but significantly down from the 38.23 percent in the corresponding period of 2008.
In the first eight months of this year, Turkey's leading exported steel product to the UAE was steel bars, including rebars, with a volume of 828,200 metric tons, down 33.66 percent, followed by steel billet with an export volume reaching 444,870 metric tons, almost two times higher as compared to the year-ago period.
In the period in question, steel bar exports accounted for 59.05 percent of Turkey's total steel product exports to the UAE, while steel billet constituted 31.72 percent of the total exports.
Meanwhile in the given period, Turkey's flat steel product exports to the country in question rose from 3,450 metric tons to 9,200 metric tons.