According to a statement from the Mediterranean Ferrous and Non-Ferrous Metals/Steel Exporters’ Association (ADMIB), Turkey made a positive start to 2024 with a 3.6 percent increase in exports. In the first month of the year, the iron and steel industry constituted 10.3 percent of the country's total exports.
In January, the ferrous and non-ferrous metals industry’s export value declined by 10.5 percent to $940 million, while the value of steel industry exports increased by 2.1 percent amid higher demand to $1.1 billion, both year on year. The increase recorded in the exports of the steel industry, which had decreased throughout last year, has boosted market players’ hopes for 2024. In the given month, the share of the ferrous and non-ferrous metals industry in Turkey’s total exports was 4.7 percent, while the share of the steel industry was 5.6 percent. In January, Germany was the top iron and steel export market for Turkey with imports totaling $178 million in value, followed by Italy with $113 million and Romania with $105 million.
Commenting that the year had started with an export performance in line with expectations, Fuat Tosyalı, ADMIB chairman, said that he expects exports to increase to better levels in both the ferrous and non-ferrous and steel industries with the expected revival of postponed demand as of the second half of this year. Saying that the country can meet the rising demand with capacity increases, Tosyalı noted that the investments commissioned last year will positively impact production and exports this year.
