Turkish Steel Exports Increased in 2018: 21.4 Million Tonnes, Up 20.8%
Turkey closed 2018 with record steel shipments abroad. According to the Turkish Steel Exporters' Association, exports rose 20.8% to 21.4 million tonnes, while export revenue jumped 36% to $15.6 billion.
Key figures for 2018
- Export volume: 21.4 million tonnes, up 20.8% year on year.
- Export revenue: $15.6 billion, up 36% compared with 2017.
- Imports: 14.5 million tonnes, down 11.3%, for a value of $12.8 billion (up 3.3%), according to the Turkish Steel Producers' Association (TÇÜD).
- Crude steel output: 37.3 million tonnes, making Turkey the world's 8th largest producer, according to worldsteel data.
The export figures were released by the Turkish Steel Exporters' Association on January 8, 2019.
Where Turkish steel went
The European Union, the Middle East and North America remained the largest buyers of Turkish steel in 2018. The strongest growth came from the United States, Iraq, Algeria and the United Arab Emirates.
Growth despite US tariffs
The result is notable because 2018 was a difficult year for trade. In March 2018 the United States imposed a 25% tariff on steel imports under Section 232, and later doubled the rate for Turkey after a diplomatic dispute. The association credited part of the growth to new interest from Asian markets.
With imports falling and exports rising, Turkey's steel trade balance improved: TÇÜD reported that export volume covered 138% of import volume in 2018.
The outlook at the time
The association's chairman, Adnan Aslan, warned that the sector would be under strain especially in the first half of 2019, as China was expected to pursue an aggressive export policy and protectionism was likely to continue.
Sources
- Hürriyet Daily News, “Turkey sees surge in steel exports in 2018” (January 8, 2019)
- SteelOrbis, “TCUD: Turkey's steel import volume down 11.3 percent in 2018” (February 1, 2019)
- SteelOrbis, “CIB: Turkey exceeds 2018 export target in January–November”
- Turkish Steel Exporters' Association (ÇİB), 2019 catalogue