Turkish Steel Exports Shrink in 2020
Turkish Steel Exporters'Association CIB announced that Turkey's steel exports to 197 countries in 2020 shrank by 2.8% YoY to 20.6 million tonnes resulting in 8.2% YoY dip in steel exports to USD 12.7 billion. Steel Exporters Association CIB Chairman Mr Adnan Aslan said “European and North American markets shrank during the year, but thanks to Asian and South America markets' interest in Turkish steel, the loss was recovered. Israel, Italy, Yemen, Iraq, Romania, Egypt, US, Morocco, Hong Kong and Spain were the countries that imported most from Turkey during the same period. We have dominated these markets as China has not exported to Africa, the Far East and South America for three years. Compared to its competitors, Turkey's recognition and reliability in these markets are rising steadily. We will continue to exist in these markets.”
Mr Aslan added that Turkish steel sector has set a new target to maintain its active role in the global market. He said "We expect 2021 to be good for the steel industry. In the new period, we will increase our export figures even more and diversify our export markets. Due to the quotas implemented by Europe, the import and trade policy duties implemented by the US, there may not be an increase in exports to these destinations in 2021. However, we forecast that we will increase our exports to the Far East, South America and Africa compared to the previous year. We will focus especially on the Far East, South America and West Africa. The Turkish steel industry aims to reach approximately 23 million tonnes with a rise of 10%, while reaching USD 15 billion with an increase in value by 15% in 2021.
Source - Strategic Research Institute