Türkiye, the EU's largest steel export market, imported 13.13 million tons of steel in 2024. However, this figure represents a decrease of 13.8% compared to 2020 and 19.7% compared to 2021. This decrease in exports to Türkiye is attributed to the increase in production in the domestic market and the change in competitive conditions.
A different picture emerged in the USA and the UK, which are among other important markets. Steel exports to the USA increased from 2.77 million tons in 2020 to 3.69 million tons in 2024. This represents an increase of 33.2% in four years. It remains to be seen how these figures will fare in the wake of the 25% tariffs imposed by the USA, which ranks third in the EU's iron and steel exports. Similarly, the UK imported 3.92 million tons, an increase of 9.3% compared to 2020.
China saw the biggest decrease
On the other hand, Asian countries such as India and China have significantly decreased their steel imports from the EU. India's imports increased from 1.18 million tons in 2020 to 1.55 million tons in 2024, a 42.4% decrease compared to 2023. China has shown the sharpest decrease in the last four years. Imports fell from 1.33 million tons in 2020 to 580 thousand tons in 2024, a 56.5% contraction.
Overall, the y/y decline in EU steel exports highlights the changing dynamics of global trade. In particular, although Türkiye remains the largest market, the decrease in its imports is noteworthy.
Comments
No comment yet.