Türkiye's exports in 2023 increased by 0.6 percent compared to the previous year, reaching 255.8 billion dollars. Türkiye's iron and non-ferrous metals exports decreased by 13.2 percent to 12 billion dollars, and steel exports decreased by 29.2 percent to 15 billion dollars. While iron and non-ferrous metals exports took a 5.6 percent share of Türkiye's total exports, the share of steel exports was 6.7 percent.
When we examine the data of the Mediterranean Iron and Non-Ferrous Metals Exporters' Association (ADMIB) for 2023; It was recorded that iron and non-ferrous metals exports decreased by 14.4 percent to 771 million dollars, while steel exports decreased by 41.5 percent to 1.5 billion dollars.
Germany, the leader in iron and steel exports
The first country in Türkiye's iron and steel exports in 2023 was Germany with 2.5 billion dollars. This country was followed by Romania and Italy, respectively.
It was seen that Iraq ranked first in ADMIB's exports with 180 million dollars. This country was followed by Romania, Germany, Egypt and Algeria, respectively. Among the top 10 markets, 53 percent growth was achieved in Algeria, 33 percent in TRNC, and 11 percent in Syria.
2024 will be better
Evaluating the exports of 2023, ADMIB President Fuat Tosyalı noted that global inflation limited foreign demand, and the most intense effect of this was experienced in the European market. At the same time, Tosyalı stated that the increases in energy and labor costs put a strain on exporters in terms of price competition and said, "The fact that the production costs of African and Far Eastern countries are more affordable compared to ours, and especially their orientation towards Europe, which is our main market, has made the competition tough here. Along with the devastating effects of the earthquakes on both our region and our facilities, our exports were also negatively affected. However, despite everything, we have positive expectations. 2024 will be much better than 2023. "With the arrival of both new investments and postponed demands, the period of increase in our export figures will begin again," he said.
Investments will positively affect exports
Stating that according to the January-November data for 2023, which was last announced by the World Steel Association (Worldsteel), China's crude steel production increased by 1.5 percent to 952.1 million tons, Tosyalı gave the following information: “The second largest India's crude steel production increased by 12.1 percent to 128.1 million tons, and Japan's production decreased by 2.8 percent to 80.0 million tons. Türkiye's crude steel production remained at 30.5 million tons, with a decrease of 6.1 percent. Our estimated capacity is around 60 million. Our export-import coverage ratio, which was 91.6 percent in the first 11 months of 2022, decreased to 54.5 percent in the same period of 2023. These data explain our decline in both production and exports. However, I can say that we will not fall behind these figures as of this year. Thanks to the new capacities coming into operation in the second half of 2023, we expect significant increases in production and export figures in 2024. We predict that both capacity utilization rates and the ratio of exports to imports will increase. "The investments that have been put into effect will lead to the continuation of new investments if they are supported by domestic consumption."
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