Turkey’s steel exports rise in first eight months of year: Association

Turkey’s steel exports rise in first eight months of year: Association

ANKARA
Turkey’s steel exports rise in first eight months of year: Association

Turkey’s steel exports rose 5.8 percent in the first eight months of the year when compared to the same period last year, reaching 12.7 million tons, a trade association said on Sept. 6.

 

The value of steel exports soared 28.5 percent to $9.6 billion in the January to August period, compared to the same timeframe in 2017, the Turkish Steel Exporters’ Association (ÇİB) said in a statement.

“In the eight-month period of 2018, the value-based increase was recorded higher than the quantity-based one,” said ÇİB President Adnan Aslan.

The rise in the value was influenced by the price increase of global finished steel products, the report read.

Aslan emphasized that the Turkish steel industry is the eighth largest producer of liquid steel in the world and the second largest producer in Europe.

Protectionist import policies

He, however, noted that construction steel exports, which are the main export items of the steel sector, have been decreasing due to protectionist import policies by the U.S., Egypt and the U.A.E.

On Aug. 10, U.S. President Donald Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports.

In retaliation, Turkey on Aug. 15 increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars.

In August, the steel exports rose 36.4 percent year-on-year, reaching 1.6 million tons.

Earnings from steel exports were $1.2 billion during the same period, marking an increase of 43 percent.

steel exports, Turkish steel, US tariffs, protectionism