Turkey's wire rod exports fell by 55% in 2023

 

Turkey's wire rod exports fell by 55% in 2023

Turkey is a prominent steel industry. It is the 8th largest importer of steel globally. Whereas, it is ranked 4th leading steel exporter in the world. Steel industry covers over 8.3% share in Turkey’s overall exports.  

As per Turkey customs data reports, the country’s overall steel exports were estimated to be around $19.6 billion during 2022. However, it fell by 17% as compared to $23 billion in 2021. The European Union holds the maximum share in Turkey’s steel exports.  


In 2022, the EU imported around 5.9 million tonnes of steel from Turkey with over 25% share. After European countries, Turkey exports the majority of its steel to North Africa and Latin American nations.


Whereas per Turkey import data, the country’s steel saw a minimal increase of 1.5% as compared to last year. During 2022, Turkey steel imports stood around $18 billion while it was $17 billion in 2021.


Turkey's major steel exports commodities includes rebar, angels, sect profiles, wire rod, alloy bars, wires hot rolled, flat or coated. Rebar covers the maximum 56% share in Turkey's steel exports while wire rod accounts for over 13% market share.


In the category of tubes & pipes, welded tubes and pipes covered over 95% share in Turkey's total steel exports. Construction appliances, scrap, stranded wire, tanks and gas containers are other crucial steel product exports from Turkey.


Turkey is a significant exporter of hot-rolled steel wire rods. According to the Turkey import export data, Turkey's steel wire rods exports are declining continuously. In 2022, it dropped by 19% to 1.2 million tons while during 2021, exports were up by 15%. The overall exports value for Turkey’s steel wire rods was totaled to be $995 million in 2022.


Whereas per latest Turkey export data, the country's total wire rod exports fell to 55% during the first six months of 2023. Turkey's total wire rod exports were estimated around 289 MMT with a total export value of $200 million this year. Turkey's wire rod exports are decreasing at the rate of 60% yearly.


Israel accounted for the maximum steel wire rod import shipment from Turkey. During 2023, Israel will import around 134000 million metric tons of wire rod imports from Turkey. Compared to the previous year, it declined by 21%. 


After Israel, Romania, Australia, Chile, Spain, Senegal, Paraguay, Egypt, and Canada were other significant wire rod importers from Turkey. Australia has emerged as the top growing market for the country’s wire rod exports as the exports are increasing at the rate of 70% annually. 


During 2023, Australia accounted for over 26000 metric tons of wire rods exports as compared to 15,200 metric tons during the same period in 2022. Whereas, wire rod export shipments declined to Romania (65%), Spain (25%), Senegal (80%), Paraguay (5%),  and Canada (86%).


Turkey’s wire rod exporters can grow their sales through a data based approach. Through Exim Trade Data market intelligence platform, you can find steel product demand, importing countries, pricing, quantity, import export companies and potential leads. We exclusively Global import export data provider reports of over 200+ countries, you can expand your steel exports to the international market with profitable decision making.

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