Exports in the Iron and Non-Ferrous Metal Sector Approach 12 Billion Dollars

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Exports in the Iron and Non-Ferrous Metal Sector Approach 12 Billion Dollars

Forex - The Istanbul Ferrous and Non-Ferrous Metals Exporters' Association (İDDMİB) has announced the export figures for November 2024 and the January-November period. Accordingly, Turkey's total exports in November 2024 reached $22.2 billion, while the Ferrous and Non-Ferrous Metals sector increased its share of Turkey's overall exports to 5.4% with $1 billion in exports. According to the cumulative data for January-October 2024, the sector accounted for 5.6% of total exports with $11.6 billion, making it the 6th largest exporting sector among industrial sectors. The sector's exports during this period showed a decrease of 0.3% compared to the previous year.

EUROPE CONTINUES TO SUPPORT EXPORTS In November, Europe remained the largest market for the Ferrous and Non-Ferrous Metals sector. Exports to this region reached $556.5 million, marking an 18.68% increase compared to the same month last year.

Among the countries where the sector exports the most, Germany ranked first with $118.8 million, Italy second with $66.7 million, and the United States third with $54.1 million in exports.

Looking at the January-November 2024 period, the highest export was made to Germany with $1.36 billion. Exports to Italy amounted to $760 million, $569 million to Bulgaria, $536 million to the U.S., and $518 million to Iraq.

When evaluated by subsectors for November, the Aluminum product group retained its top position with $435.9 million in value terms. It was followed by Metal Articles with $238.5 million, Iron and Steel Products with $221.5 million, and the Copper sector with $206.4 million.

ANNUAL LOSS NEARS ZERO Çetin Tecdelioğlu, Deputy Chairman of the Turkey Exporters Assembly (TİM) and Chairman of the Board of İDDMİB, remarked that the positive performance in recent months continues, allowing for a more optimistic outlook for 2025. Noting a 15% increase in October, he reported a 9.3% rise in exports for November, indicating a decline in the loss compared to the previous year to just 0.3% when comparing the 11-month periods. Despite high interest rates, low growth, and a low dollar rate domestically, as well as a decrease in demand abroad, Tecdelioğlu stated that the sector has reached a point where it can match last year's performance, expressing confidence that they would end this challenging year without losses by the end of 2024.

He also pointed out that measures taken against the Far East and China have had a positive impact on exports, and despite all of Turkey's disadvantages, they expect to surpass 2024 by leveraging their strength in production and supply in the coming year.