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Turkey's steel product exports up 34 pct in June y-o-y

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Turkey's steel product exports up 34 pct in June y-o-y
Latest company news about Turkey's steel product exports up 34 pct in June y-o-y

Turkey's exports of steel products climbed 34 percent to $1.2 billion year-on-year in June, according to the Turkish Exporters' Assembly (TIM).

In the first half of 2018, the country's steel product exports also rose 22 percent from the same period last year, reaching $7.1 billion, indicated TIM data compiled by Anadolu Agency.

While the highest steel exports in January-June were made to Italy and Spain, the U.S. -- last year’s top destination for Turkish steel -- tumbled to third.

Exports to the EU and the Middle East, the sector’s main markets, continued to rise significantly.

After U.S. President Donald Trump's controversial decision to raise steel tariffs, steel exports to the country fell 30 percent to $71.5 million in June, and also dropped 42 percent to $421 million in the first six months of the year.

In March, Trump imposed a 25 percent tariff on imported iron and steel, and a 10 percent tariff on aluminum, causing rifts between the U.S. and its major trading partners.

Yalcin Ertan, head of the Aegean Ferrous and Non-Ferrous Metals Exporters' Association, said that tariffs' effect on Turkey was limited.

He stressed that they expect to do some 1.5 million tons of exports by the end of the year.

"The U.S. had preferred Turkish goods," said Ertan.

"After quick adaptation to the new conditions, the current trend will continue till the end of the year, if there are no changes in tariffs."

Pub Time : 2018-07-06 14:02:59 >> News list
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