In August of this year, Turkey experienced a significant decline in its rebar export volume, according to data provided by the Turkish Statistical Institute. The export volume dropped by 17.6% compared to the same month last year and decreased by 8.5% from the previous month, totaling 305,404 metric tons. This downturn was not limited to volume alone, as the value of these exports also saw a substantial decrease, falling by 17.7% year-on-year and 7.0% month-on-month to $179.14 million.
Despite the sharp decline in August, the overall performance of Turkey's rebar exports for the first eight months of the year showed a mixed picture. From January to August, the country's rebar exports actually increased by 4.7% in volume, reaching 2.21 million metric tons. However, the value of these exports did not keep pace with the volume increase, declining by 5.0% to $1.30 billion compared to the same period last year. This disparity between volume and value suggests a potential decrease in the per-unit price of Turkish rebar in the global market.
The geographical distribution of Turkey's rebar exports reveals interesting shifts in market dynamics. Yemen remained the top destination for Turkish rebar in the January-August period, despite a 2.3% year-on-year decrease in export volume to 412,795 metric tons. However, the most dramatic change was seen in exports to Romania, which surged by an astounding 663.8% to 186,202 metric tons, catapulting it to the second position among Turkey's rebar export destinations.
Albania also saw a significant increase in Turkish rebar imports, with a 239.8% year-on-year rise to 135,914 metric tons. This substantial growth positioned Albania as the third-largest destination for Turkish rebar. Northern Cyprus and Syria also recorded increases in their imports of Turkish rebar, with growth rates of 24.3% and 21.3% respectively.
On the other hand, some traditional markets for Turkish rebar experienced notable declines. Exports to Ethiopia fell by 54.1% to 88,891 metric tons, while Israel saw a dramatic 84.2% decrease to 75,972 metric tons. The United States, another significant market, also recorded a 7.9% decline in imports of Turkish rebar.
