Turkey İMSAD Foreign Trade Index Results Announced

Turkey İMSAD Foreign Trade Index Results Released According to the July 2021 results of the Construction Materials Industry Foreign Trade Index prepared by Turkey İMSAD, export growth performance in the construction materials industry slowed as the number of working days decreased in July. In July, construction materials exports reached 5.06 million tonnes in volume and USD 2.33 billion in value. Turkey İMSAD Construction Materials Industry Foreign Trade Index showed more limited performance in July due to a significant reduction in the number of working days caused by extended holidays, and consequently the weakening of foreign trade activities. Exports in July 2021 reached USD 2.33 billion. July exports fell below June exports, which reached a record level of USD 2.89 billion. The reduction in the number of working days was the determining factor in the decline. In July 2021, construction materials exports reached 5.06 million tonnes in volume. In terms of volume, exports also fell below previous months. The slowdown in construction materials industry exports stemmed from domestic factors. Market improvements and expansion continued in July. Rising external demand is expected to persist until year-end. The average annual export unit price of the construction materials industry rose 31.4% in July compared to July of the previous year. Average export prices were USD 0.35/kg in July 2020, while they reached USD 0.46/kg in July 2021. Construction materials imports in July 2021 totalled USD 631 million. Imports declined compared to the previous June. Construction materials imports in July 2021 amounted to 227,478 tonnes. The construction materials industry import unit price fell from USD 2.85/kg in July 2020 to USD 2.77/kg in July 2021. Despite the fourth wave of the pandemic in markets, growth expectations and increased demand continue. Consequently, a historic monthly export record was set for construction materials products in June. In July, despite continued external demand, export growth slowed due to the reduced number of working days. Acceleration in export growth is expected starting from August. In July 2021, construction materials export performance showed similar trends across subsectors. Volume declined, while value and unit price trends showed increases in exports. July of last year was a month when the effects of the COVID-19 pandemic began to diminish. For this reason, base effects also decreased in July of this year. However, the main effect stemmed from the reduction in the number of working days. In July, average export unit prices rose in 7 of 8 subsectors compared to July 2020. Global commodity and final product price increases had an impact. In July, average export unit prices for iron and steel products rose 42.2% compared to the same month last year. Average export unit prices for mineral products increased 9.3% compared to the same month last year. Average export unit prices for electrical materials and equipment rose 38.8%, wood and wood products 23%, and metal-based products 15%. In July, 6 of 8 subsectors recorded export volumes below July of the previous year. In July, the highest export volume growth was 17.2% in metal-based products. In terms of volume, exports in electrical materials and equipment declined 17.9% and in mineral products 10.5%. In July 2021, 6 of 8 subsectors recorded increases in export value. Significant value increases occurred. High increases were influenced by base effects as well as price increases. In July, the highest export value increase of 41.9% occurred in iron and steel products. In July, export value increase in metal-based products reached 35.2%. Declines occurred in prefabricated structures and mineral products.