Europe fills Turkey’s steel export deficit resulting from U.S. sanctions
Turkey’s steel exports in September showed an impressive increase of 95 percent and reached $1.4 billion, indicating that the sector offset the effects of U.S. sanctions on Turkish metals by increasing exports to Europe, Daily Sabah reported on Saturday.
Turkish steel sector’s nine-month foreign sales volume increased by 25.4 percent year-on-year to some $10.97 billion compared to $8.18 billion in the January-September period of 2017, Daily Sabah said.
The United States doubled the tariffs on Turkish aluminium and steel in August, due to a diplomatic crisis between Washington and Ankara over the almost two year detention of an American evangelical pastor, Andrew Brunson.
The largest decline in the Turkish steel sector’s sales to abroad in the first nine months of 2018 was observed for the U.S with a year-on-year decrease of 27.1 percent, Daily Sabah said.
Meanwhile, in the same period, the Turkish steel industry's exports to Italy increased by around $444.26 million, followed by Belgium and Spain with an increase of $248.6 million each.
This has shown that European countries have overwhelmingly filled the steel export deficit resulting from the United States, Daily Sabah said.