Construction Materials Export Performance Surges in September, Outpacing Previous Month's Values and Volumes
Foreks - The results of the Construction Materials Industry Foreign Trade Index for September 2024 have been announced. According to the report, exports increased by 85 million dollars compared to the previous August, reaching a level of 2.62 billion dollars. This remained 0.7% below the level of September of the previous year. In September, construction materials imports also stood at 941 million dollars.
The results of the Türkiye İMSAD Construction Materials Industry Foreign Trade Index for September 2024 have been revealed. The report indicates that with the normalization of working days, exports of the construction materials industry showed significant growth in July and continued to rise in August. Despite stagnation in the market and the appreciation of the Turkish lira, exports continued to increase in September. Thus, foreign trade indices marked a three-month upward trend.
The report noted that the construction materials export performance in September surpassed both the value and quantity of August 2024, while it experienced a limited decline compared to September of the previous year. According to Türkiye İMSAD data, exports in September 2024 reached 2.62 billion dollars, exceeding the previous August by 85 million dollars. In terms of value, this year’s September exports remained 0.7% below last year’s September exports.
Export rose by 222,000 tons According to the Türkiye İMSAD report, which is closely monitored by economic circles, the construction materials exports in September 2024 increased by 222,000 tons compared to the previous August, reaching 4.14 million tons. This result is 1.2% below last year's September export performance.
In September 2024, the average export unit price was recorded at 0.63 dollars/kg. It was stated in the index that the average annual export unit price of the construction materials industry in September of this year increased by 0.5% compared to September of last year. Average export unit prices also slightly decreased compared to the previous August.
In September 2024, construction materials imports amounted to 941 million dollars, showing a 6.8% increase over last year’s September. Additionally, imports remained below 1.0 billion dollars in September after August.
In September 2024, the quantity of construction materials imports was recorded at 316,577 tons. The report indicated a decrease in the monthly imports' quantity. The average annual import unit price of the construction materials industry, however, increased in September 2024 compared to the previous month, rising to 2.97 dollars/kg.
Annual exports reached 28.78 billion dollars Based on the export performance in September, the annualized construction materials exports as of September 2024 reached 28.78 billion dollars. Consequently, the annualized exports were 2.7% below the annual export figure at the end of September last year. The annualized export quantity in September 2024 also decreased by 1.9%, reaching 45.64 million tons.
The annualized average export unit price was recorded at 0.63 dollars/kg. The report also included observations that there has been an increase in exports over the past three months, but the growth remained limited due to stagnation in the markets and the appreciation of the Turkish lira.
Average export unit prices fell in half of the sub-product groups According to the report, the stagnation in export markets affected the sub-sectors of the construction materials industry in various ways. The export performance of the sub-sectors exhibited different trends in terms of quantity and value compared to September of the previous year.
In the index data for September 2024, it was observed that in four out of eight sub-product groups, the average export unit prices were lower compared to September 2023. On the other hand, increases were noted in four sub-product groups. Accordingly, in September 2024, the average export unit price of mineral, stone, and soil products decreased by 0.5% compared to the same month of the previous year. Average export unit prices for iron and steel products decreased by 1.6%, while those for metal-based products dropped by 1.8%. The average export unit price for chemical-based products fell by 4.2%, whereas average export unit prices for electrical materials and equipment increased by 7.3%.
The index data also reflected that in six out of the eight sub-product groups, exports in terms of quantity were lower than those of the previous year’s September. In September 2024, the decreases in export quantities were 1.7% for iron and steel products, 2.7% for electrical materials and equipment, and 1.4% for mineral, stone, and soil products. However, for chemical-based products, export quantities increased by 8.8%.
The data shared in the report indicated that in September 2024, five of the eight sub-product groups had export values lower than those of the previous year’s September. It was emphasized that declines in quantity and unit prices were decisive in this decrease. Accordingly, there was a 3.2% loss in export value for iron and steel products, a 1.8% decline for metal-based products, and a 1.9% decrease for mineral, stone, and soil products. Meanwhile, exports of electrical materials and equipment increased by 4.4%, and exports of chemical-based products rose by 4.1%.