IMSAD Announces Foreign Trade Index Results

Türkiye İnşaat Malzemesi Sanayicileri Derneği (Türkiye İMSAD) announced June results of its monthly Foreign Trade Index. According to June results of the Construction Materials Industry Foreign Trade Index prepared by Türkiye İMSAD, the umbrella organisation of the construction materials sector, the construction materials industry set two new export records. As of end of June, monthly exports reached USD 3.36 billion, hitting an all-time high, while annual export volume set a record at USD 34.52 billion. During this period, average unit prices rose by 28.5 percent alongside the highest export value achieved. The construction materials industry, which demonstrated strong performance in foreign trade in June, achieved exports of 5.31 million tonnes with more limited volume growth. Annual (last 12-month) exports fell to 63.56 million tonnes in volume, while annual average export unit price stood at USD 0.54/kg. The export unit price index in June rose to 108.98 points, its highest level since January 2015. The average export unit price, which was USD 0.49/kg in June 2021, increased by 28.5 percent to USD 0.63/kg in June 2022. Imports also continued to rise during this period. Construction materials imports in June 2022 increased by 27 percent compared to the previous year, reaching USD 957 million. Peak figures for the year were achieved in both value and volume. Construction materials imports in June reached 336,613 tonnes, with import unit prices at USD 2.84/kg.  

Export unit prices in eight product subgroups increased year-on-year

During this period, average annual export unit prices for iron and steel products increased by 34.5 percent, mineral, stone and earth products by 26 percent, prefabricated products by 30.1 percent, wood and wooden products by 21.6 percent, and metal-based products by 32.4 percent compared to the same month of the previous year. In five of the eight product subgroups, June 2022 exports fell below June 2021 levels in volume terms. Base effects from high growth in the previous year began to appear in volume declines, with volume increases recorded in only three product subgroups. Volume export growth in June was 15.4 percent for chemical-based products and 29.5 percent for insulation materials. Mineral, stone and earth products exports fell by 8.7 percent in volume, iron and steel products by 14.3 percent. All eight product subgroups recorded significant value increases in exports. Insulation materials increased by 31 percent, metal-based products by 30.6 percent, prefabricated structures by 25.3 percent, chemical-based products by 21.2 percent, and wood and wooden products by 20.2 percent.

Second highest monthly export of the year

Following a decline in Turkish industrial exports in May due to fewer working days, June saw the year's second highest monthly export. Industrial product exports rose to USD 17.34 billion in value during this period. Turkey's total industrial product exports in June reached 11.19 million tonnes in volume. Average annual export unit prices remained elevated despite limited declines. While average unit prices in industrial goods exports were USD 1.44/kg in June 2021, they increased to USD 1.55/kg in June 2022.