The building materials production sector could see its exports hit a record high this year, a business group has said.
Industry sales to overseas markets hit $3.36 billion in June, the highest monthly figure on record, while 12-month exports hit $34.52 billion, the Association says. Building Materials Producers (İMSAD).
The average unit price of exported materials increased by 25% and exports, in terms of volume, amounted to 5.31 million tonnes.
Turkey’s building materials imports also continued their upward trend, rising 27% year-on-year to $957 million in June.
The impacts of the ongoing war between Russia and Ukraine, global inflation and fears of recession will determine the course of exports in the second half of 2022, İMSAD said in a statement.
“Despite forecasts of lower unit export prices in the coming months, this year’s export earnings are likely to exceed the level of 2021,” the association predicted.
The industry’s export revenue rose 46.2% last year to $30.88 billion.
Demand for Turkish products is on the rise and high unit prices are boosting export earnings, the association added.