Tag: EU

According to data published by Eurostat, the Statistical Office of the European Union, in 2024 the European Union demonstrated a strong performance in the trade of iron, steel, and related articles, achieving a total export value of €77.8 billion while importing €73.1 billion worth of these products. This resulted in a trade surplus of €4.7 billion, underscoring the EU’s significant role in the global iron and steel market.

Compared to 2019, exports of iron and steel and related articles increased by 15.2 percent (€10.3 billion), while imports rose by 23.7 percent (€14.0 billion). However, this monetary increase occurred alongside a decline in physical volumes, with export volumes decreasing by 17.3 percent and import volumes by 1.6 percent. This trend suggests that the rise in trade value was driven primarily by higher prices rather than by an increase in volume. Trade data indicate that iron and steel exports alone (excluding related articles) rose by 9.9 percent compared to 2019, reaching €32.3 billion in 2024, while imports surged by 19.7 percent to €39.5 billion. In terms of volumes, exports and imports saw respective declines of 14.6 percent and 4.1 percent over the same period. Similarly, articles of iron and steel saw substantial growth. The EU exported €45.5 billion worth of these products, marking a 19.3 percent increase from €38.2 billion in 2019. Imports of these articles climbed 28.7 percent to €33.6 billion over the same period. However, export volumes dropped by 26.0 percent, while import volumes increased by 10.1 percent.

Turkey emerged as the EU’s top export destination for iron and steel in terms of value, with shipments amounting to €6.2 billion. It was also the third-largest import source (€3.5 billion). The United States was the second-largest export market (€5.4 billion), followed by the United Kingdom (€4.0 billion), Switzerland (€2.1 billion), and Mexico (€1.7 billion).

For imports, India led the rankings with €3.9 billion, followed by South Korea (€3.6 billion) and China (€3.5 billion), joint third with Turkey. The United Kingdom (€3.2 billion) was also among the top five import sources. Between 2019 and 2024, exports to Mexico increased by 54.1 percent, and those to the United States rose by 51.1 percent. Meanwhile, imports from India surged by 89.2 percent, and those from South Korea grew by 43.0 percent, over the same period.

The United States was the primary export market for articles of iron and steel, importing €8.0 billion worth of these products from the EU, a 45.1 percent increase from 2019. Other significant export destinations included the United Kingdom (€6.3 billion), Switzerland (€3.5 billion), Norway (€2.9 billion), and China (€2.8 billion).

On the import side, China was the leading supplier, accounting for €12.5 billion, or 37.3 percent of the EU’s total imports of these articles. Other major import sources included Turkey (€4.6 billion), the United Kingdom (€2.9 billion), the United States (€2.0 billion), and India (€1.7 billion). Imports from Turkey, India, and China saw remarkable increases of 82.4 percent, 40.5 percent, and 37.0 percent, respectively, compared to 2019.