Turkey's Nail and Bolt Exports Drop to $860M in 2023

Turkey Nail And Bolt Exports

In 2023, after two years of growth, there was significant decline in overseas shipments of nails, tacks, staples, screws and bolts, when their volume decreased by -23.2% to 224K tons. Overall, exports, however, continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2021 with an increase of 28%. The exports peaked at 291K tons in 2022, and then fell sharply in the following year.

In value terms, nail and bolt exports declined to $860M (IndexBox estimates) in 2023. In general, exports, however, showed a resilient increase. The growth pace was the most rapid in 2021 when exports increased by 46%. Over the period under review, the exports reached the peak figure at $929M in 2022, and then contracted in the following year.

Exports by Country

Germany (61K tons) was the main destination for nail and bolt exports from Turkey, accounting for a 27% share of total exports. Moreover, nail and bolt exports to Germany exceeded the volume sent to the second major destination, the United States (30K tons), twofold. The third position in this ranking was held by France (12K tons), with a 5.4% share.

From 2013 to 2023, the average annual rate of growth in terms of volume to Germany amounted to +11.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+11.5% per year) and France (+5.9% per year).

In value terms, Germany ($280M) remains the key foreign market for nails, tacks, staples, screws and bolts exports from Turkey, comprising 33% of total exports. The second position in the ranking was taken by the United States ($66M), with a 7.7% share of total exports. It was followed by France, with a 5.8% share.

From 2013 to 2023, the average annual rate of growth in terms of value to Germany stood at +11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+16.4% per year) and France (+3.5% per year).

Exports by Type

Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel (185K tons) was the largest type of nails, tacks, staples, screws and bolts exported from Turkey, accounting for a 83% share of total exports. Moreover, screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel exceeded the volume of the second product type, nails, tacks, drawing pins, corrugated nails, staples (not those of heading no. 8305) and the like, of iron or steel, with heads of other material or not, but excluding articles with heads of copper (38K tons), fivefold. The third position in this ranking was held by aluminium; nails, tacks, staples (other than those of heading no. 8305) screws, bolts, nuts, screw hooks, rivets, cotters, cotter-pins, washers and similar articles (352 tons), with a 0.2% share.

From 2013 to 2023, the average annual rate of growth in terms of the volume of screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel exports stood at +10.2%. With regard to the other exported products, the following average annual rates of growth were recorded: nails, tacks, drawing pins, corrugated nails, staples (not those of heading no. 8305) and the like, of iron or steel, with heads of other material or not, but excluding articles with heads of copper (+1.5% per year) and aluminium; nails, tacks, staples (other than those of heading no. 8305) screws, bolts, nuts, screw hooks, rivets, cotters, cotter-pins, washers and similar articles (-5.6% per year).

In value terms, screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel ($805M) remains the largest type of nails, tacks, staples, screws and bolts exported from Turkey, comprising 94% of total exports. The second position in the ranking was taken by nails, tacks, drawing pins, corrugated nails, staples (not those of heading no. 8305) and the like, of iron or steel, with heads of other material or not, but excluding articles with heads of copper ($44M), with a 5.1% share of total exports. It was followed by nails, tacks, drawing pins, staples (not those of heading no. 8305) and the like, of copper or iron or steel with heads of copper; screws bolts, nuts, screws hooks, rivets, cotters, washers of copper, with a 0.7% share.

From 2013 to 2023, the average annual growth rate of the value of screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel exports stood at +11.0%. With regard to the other exported products, the following average annual rates of growth were recorded: nails, tacks, drawing pins, corrugated nails, staples (not those of heading no. 8305) and the like, of iron or steel, with heads of other material or not, but excluding articles with heads of copper (+2.4% per year) and nails, tacks, drawing pins, staples (not those of heading no. 8305) and the like, of copper or iron or steel with heads of copper; screws bolts, nuts, screws hooks, rivets, cotters, washers of copper (+0.6% per year).

Export Prices by Country

In 2023, the nail and bolt price stood at $3,846 per ton (FOB, Turkey), increasing by 21% against the previous year. Over the period from 2013 to 2023, it increased at an average annual rate of +1.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($7,426 per ton), while the average price for exports to the United States ($2,224 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform