Turkey: Cork Article Market 2024

Cork Article Market Size in Turkey

In 2021, the Turkish cork article market increased by 44% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Cork Article Production in Turkey

In value terms, cork article production soared to $X in 2021 estimated in export price. Overall, production enjoyed resilient growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 121% against the previous year. Cork article production peaked at $X in 2019; however, from 2020 to 2021, production failed to regain momentum.

Cork Article Exports

Exports from Turkey

In 2021, shipments abroad of cork articles increased by 22% to X tons, rising for the fifth year in a row after two years of decline. In general, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 72%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, cork article exports amounted to $X in 2021. Over the period under review, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +31.3% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of 50% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

Romania (X tons), Iran (X tons) and the United Arab Emirates (X tons) were the main destinations of cork article exports from Turkey, with a combined 40% share of total exports. These countries were followed by Bulgaria, Israel, Germany, Hungary, Libya, Iraq, Russia, France, Albania and Cyprus, which together accounted for a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +78.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cork article exported from Turkey were Romania ($X), the United Arab Emirates ($X) and Bulgaria ($X), with a combined 32% share of total exports. Iran, France, Germany, Libya, Russia, Hungary, Israel, Iraq, Cyprus and Albania lagged somewhat behind, together comprising a further 37%.

Among the main countries of destination, Germany, with a CAGR of +72.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cork article export price stood at $X per ton in 2021, with a decrease of -16% against the previous year. Overall, the export price continues to indicate a slight decline. The growth pace was the most rapid in 2013 when the average export price increased by 27% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Iran ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Cork Article Imports

Imports into Turkey

In 2021, supplies from abroad of cork articles increased by 19% to X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a deep setback. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, cork article imports surged to $X in 2021. Overall, imports, however, saw a perceptible shrinkage. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Portugal (X tons) constituted the largest supplier of cork article to Turkey, accounting for a 67% share of total imports. Moreover, cork article imports from Portugal exceeded the figures recorded by the second-largest supplier, France (X tons), fivefold. The third position in this ranking was held by China (X tons), with a 7.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Portugal totaled -10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+11.6% per year) and China (+0.8% per year).

In value terms, the largest cork article suppliers to Turkey were Portugal ($X), France ($X) and the United Arab Emirates ($X), with a combined 85% share of total imports.

The United Arab Emirates, with a CAGR of +88.9%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average cork article import price amounted to $X per ton, falling by -2.8% against the previous year. Over the period under review, import price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cork article import price increased by +42.5% against 2017 indices. The growth pace was the most rapid in 2018 when the average import price increased by 38% against the previous year. The import price peaked at $X per ton in 2020, and then declined in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Portugal (+3.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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