In the period from 2013 to 2023, the value of nickel bars, rods, profiles, and wire imports to Turkey has experienced significant fluctuations. Starting at 8.1777 million USD in 2013, the import value saw a general upward trend with a few notable drops, such as in 2015 and 2016. By 2023, the value of these imports stood at 10.695 million USD, marking a consistent increase in more recent years. The yearly variations demonstrate periods of both significant growth, such as a 41.01% increase in 2017, and declines, with the steepest being a 17.61% reduction in 2016. Over the last two years, the import value grew by 2.17% in 2023 and saw a year-on-year increase of 0.26% in 2022. The compound annual growth rate (CAGR) over the past five years averaged 1.65%.
Looking forward, the import value is forecasted to continue its upward trajectory. Projected figures for 2024 to 2028 suggest a consistent rise, culminating in 11.893 million USD by 2028. The forecasted five-year CAGR stands at 1.65%, contributing to an overall forecasted growth of 8.52% over the next five years.
Future trends to watch for include potential market shifts influenced by global trade policies, economic fluctuations, and technological advancements in the production and usage of nickel-based materials. Monitoring these factors will be crucial for predicting further changes in Turkey’s import activities regarding nickel products.
