Allianz Trade added a new one to its regularly published Sector Reports and put the Metal Industry in the world and in Turkey under the spotlight. According to the report prepared by Allianz Trade economists; Among the main risk factors that the metal sector in Turkey may face; economic conditions, global metal prices, regulatory changes, energy costs, raw material supply, environmental concerns and lack of talent in the workforce. However, among these, environmental concerns are seen on a remarkable scale.
Allianz Trade, the world leader in trade receivable insurance, published its Metal Industry Report. The report also included the evaluation of the metal industry in Turkey. According to the report; Currently, nearly 150,000 people are employed in nearly 31,000 workplaces in the Turkish metal industry. The metal sector is one of the most important sectors in the economies of countries as it provides input to many sectors, especially the automotive, defense, construction and energy sectors.
In the report; It is reported that the global metal market will increase from 3940.17 billion dollars in 2022 to 4230.27 billion dollars in 2023 with a compound annual growth rate of 7.4 percent. While it is emphasized that the Russia-Ukraine war has a negative impact on the chance of global economic recovery in the short term, it is stated that the war has led to economic sanctions against more than one country, an increase in commodity prices and supply chain disruptions. Another noteworthy point in the report is that global metal prices have approached their pre-pandemic prices due to shrinking demand, recession expectations and monetary tightening.
According to the Allianz Trade Metal Sector Report, environmental concerns are among the important determinants of the metal industry. Among the information provided in the report is that international trade is expected to undergo a change with the impact of the increasing demand for green transformation around the world. The report also draws attention that countries are starting to implement their decisions regarding climate and environment in the field of international trade and industry, and this situation strengthens the concerns that possible foreign trade restrictive practices will increase.