In 2024, the European Union’s (EU) steel trade showcased significant growth [1] in value despite a decrease in physical quantities. Steel exports reached €32.3 billion, marking a 9.9% increase compared to €29.4 billion in 2019. On the other hand, steel imports surged by 19.7%, totaling €39.5 billion. However, the weight of exported and imported steel declined by 14.6% and 4.1%, respectively, indicating that the rise in trade value was primarily attributed to higher prices.
Türkiye emerged as the EU’s leading export destination for steel in 2024, with shipments worth €6.2 billion. The United States followed with €5.4 billion, while the United Kingdom accounted for €4 billion in exports. Conversely, India stood out as the top steel supplier to the EU, contributing €3.9 billion in imports. South Korea and China ranked next, with import values of €3.6 billion and €3.5 billion, respectively.
Between 2019 and 2024, the EU observed notable growth in steel exports to key partners like Mexico (+54.1%) and the United States (+51.1%). Imports from countries such as India (+89.2%) and South Korea (+43.0%) also saw considerable increases. This underscores the EU’s evolving trade relationships and its adaptability in the global steel market.
Sources:
[1] EU exported €77.8 billion worth of iron and steel in 2024 https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20250312-2