Turkish Elevator Industry's 2024 Foreign Trade Performance and 2025 Expectations
The Turkish elevator sector had a remarkable year in 2024 with a foreign trade volume of 450,863,727 dollars. However, the sector signaled a new period in foreign trade by showing a downward trend in import and export figures compared to the previous year. While the total foreign trade value was 495,146,153 dollars in 2023, this figure decreased by 9% in 2024. The sector achieved 334,919,874 dollars in exports against 115,943,853 dollars in imports, thus making a net contribution of 218,976,021 dollars to the Turkish economy.
The decline in exports was mainly due to the decrease in the export of complete elevators and components. While total exports were 375,218,170 dollars in 2023, they decreased by 10.74% to 334,919,874 dollars in 2024. Of this amount, 176,618,972 dollars came from complete elevators, while 158,300,902 dollars was from component exports. The export value per kilogram was 3.89 dollars for complete elevators and 2.74 dollars for components. This situation indicated that price pressures increased due to intensified competition and global economic fluctuations.
Complete elevator exports recorded a significant decline in 2024. While total complete elevator exports were 208,276,857 dollars in 2023, they fell by 15.2% to 176,618,972 dollars in 2024. Similarly, the total exported weight decreased from 54,349,794 kilograms to 45,373,245 kilograms. This decline is attributed to economic contraction in European markets, decreasing demand, and increasing competition. On the other hand, exports to Ukraine remained relatively stable, while markets such as Libya, Saudi Arabia, and Syria experienced shrinkage.
The country with the highest complete elevator exports in 2024 was the Russian Federation, with 43,416,432 dollars. Algeria ranked second with 25,113,484 dollars, followed by Ukraine with 10,532,537 dollars, Georgia with 7,703,316 dollars, and Iraq with 6,198,733 dollars. Additionally, Israel, the United Arab Emirates, Uzbekistan, Kosovo, and Tunisia were among the significant export destinations. The export value per kilogram for complete elevators increased from 3.83 dollars to 3.89 dollars.
In contrast, complete elevator imports saw an 18.7% increase. While imports were 76.54 million dollars in 2023, they rose to 90.86 million dollars in 2024. In terms of quantity, imports also increased from 16.3 million kilograms to 20.65 million kilograms, indicating an increased demand for European-origin elevator components.
The country with the highest complete elevator imports in 2024 was China, with 67,105,235 dollars, accounting for 73.85% of Turkey’s total imports. Italy, Spain, and Germany were among the other majör import sources. Notably, imports from Slovakia and Finland declined significantly. In 2023, imports from Slovakia were 11,254,659 dollars, but this figure dropped to 1,212,858 dollars in 2024. Similarly, imports from Finland, which were 5,322,970 dollars in 2022, fell to just 81,425 dollars in 2024, nearly coming to a halt. Turkey’s import data indicate a shift towards domestic production and a decreasing dependence on imports, while reliance on Chineseorigin products remains at high levels.
In component elevator exports, fluctuations were observed between 2023 and 2024. While component exports were 166,941,313 dollars in 2023, they decreased by 5.17% to 158,300,902 dollars in 2024. Industry representatives stated that this decline was due to increased costs of steel and electronic Components and price pressures in international markets.
Egypt was the largest export market in 2023, but in 2024, exports to Egypt saw a decline of 8.03%. However, Iraq became the largest component export market, with exports reaching 11,991,494 dollars, while Algeria experienced a 7.33% increase.
On the other hand, there were sharp declines in major markets such as Russia and Saudi Arabia. While component exports to Russia were 11,841,818 dollars in 2023, they dropped to 5,529,601 dollars in 2024, marking a 53.3% decrease. Similarly, exports to Saudi Arabia declined by 26.09%, from 11,290,407 dollars to 8,344,015 dollars. China’s aggressive pricing policies and competitive strategies were among the primary factors reducing the market share of Turkish firms in these countries. In component elevator imports, there was a 42.2% decline. While total imports were 43,391,024 dollars in 2023, they dropped to 25,087,953 dollars in 2024, indicating a decrease in import dependency and strengthening of domestic production. The total import weight also fell from 14,363,499 kilograms to 5,539,439 kilograms, marking a 61.3% contraction. However, the import value per kilogram remained at 4.53 dollars.
China remained the largest component supplier to Turkey, while imports from Spain, Italy, and Greece declined significantly. On the other hand, imports from Germany and France increased.
Overall, 2024 was a volatile year for the Turkish elevator sector in terms of both exports and imports. While the strengthening of domestic production and the reduction in import dependency were positive developments, contractions in export markets made competition within the sector even more intense.
For 2025, it is emphasized that Turkish companies need to enhance their R&D investments and strengthen brand awareness to increase international competitiveness. Expanding into new markets, developing innovative products, and ensuring flexibility in pricing strategies are among the key factors that will support the sector’s sustainable growth.
