We have largely overcome the challenges posed by the global economy, which was negatively impacted by the pandemic, and experienced significant growth both domestically and internationally in our sector post-pandemic.
However, we are still feeling the inflationary pressures resulting from regional conflicts, which have led to supply constraints and rising prices. We anticipate that global inflation will gradually stabilize as a result of measures taken by central banks worldwide. The observed figures so far support this expectation.
From a macroeconomic perspective, we see that our country's economy achieved a growth of 4% in the fourth quarter of 2023 and 4.5% throughout the entire year. Economic growth has continued for 14 consecutive quarters, with GDP reaching 26 trillion 276 billion 307 million liras in 2023, a 75% increase from the previous year.
In 2023, the sulphur market saw lower price levels compared to the previous year due to the reduction in supply shortages caused by the pandemic and the normalization of demand. However, forecasts suggest that the global sulphur market will steadily rise between 2023 and 2030. Despite this, our company has focused on volume and profitability-oriented operations and successfully adapted to the dynamics of the global economy in international sulphur trade.
We are a leading exporter shaping our industry
In addition to completing our foreign trade volume at the $50 million level, we completed our sales tonnage at the half-million-ton level.
The main factor behind our successful operations is the strong partnerships we have with our business partners and our capacity to conduct high-volume transactions. With these operations, which demonstrate the strength of our financial structure, we have not only strengthened our business processes but also achieved sustainable growth based on solid foundations.
Looking ahead to 2024, we foresee a more stable sulphur market with balanced supply and meeting accumulated demand.
We will continue our goal of establishing strategic partnerships with renowned global refineries to enhance our competitiveness. Expanding our business network, diversifying our product range, and improving our service quality will remain our top priorities.
I would like to express my sincerest thanks to our valuable business partners for their trust in our company and the support they have provided.
I also extend my gratitude to all our employees who have played a fundamental role in our success.
Best regards,
Cavit Ersoy
