Chemical Sector Exports Reach $1.237 Billion

Chemical Sector Exports USD 1.237 Billion

Chemistry sector off to a strong start in 2017

The chemical sector entered 2017 with export growth in both volume and value. According to data from the İKMİB (Istanbul Chemical Substances and Products Exporters Association), January chemical exports reached 1 million 607 thousand tons with a 27.08% increase in volume and USD 1 billion 237 million with a 23.62% increase in value compared to the same month of the previous year. The recovery in major markets such as Russia, Iran and Iraq contributed to this growth. During the same period, the increase in exports to China, Singapore and Malta drew attention. The chemical sector, which has set an export target of USD 15.5 billion for this year, was pleased with the January export figures. Chemistry, one of the most important actors in Turkish industry, achieved export growth in both volume and value last month. January chemical exports reached 1 million 607 thousand tons with a 27.08% increase in volume and USD 1 billion 237 million with a 23.62% increase in value compared to the same period of the previous year. The top ten countries to which the chemical sector exported most in January were ranked as United Arab Emirates, Singapore, Germany, Iraq, Spain, Italy, Iran, Malta, Netherlands and China. Regarding exports to the United States, which the sector has included among target countries for 2017 and beyond, a 34.11% decrease in volume and a 19.51% decrease in value were recorded, with the country falling to 18th place. Looking at the export figures achieved by the chemical sector's sub-sectors in January, mineral oils and their products, with exports of USD 386 million 719 thousand, drew attention by returning to the top position after a long period. Plastics and plastic articles ranked second with exports of USD 352 million 386 thousand, while rubber and rubber goods came third with USD 95 million 546 thousand. Murat Akyüz, Chairman of the Board of Management of İKMİB (Istanbul Chemical Substances and Products Exporters Association), evaluating the January export figures, said: "Despite all negative developments occurring worldwide, the export figures we achieved in January brought smiles to the faces of our industrialists. After the aircraft crisis, our exports to the Russian market, where we had suffered losses, captured a 19% increase. We believe that our share from the Russian market, which is expected to be positively affected economically by rising oil prices in the coming months, will increase further. Our exports to Iraq, which is also of great importance for our sector, increased by 33.43%; and to Iran by 32.98%. The increases in China, Singapore and Malta, among the countries to which we made the most exports, were noteworthy. Our exports to Singapore, with a 362.67% increase, made this country the second most exported country, while exports to Malta increased by 631.51%; and exports to China by 39.17%," he said. Noting the importance of the continuity of the increase in exports, Murat Akyüz said: "As we always say, we should not lose hope. Besides, we need to be careful and consider the risks. For our exports to continue growing in the coming months, we need a stable environment. Sudden currency fluctuations make it difficult for our exporting companies to see ahead, and we expect the currency to reach reasonable levels as soon as possible."

Which Countries Received the Most Chemical Exports in January 2017?

Chemical Exports in 2017

Chemical Sector Exports January 2017