Chemical Industry's Exports Reach $2.15 Billion

Chemical Sector Exports Reach USD 2.15 Billion According to data from Turkey's Exporters Assembly (TİM), Turkey's exports in July increased 8.4% year-on-year to USD 20.1 billion. In July, the chemical sector, which was the second-largest exporting sector, achieved USD 2.15 billion in exports.

İKMİB Board Chairman Adil Pelister evaluated the figures as follows:

"In July, our chemical sector was the second-largest exporting sector with USD 2.15 billion in exports. Compared to last year, our exports declined by 25%. For the first seven months of the year, our exports reached USD 16.7 billion. Global demand remains sluggish. This year, the world economic growth rate was revised downward to 3%. Commodity and oil prices related to our sector continue to track below last year's levels. These developments are clearly having a negative impact on our sectoral exports. One of the important factors affecting our exports and competitiveness is inflation and exchange rate balance. Our chemical sector is 70% dependent on imported raw materials. This ratio rises to 90% in plastics and plastic products. Consequently, our foreign exchange needs may be higher than in other sectors. From this perspective, as exporters we welcomed the decisions to increase the exchange rate, to eliminate the foreign exchange conversion requirement in rediscount credits, and to increase Eximbank's capital for financing access. On the other hand, despite negative developments, our sector is implementing many activities to increase exports. This year we will organize national pavilion participations, info stands and trade missions in 16 different countries: Russia, the United Arab Emirates, the United States, Germany, France, the Republic of South Africa, Saudi Arabia, the United Kingdom, Italy, Panama, the Netherlands, the Philippines, Israel, Vietnam, Hong Kong and Iraq. In the first 7 months, we organized 11 national pavilion participations, 5 info stands, 3 trade missions and 2 buying missions. By year-end, we plan to organize 3 national pavilion participations, 4 info stands, 5 trade missions and 3 buying missions. We will continue to work, produce and export to achieve our export target."

Plastics and plastic products lead exports

In July, among chemical substances and products, plastics and plastic products exports topped chemical exports with USD 724,171 thousand. Mineral fuels and products came in second with USD 481,756 thousand in exports, while inorganic chemicals exports ranked third with USD 191,440 thousand. Following 'inorganic chemicals', the other sectors in the top ten were: 'essential oils, cosmetics and soap', 'paints, varnishes, inks and preparations', 'rubber and rubber goods', 'pharmaceutical products', 'miscellaneous chemical substances', 'detergents' and 'organic chemicals'. In July, the top ten countries with the highest exports were Russia, the Netherlands, Italy, Iraq, Spain, Germany, the United States, the United Kingdom, Romania and Belgium. Among the top 10 countries, Spain saw the highest growth in July at 31.86%. During the January-July 2023 period, the countries with the highest chemical exports were Russia, the Netherlands, Italy, Spain, Germany, Romania, the United States, Iraq, the United Kingdom and Belgium in the top ten.