Chemical Industry Data for January Released

Chemical Sector January Data Released According to data from the Turkish Exporters Assembly (TİM), Turkey's exports in January rose 10.4% year-over-year to USD 19.4 billion. The chemical sector achieved exports of USD 2.3 billion in January, up 7.94%. Having completed 2022 as the export champion, the chemical sector continues to pursue its goal of leading this year as well. Adil Pelister, Chairman of the Board of the Istanbul Chemical Substances and Products Exporters Association (İKMİB), commenting on the sector's January export figures: "Our chemical sector has achieved rapid growth following the pandemic, reached its peak in 2022 and became export champion for the first time. While chemical substances and products exports grew 4.2% by volume, the export value per kilogram in our sector exceeded the 1-dollar threshold, rising to USD 1.16 with a 27% increase. We captured 13.2% of country exports. In January of this year, we achieved exports of USD 2.31 billion with an 8% increase. Global growth is expected to slow and contract this year. We anticipate that the slowdown which began in the final quarter of 2022 in the EU and USA will continue through the first half of 2023. For our chemical sector, the first half of 2023 may see a slowdown in both domestic and foreign markets, but I believe the second half of the year will be more positive. As İKMİB, to support our member exporters, this year we will organize 21 national pavilion participations in 21 different countries, 6 information stands and 6 trade missions." he said.

Russia Leads in January Exports

Russia was the leading export destination in January. Other countries in the top ten following Russia in January were Germany, Netherlands, USA, Romania, Spain, Lebanon, Italy, Iraq and United Kingdom. Among the top 10 countries in January, the highest increase was to Russia at 236.63%. Chemical exports to Russia in January totaled USD 154,912,000. This represents a 236.63% increase compared to the same period last year. The top five product groups exported to Russia in January were "plastics and articles thereof", "mineral fuels, mineral oils and products", "paints, varnishes, ink and preparations", "essential oils, cosmetics and soap", and "washing preparations".

Plastics and articles thereof recorded the highest exports in January

In January, exports of plastics and articles thereof ranked first in chemical substance and products exports at USD 731,985,000. Mineral fuels and products followed in second place with exports of USD 596,700,000, while inorganic chemicals exports ranked third at USD 219,554,000. Other sectors in the top ten following 'inorganic chemicals' were; 'essential oils, cosmetics and soap', 'rubber and rubber articles', 'pharmaceutical products', 'paints, varnishes, ink and preparations', 'miscellaneous chemical substances', 'organic chemicals' and 'washing preparations'.