Chemical Sector Exports Reach $2.6 Billion

Chemical Sector Exports Reached USD 2.6 Billion in August The Turkish Exporters Assembly (TİM) shared export data for August. According to TİM data, the chemical sector became the second-largest contributor to exports in August with USD 2.6 billion. Accounted for 14.4 Percent of Country Exports Adil Pelister, Chairman of the Board of İKMİB, evaluated August export figures. Pelister stated: "We are among the sectors that contribute most to our country's exports. In August, our chemical sector became the second-largest exporting sector with USD 2.6 billion in exports and accounted for 14.4 percent of country exports. Compared to August of last year, we experienced an 8.8 percent decline in exports. During the January-August period, our exports reached USD 19.5 billion, and over the last twelve months, our exports exceeded USD 30 billion." Pelister said: "Certainly, the slowdown in the global economy, particularly the entry into recession of the European market, our largest export destination, the Russia-Ukraine war, as well as the devastating earthquake disaster we experienced in February are negatively affecting our exports. Consequently, we faced serious challenges in the first half. Despite this, our country grew by 3.9 percent in the first quarter of 2023, followed by 3.8 percent growth in the second quarter. Our expectations for the second half are more positive. We are working to compensate for our deficits and shortcomings," he said. "Our Companies Can Access Affordable Export Credit up to USD 5 Million or TRY 100 Million" Pelister noted that as TİM, they signed a new credit protocol worth USD 1 billion in cooperation with 11 banks for the benefit of exporting companies. "Within the scope of the protocol, our companies will be able to access affordable export credit up to USD 5 million or TRY 100 million. Additionally, guarantee limits for those benefiting from the Credit Guarantee Fund have been increased, rising from TRY 100 million to TRY 150 million for SMEs and from TRY 350 million to TRY 500 million for non-SME beneficiaries. These developments are of great importance for access to financing, especially for our companies that need more capital during this period. We expect these supports and credit limits to continue increasing. We believe that the Medium-Term Programme to be announced this month will also contain policies supporting production, exports and employment. As İKMİB, the umbrella organization of the chemical sector with strategic importance in exports, we will continue our activities and support our exporters to reach our targets," he concluded. Plastics and Plastic Products Exports Reached USD 801 Million 426 Thousand In August, the area with the highest exports in chemical substances and products was plastics and plastic products exports at USD 801 million 426 thousand. In second place came mineral fuels and products with USD 726 million 606 thousand in exports, while inorganic chemicals exports ranked third with USD 211 million 966 thousand. Following inorganic chemicals, other sectors in the top ten were: essential oils, cosmetics and soap; rubber and rubber articles; paints, varnishes, inks and preparations; pharmaceutical products; miscellaneous chemical substances; washing preparations; and organic chemicals. In the top ten countries with the highest exports in August were the Netherlands, Romania, Russia, the United States, Iraq, Germany, Italy, Spain, Belgium and France. Among the top 10 countries, the Netherlands saw the highest export growth in August at 53.18 percent. During the January-August period of 2023, the countries with the highest chemical exports were Russia, the Netherlands, Italy, Spain, Germany, Romania, the United States, Iraq, the United Kingdom and Belgium, respectively.