Chemical Sector Exports Reach $3.2 Billion in Two Months

According to data from the Istanbul Chemical Substances and Products Exporters Association (İKMİB), chemical sector exports reached USD 1.516 billion in February 2020. The sector's two-month exports rose 0.95 percent to USD 3.217 billion. The Netherlands was the top export destination for the sector with exports of USD 99.468 million. Iraq followed in second place with USD 76.799 million in exports, while Italy ranked third with USD 74.923 million in exports. Adil Pelister, Chairman of the Board of Management at the Istanbul Chemical Substances and Products Exporters Association (İKMİB), commented on the sector's February export figures: "In February we achieved USD 1.516 billion in chemical exports, while our two-month exports reached USD 3.217 billion with a 0.95 percent increase. In February, the Netherlands was our top export destination with USD 99.468 million in exports, while Iraq, Italy, Germany, Belgium, Egypt, the United States, Spain, Romania and the United Kingdom ranked in the top ten. However, we are seeing that the coronavirus pandemic that emerged in China and spread worldwide is also negatively affecting economic balances. In the current environment, the pandemic is reported to create approximately USD 1 trillion in losses to the global economy. This situation could affect our country and our sectors. China is also the world's second largest energy consumer. The decline in production in China and related countries also leads to reduced energy and fuel consumption. We are seeing this reflected in our February chemical exports as well. We are also closely monitoring developments in neighboring countries such as Syria, Iran and Iraq. As İKMİB, we are evaluating the problems and opportunities that may arise in the subsectors of our chemical sector regarding all these developments together with our sector stakeholders, particularly the relevant ministries. In this context, investments in our country especially in the medical, pharmaceutical and petrochemical sectors are very important for the future of our sector. We are expecting these investments to commence as soon as possible. As always, we will continue to stand by our exporters and our government."

Netherlands was the top export destination in February

The Netherlands was the top export destination in February. The other top ten countries following the Netherlands in February were Iraq, Italy, Germany, Belgium, Egypt, the United States, Spain, Romania and the United Kingdom. Chemical exports to the Netherlands reached USD 99.468 million in February 2020. In February, the largest exports to the Netherlands were "mineral fuels, mineral oils and products," "plastics and plastic products," "inorganic chemicals," "essential oils, cosmetics and soap," "miscellaneous chemical substances," "rubber and rubber products" and "paints, varnishes, inks and preparations." During the two-month period of January-February 2020, the top ten countries for chemical exports were respectively Italy, the Netherlands, Germany, Iraq, Belgium, Egypt, the United States, Greece, Spain and the United Kingdom.

February saw the highest exports of "plastics and plastic products"

In February, plastics and plastic products exports ranked first in chemical substances and products with USD 501.476 million in exports. Mineral fuels, mineral oils and products ranked second with USD 350.647 million in exports, while inorganic chemicals exports ranked third with USD 140.716 million. The other sectors in the top ten following inorganic chemicals were 'rubber and rubber products,' 'essential oils, cosmetics and soap,' 'pharmaceutical products,' 'paints, varnishes, inks and preparations,' 'miscellaneous chemical substances,' 'detergent preparations' and 'organic chemicals.'