Chemical Sector Exports Reach USD 3 Billion 341 Million in First Quarter

EU Boost for Chemical Exports

Chemical exporters maintained their 2016 expectations buoyed by demand from European Union countries. Ranking third after automotive and ready-made garments and textiles, the chemical sector achieved USD 3.341 billion in exports during January-March. Plastics and plastic products, one of the most important subsectors of chemicals, shone as the star of the first quarter with USD 1.186 billion in exports. According to data from İKMİB (Istanbul Chemical Manufacturers and Exporters Association), first-quarter chemical exports grew 4.53 percent by volume and declined 10.35 percent by value to USD 3.341 billion compared to the same period last year. March exports fell 11 percent by value to USD 1.194 billion. Last month's top 10 destinations for chemical exports were: Germany, Netherlands, Egypt, Iraq, Italy, Saudi Arabia, Iran, United Kingdom, Belgium and Israel. Demand from European Union countries drove both the first-quarter and March exports of the chemical sector, which plays a key role in Turkish exports. During January-March, Germany received the largest share of exports. Exports to Germany increased 7.8 percent by volume and declined 1 percent by value to USD 207.5 million. Other leading destinations during this period were Egypt, Iraq, Italy, Saudi Arabia, United Arab Emirates, Iran, Netherlands, Greece and Spain. Half of the top 10 consisted of EU countries, with exports to Italy rising 9.14 percent and to Spain rising 16.34 percent.

Evaluating first-quarter chemical sector exports by subsector, plastics and plastic products, mineral fuels and oils, and rubber and rubber products showed the highest export volumes. During the first three months of the year, plastics and plastic products led subsectors with USD 1.186 billion in exports.

In March, plastics and plastic products captured 13.27 percent growth by volume and 8.22 percent by value, reaching USD 445.5 million in exports. Among key destinations for plastics exports, Germany saw 43.37 percent growth, Italy 68.50 percent and Romania 37.83 percent. Commenting on first-quarter 2016 exports, İKMİB Chairman Murat Akyüz said: "First-quarter figures demonstrate that EU countries will play an active role in our 2016 exports. This activity in the long-stagnant European market is encouraging for the months ahead. Our association is focusing on target markets as much as established ones. In this direction, we are maintaining our presence at major trade fairs related to our sector from the Far East to South America. We are also continuing our trade missions at full pace," he stated.