Chemical Sector Exports Grow 38.59%

Chemical Sector Exports Grew 38.59 Percent Adil Pelister, Chairman of the Board of the Istanbul Chemical Substances and Products Exporters Association (İKMİB), issued a written assessment regarding Turkey's economy second quarter 2022 growth data announced today by the Turkish Statistical Institute (TÜİK).

Pelister noted the following in his assessment:

"After growing 7.3 percent in the first quarter of 2022, our country achieved stronger growth of 7.6 percent in the second quarter. In sectoral growth, the manufacturing sector saw an annual increase of 7.8 percent in the second quarter. Exports of goods and services increased 16.4 percent in the second quarter. The contribution of net exports to growth was 2.7 percentage points. As the export leader, our chemical sector grew 38.59 percent in the second quarter compared to the second quarter of 2021 and achieved USD 9.27 billion in exports. Compared to the first quarter of this year, there is an export increase of over approximately 23 percent. As the chemical sector, we are working to maintain our export performance consistently. On the other hand, we are closely monitoring inflation pressure, exchange rate fluctuations, commodity prices and developments in our neighbouring region. Our exporters' main expectation is regarding access to financing. Alternative market studies and high value-added production investments are important against recession risk. Investments and incentives in the chemical sector, which supplies inputs to all sectors, will accelerate our country's growth. For this reason, as İKMİB, we are continuing our efforts rapidly to operationalize the Chemistry Technology Center that will shape the future of our sector." he said.