Chemical Sector Continues to Grow in Exports

Chemical Sector Continues Export Growth According to data from the Turkish Exporters Assembly (TİM), Turkey's exports in October increased by 3 percent year-on-year to USD 21.3 billion. The chemical sector achieved USD 2.6 billion in exports in October with a 15 percent increase. The sector's exports for the first 10 months of the year increased by 37.1 percent, exceeding USD 28 billion. The chemical sector was the second-largest exporting sector in October while maintaining its leadership position over the 10-month period. The sector, which accounts for 12.3 percent of total country exports, increased its exports by 15 percent year-on-year and achieved USD 2.6 billion in exports. The chemical sector grew by 37.1 percent with USD 28.1 billion in exports during the first 10 months. Adil Pelister, Chairman of the Board of the Istanbul Chemical Substances and Products Exporters Association (İKMİB), evaluating the chemical sector's October export figures, stated: "Our chemical sector's October exports reached USD 2.6 billion with a 15 percent increase compared to the previous year. With our 16 sub-sectors, providing input to all other sectors from automotive to healthcare, defense to food, our sector's performance shows limited growth depending on current developments, yet it continues to maintain its leadership position over the 10-month period. Our sector grew by 37.1 percent over the 10-month period this year and achieved USD 28.1 billion in exports. Commodity prices, the Russia-Ukraine war, energy issues, high inflation pressure, interest rates, and recession signals are certainly affecting our sector. We observe declines in Turkey's Manufacturing Purchasing Managers' Index (PMI) and capacity utilization data. This production decline and demand drop in the coming months may also reflect on our exports. Energy costs, in particular, create a significant challenge for our sector. In this period, more accessible financing and secured cash flow, and the creation of a predictable environment will increase our competitiveness. We expect increased support for our exporters in this direction. Despite everything, we will continue working to reach our export targets," he said.

Netherlands was the top export destination in October

  The Netherlands was the top export destination in October. Other countries in the top 10 following the Netherlands in October were Russia, Lebanon, United States, Italy, Iraq, Germany, Belgium, Romania and France. In October, Russia saw the highest increase among the top 10 countries at 278.66 percent.   Chemical exports to the Netherlands in October amounted to USD 197,205 thousand. This represents a 115.02 percent increase compared to the same period last year. The top five product groups exported to the Netherlands in October were, in order: "mineral fuels, mineral oils and products," "plastics and plastic articles," "inorganic chemicals," "essential oils, cosmetics and soaps," and "miscellaneous chemical substances."   During January-October 2022, the top 10 countries with the highest chemical exports were, in order: the Netherlands, Italy, United States, Romania, Lebanon, Germany, South Africa, Russia, Iraq and Spain.  

Plastics and plastic articles led October chemical exports

  In October, plastics and plastic articles exports reached USD 766,059 thousand, ranking first in chemical substance and product exports. Mineral fuels and products followed in second place with USD 732,722 thousand in exports, while inorganic chemicals ranked third with USD 272,657 thousand in exports. Other sectors in the top 10 following inorganic chemicals are: "essential oils, cosmetics and soaps," "rubber and rubber articles," "pharmaceutical products," "paints, varnishes, inks and preparations," "miscellaneous chemical substances," "washing preparations," and "fertilizers."