Chemical Sector Leads Exports in March

Chemical Sector Leads Exports in March According to data from the Istanbul Chemical Substances and Products Exporters Association (İKMİB), the chemical sector became the leading export sector in March with approximately USD 3 billion in exports. Sector exports rose from USD 2 billion to USD 3 billion, representing a nearly 50% increase compared to March of the previous year. Chemical substances and products exports in the first quarter grew by 41.85%, exceeding USD 7.5 billion. Commenting on March export figures for the chemical sector, İKMİB Chairman Adil Pelister stated: "Our sector had the highest export growth rate in February. In March, the performance increase continued and we reached the position of the leading export sector. We were also again the sector with the highest export growth. Our sector exports, which were around USD 2 billion in March last year, increased to USD 3 billion this March. Our exports grew approximately 50% compared to the same period last year. In the January-March period, our sector exports reached USD 7.5 billion, growing over 40%. In March, plastics and plastic products were the sector with the highest exports. The top three countries for our exports were the Netherlands, Italy and Romania. We congratulate all our exporters who brought our sector to sectoral leadership despite challenging conditions, and wish for continued success. This achievement makes us proud. This year, we continue production and exports with all our efforts to exceed our target of USD 28 billion. In line with our 2030 targets, we will continue to strengthen our sector with new projects to permanently achieve sectoral leadership, increase our total sectoral exports to above USD 50 billion, and raise our unit kilogram export value to above USD 1.5. We will continue to grow our sector in line with a sustainable vision through projects that will meet all the needs of our exporters, particularly the Chemical Technology Center (KTM). We also believe that each of the sub-sectors of our chemical sector should gain the identity of an Exporters Association and that İKMİB should be united and have its own General Secretariat. We will continue to follow up on the initiatives we have launched to achieve successful results in this regard."

The Netherlands Became the Top Export Destination in March

The Netherlands was the top export destination in March. Other countries among the top ten following the Netherlands in March were Italy, Romania, Lebanon, Belgium, Spain, Germany, the United States, Iraq and Greece. The highest growth rate among the top 10 countries in March was 325.68% for the Netherlands. Chemical exports to the Netherlands in March reached USD 301,260,000. This represents a 325.68% increase compared to the same period last year. The top five product groups exported to the Netherlands in March were "mineral fuels, mineral oils and products", "plastics and plastic products", "inorganic chemicals", "essential oils, cosmetics and soap" and "miscellaneous chemical substances". In the January-March period of 2022, the countries with the highest chemical exports were, in order, the Netherlands, Italy, Lebanon, Germany, the United States, Spain, Iraq, Romania, Belgium and Greece in the top ten.

Plastics and Plastic Products Had the Highest Exports in March

In March, plastics and plastic products exports ranked first in chemical substances and products with USD 967,456,000. Mineral fuels, mineral oils and products ranked second with USD 914,280,000 in exports, while inorganic chemicals exports ranked third with USD 248,989,000. Following inorganic chemicals, other sectors in the top ten were rubber and rubber articles, essential oils, cosmetics and soap, pharmaceutical products, paints, varnishes, inks and preparations, miscellaneous chemical substances, organic chemicals and washing preparations.