Chemical Sector Exports Reach $2.95 Billion

According to data from the Turkish Exporters Assembly (TİM), Turkey's exports in August increased 13.1% year-on-year to USD 21.3 billion. The chemical sector, which exported the most in August, realized USD 2.9 billion in chemical substances and products. The sector, which accounted for 13.8% of country exports, saw its exports grow 44% compared to the previous year. The chemical sector realized USD 2.95 billion in exports in August. For the sixth consecutive time, the chemical sector, which was the export leader in August, grew 42% with USD 22.6 billion in exports during the first eight months.

Istanbul Chemical Substances and Products Exporters Association (İKMİB) Board Chairman Adil Pelister, evaluating the chemical sector's August export figures, made the following statements:

"Our country continued its strong growth in the second quarter after the first quarter with 7.6%. Net exports' contribution to growth was 2.7 points in this period. Our chemical sector, as the export leader, ranks among the sectors making the greatest contribution to growth. Our sector realized USD 2.95 billion in exports in August. In the first eight months, our exports exceeded USD 22.6 billion with a 42% increase. We revised our target of USD 28 billion at the beginning of the year to USD 30 billion.   If we continue this way, we believe we will exceed this figure as well. Of course, on the other hand, we face financial and supply problems, particularly energy costs, supply shortages, commodity prices and exchange rate volatility. Additionally, the energy and economic crisis that will occur in the European Union, where we export the most, poses a risk for us, especially in the last quarter and the first quarter of next year. Therefore, it is of great importance that investments in our high value-added chemical sector are rapidly implemented and that our companies increase their scale."

Italy the top export destination

Italy was the top export destination in August. The other countries in the top ten following Italy in August were Russia, United States, Netherlands, South Africa, Iraq, Romania, Germany, Spain and United Kingdom. Among the top 10 countries in August, the highest increase was 1,284% in South Africa. Chemical exports to Italy amounted to USD 201,023,000. This represented a 195.11% increase compared to the same period last year. The top five product groups exported to Italy in August were, respectively, "mineral fuels, mineral oils and products", "plastics and articles thereof", "fertilizers", "organic chemicals" and "inorganic chemicals". During the January-August 2022 period, the countries with the highest chemical exports ranked in the top ten as follows: Netherlands, Italy, United States, Romania, South Africa, Germany, Lebanon, Spain, Iraq and Russia.  

Highest exports in "plastics and articles thereof"

Among chemical substances and products, plastics and articles thereof ranked first in chemical exports with USD 870,581,000. In second place was mineral fuels and products with USD 819,769,000 in exports, while inorganic chemicals ranked third with USD 308,714,000. The other sectors ranking in the top ten following 'inorganic chemicals' were: essential oils, cosmetics and soap, paints, varnish, ink and preparations, fertilizers, rubber and rubber articles, pharmaceutical products, miscellaneous chemical substances and 'organic chemicals'.