Chemical Sector Exports Reach $3.2 Billion in June

Chemical Sector Exports USD 3.2 Billion in June According to data from the Istanbul Chemical Manufacturers and Exporters Association (İKMİB), the chemical sector achieved USD 3.2 billion in exports during June. The sector, which led exports in June for the fourth consecutive month, generated USD 16.7 billion in exports over the first six months of the year, representing 39.9% growth. Continuing to enhance export performance this year, the chemical sector held the top position for exports in March, April, May and June consecutively, and stands as the leading sector for the first six months. June exports from the sector increased 34.6% compared to the same period last year, while total exports for the first six months rose 39.9% to reach USD 16.7 billion. Adil Pelister, Chairman of the Board of the Istanbul Chemical Manufacturers and Exporters Association (İKMİB), commented on the chemical sector's June export figures. "In Erzurum, under the leadership of our Trade Minister Mehmet Muş and TİM Chairman Mustafa Gültepe, alongside the heads of our Exporter Associations, we held a press statement on June exports. Our chemical sector succeeded in maintaining its export leadership in June. We achieved exports of USD 3.2 billion in June and once again ranked as the leading sector. Our exports for the first six months reached approximately USD 17 billion with 40% growth. Despite the challenges we face from inflation and interest rate pressures, currency volatility, and rising food and commodity prices, our sector demonstrated considerable success in the first half of the year. We see the strength of production and exports reflected in our growth figures. Our chemical sector, which supplies inputs to other sectors, is a strategically important sector that contributes to production and economic growth. Therefore, it is of great importance that our sector receives priority especially in incentives, support and investments. On the other hand, we discussed the difficulties our exporters face regarding foreign currency conversion and considered solution proposals. Our exporters noted that regulations in this area need to be eased. We are closely monitoring developments on this matter. Our chemical sector plays a significant role in our country's sustainable future. With this understanding, we act not only with our chemical sector in mind but considering all sectors. We are implementing our Chemical Technology Center project to create a comprehensive ecosystem that promotes the production of environmentally friendly, nature-friendly, high value-added products and leads in green transition economics and digital transformation. With all our efforts, we continue to produce and export with the goal of surpassing USD 50 billion, which we target by 2030, across our 16 sub-sectors ranging from plastics to cosmetics, pharmaceuticals to fertilizers, rubber to paints, and to achieve permanent leadership in exports," he stated.

Netherlands leads as top export destination in June

The Netherlands was the top export destination in June. Other countries in the top 10 following the Netherlands in June were South Africa, Romania, USA, Germany, Lebanon, Italy, Russia, Egypt and Iraq. The highest growth among the top 10 countries in June was recorded in South Africa with 1,232.08%. Chemical exports to the Netherlands in June totalled USD 285,679,871.51. This represented a 14.41% increase compared to the same period last year. The top five product groups exported to the Netherlands in June were "mineral fuels, mineral oils and products", "plastics and articles thereof", "organic chemicals", "inorganic chemicals" and "miscellaneous chemical substances". For the January-June 2022 period, the top 10 countries receiving the most chemical exports were, in order, the Netherlands, USA, Italy, Romania, Germany, Lebanon, South Africa, Spain, Iraq and Belgium.

Plastics and articles thereof account for highest exports

In June, plastics and articles thereof ranked first in chemical exports at USD 1,002,899,000. Mineral fuels, mineral oils and products ranked second with exports of USD 894,520,000, while inorganic chemicals ranked third with USD 311,106,000 in exports. Following inorganic chemicals, other sectors in the top 10 were: essential oils, cosmetics and soap; rubber and rubber articles; paints, varnishes, ink and their preparations; pharmaceuticals; fertilizers; miscellaneous chemical substances; and organic chemicals.

Monthly basis chemical exports

MONTH 2021 VALUE ($) 2022 VALUE ($) DIFFERENCE (%) January 1,635,315,375.23 2,130,764,732.70 30.30% February 1,672,791,647.23 2,400,655,717.88 43.51% March 1,999,426,304.18 2,986,415,520.73 49.36% April 2,172,248,718.71 3,310,376,187.35 52.39% May 2,143,403,811.67 2,767,606,104.91 29.12% June 2,375,272,534.62 3,197,158,501.62 34.60% TOTAL 11,998,458,392 16,792,976,765 39.96%  

Top chemical export destinations

NO. COUNTRY JUNE 2021 VALUE ($) JUNE 2022 VALUE ($) CHANGE VALUE (%) 1 NETHERLANDS 249,690,887.76 285,679,871.51 14.41% 2 SOUTH AFRICA 15,550,737.40 207,148,796.87 1,232.08% 3 ROMANIA 67,637,472.10 176,820,155.27 161.42% 4 USA 122,006,832.86 143,166,673.60 17.34% 5 GERMANY 115,078,912.77 122,100,136.09 6.10% 6 LEBANON 28,620,074.10 119,238,391.93 316.63% 7 ITALY 119,204,129.60 114,430,789.97 -4.00% 8 RUSSIA 46,455,167.07 108,097,824.99 132.69% 9 EGYPT 69,984,879.63 107,806,928.77 54.04% 10 IRAQ 97,304,739.63 107,453,561.20 10.43%