Chemical Exports Reach $5.4 Billion, EU Remains Top Destination

Turkey's chemical industry, among the top three sectors contributing most to the economy, continues its upward export trend. According to data from the Istanbul Chemical Substances and Products Exporters Association (İKMİB), chemical exports during January-April increased by 13.60% in volume to 6.59 million tons and by 17.41% in value to USD 5.369 billion compared to the same period last year. The European Union remained the leading country group for exports during the first four months of the year, while on a country basis the most notable increases came from the United Arab Emirates, Singapore, the United States and Malta. The chemical industry continues to be the driving force of Turkey's economy with its export performance. The sector made a strong start in 2017 and continues to maintain its upward export momentum. In the first four months of 2017, the sector reached 6.59 million tons in volume, a 13.60% increase, and USD 5.369 billion in value, a 17.41% increase compared to the same period last year. The top ten countries to which the chemical sector exported the most during January-April are: the United Arab Emirates, Germany, Iraq, Singapore, Egypt, the United States, Italy, Spain, Iran and Malta. During the January-April period, plastics and plastic products contributed the most to chemical exports by subsector, while the strongest growth was seen in mineral fuels and oils. In the period in question, plastics and plastic products ranked first with a 1.67% increase and USD 1.644 billion in exports. Mineral fuels, oils and products ranked second with a 74.16% increase and USD 1.520 billion in exports, while rubber and rubber products took third place with a 3.22% increase and USD 398.252 million.

Exports to EU Countries Rising

Exports to the European Union, an important market for the chemical sector, increased by 5.75% during the first four months of the year. This placed the EU at the top among country groups. After the EU, the Middle East was the country group contributing most to exports, with a 72.43% export increase to North America and a 65.80% increase to Central and South America. Looking at the chemical sector's exports on a country basis, the most notable increases among the top 10 countries were seen in the United Arab Emirates, Singapore, the United States and Malta. Exports to these countries recorded increases of 218%, 95.63%, 78.89% and 241.40% respectively.

Chemical Exports Reached USD 1.239 Billion in April

According to İKMİB data, chemical exports in April 2017 showed a 8.69% decrease in volume to 1.388 million tons and a 0.18% increase in value to USD 1.239 billion when compared to April 2016. The top 10 countries with the highest exports in April were: the United Arab Emirates, Germany, the United States, Iraq, Malta, Iran, Italy, Egypt, the United Kingdom and Bulgaria. Evaluating the January-April export figures, Murat Akyüz, Chairman of the Board of the Istanbul Chemical Substances and Products Exporters Association (İKMİB), stated: "The export figures we achieved in the first four months of the year show that we will easily reach our 2017 export target of USD 15.5 billion. All our subsectors, particularly plastics and plastic products, mineral oils and products, rubber and rubber products, cosmetics, medical and paints, continue to contribute significantly to our exports. Continued investment in our sector plays an active role in maintaining its dynamism. In addition to existing markets, intensified alternative market activities are also having a positive impact on our exports. The stabilization of oil and petroleum derivative prices has also been effective in the increases we have seen in exports. The balanced course of prices is extremely important for our exporters. In addition, the Credit Guarantee Fund stands out as another factor that provides relief to our exporters. Exporters who obtain cash with Credit Guarantee Fund credit for the raw materials or machinery they need are able to take bolder steps."