Chemical Sector Exports Reach $2.4 Billion in November

Chemical sector exports hit USD 2.4 billion record in NovemberAccording to figures from the Istanbul Chemical Substances and Products Exporters Association (İKMİB), the chemical sector's November exports reached USD 2.4 billion. Sector exports rose 47.25% compared to November of the previous year. Chemical substances and products exports during the first eleven months of this year reached USD 22.9 billion. Eleven-month sector exports grew 38.88%. Adil Pelister, Chairman of the Board of the Istanbul Chemical Substances and Products Exporters Association (İKMİB), commenting on the November export figures of the chemical sector, stated: "Our country grew 7.4% in the third quarter. Our chemical sector, which ranks second in contributing to growth through exports, achieved USD 6.26 billion in exports in the third quarter, growing 36.78%. Despite everything, our chemical sector continues to demonstrate strong export performance. In November, our sector's exports reached USD 2.4 billion with a 47.25% increase. This figure represents the highest monthly export figure we have achieved to date on a monthly basis. In November, we primarily exported 'plastics and plastic products', 'mineral fuels, mineral oils and products' and 'inorganic chemicals'. The Netherlands was our largest export destination in November, followed by Iraq and the United States. In the January-November period, as the second largest exporting sector in our country, our exports reached USD 22.9 billion with a 38.88% increase. In this way, we have renewed in this eleven-month period the export record we set in 2019. Additionally, the November data for industrial capacity utilization rate and Turkey Manufacturing PMI (Purchasing Managers Index), which are among the leading economic indicators, point to the continuation of the same performance in the upcoming period. Our chemical industry's average capacity utilization rate has increased since September, reaching 76.22%, the highest value of this year. Despite the challenges facing our sector such as currency volatility, difficulties in sourcing raw materials and price increases, we expect to complete this year with a new export record, exceeding USD 24 billion. As İKMİB, we will continue to produce and work to achieve the USD 40 billion target we have set for our chemical sector exports and our 2030 goal."

Largest exports to the Netherlands

In November, the Netherlands was the leading destination for exports. Other countries ranking in the top 10 following the Netherlands were Iraq, the United States, Egypt, Germany, Lebanon, Greece, Belgium, Italy and Israel. Among the top 10 countries in November, the largest increase was 214.41% for Lebanon. Chemical exports to the Netherlands in November reached USD 156,426,000. Compared to the same period last year, this represented a 62.51% increase. The top five product groups exported to the Netherlands in November were, in order, 'mineral fuels, mineral oils and products', 'plastics and plastic products', 'inorganic chemicals', 'miscellaneous chemical substances' and 'essential oils, cosmetics and soap'. The countries with the largest chemical exports in the January-November period of 2021 ranked in the top ten as follows: the Netherlands, Germany, the United States, Iraq, Italy, Greece, Belgium, Spain, the United Kingdom and Lebanon.

Largest exports of plastics and plastic products

In November, plastics and plastic products exports ranked first in chemical substances and products export groups with USD 831,513,000. Mineral fuels, mineral oils and products ranked second with USD 570,131,000 in exports, while inorganic chemicals exports ranked third with USD 194,694,000. Other sectors ranking in the top ten following 'inorganic chemicals' were: 'essential oils, cosmetics and soap', 'pharmaceutical products', 'rubber and rubber products', 'paints, varnishes, inks and preparations', 'miscellaneous chemical substances', 'organic chemicals' and 'washing preparations'. The largest export increase among subsectors in November was 145.59% in the mineral fuels, mineral oils and products sector.