Chemical Sector Exports Exceeded $2 Billion in August

Chemical Sector Exports Exceed USD 2 Billion in August According to data from the Istanbul Chemical Manufacturers and Exporters Association (İKMİB), chemical sector exports in August reached USD 2.05 billion. Sector exports increased 48.98 percent compared to August of the previous year. Chemical products and compounds exports during the eight-month period of this year rose 38.56 percent to USD 15.95 billion. Adil Pelister, Chairman of the Board of the Istanbul Chemical Manufacturers and Exporters Association (İKMİB), commenting on August's chemical sector export figures, stated: "Turkey's economy achieved record growth of 21.7 percent in the second quarter. We see that net exports are among the largest contributors to growth. Growth through production, exports and investments is not only Turkey's growth strategy but also important in terms of sustainability. Our chemical sector ranks as the second sector providing the greatest contribution to our country's economy and export growth. Our sector's capacity utilization rate in the second quarter was an average of 67.93 percent last year, while it was an average of 74.66 percent this year. In the second quarter, we reached the leading position in exports in May and June. In August, our exports increased approximately 50 percent compared to the previous year, exceeding USD 2 billion. The average capacity utilization rate in August exceeded 73 percent. In the first eight-month period, we achieved approximately USD 16 billion in exports. During this period, our exports grew 38.56 percent. In August, the most exported product groups in our sub-sectors ranked as the top three: "plastics and plastic products", "mineral fuels, mineral oils and products" and "inorganic chemicals". In August's ranking of countries to which we exported the most, the Netherlands, the United States and Iraq ranked in the top three. We expect our chemical exports to maintain strong performance and to reach a new record by year-end."

Netherlands Leads Export Destinations

Among the top 10 countries in August, the Netherlands saw the highest growth at 224.57 percent. Other countries in the top ten following the Netherlands are the United States, Iraq, Germany, the United Kingdom, Belgium, Italy, Greece, Spain and Azerbaijan-Nakhchivan. Chemical exports to the Netherlands reached USD 138.534 million. This represented a 224.57 percent increase compared to the same period last year. In August, the most exported items to the Netherlands were "mineral fuels, mineral oils and products", "plastics and plastic products", "inorganic chemicals", "essential oils, cosmetics and soap" and "rubber and rubber products". In the January-August 2021 period, the top 10 countries receiving the most chemical exports were, in order, the Netherlands, Germany, the United States, Italy, Iraq, Greece, Spain, the United Kingdom, Belgium and Romania. Plastics and Plastic Products Led Exports in August In August, plastics and plastic products exports among chemical products and compounds ranked first in chemical exports with USD 775.474 million. Mineral fuels, mineral oils and products ranked second with USD 362.332 million in exports, while inorganic chemicals exports ranked third with USD 162.781 million. Other sectors ranking in the top ten following inorganic chemicals are: "pharmaceutical products", "rubber and rubber products", "essential oils, cosmetics and soap", "paints, varnishes, inks and preparations", "organic chemicals", "miscellaneous chemical products" and "cleaning preparations". In August, the largest export growth among sub-sectors occurred in the organic chemicals sector at 137.37 percent.