Chemical Exports Figures for February Announced

Chemical Exports February Figures Released According to data from the Istanbul Chemical Substances and Products Exporters Association (İKMİB), the chemical sector's February exports reached USD 2.4 billion. Sector exports increased 43.97% compared to February of the previous year. The sector's two-month exports exceeded USD 4.5 billion with a 37.26% increase. Commenting on the chemical sector's February export figures, Istanbul Chemical Substances and Products Exporters Association (İKMİB) Board Chairman Adil Pelister, stated: "Our country grew 11% in 2021. Within exports that contributed significantly to this growth with 4.9 percentage points, our chemical sector set a record as the second sector with USD 25.4 billion in exports. In February of this year, following January, our sector exports showed a 43.97% increase compared to February of the previous year, reaching USD 2.4 billion. Our sector's two-month exports this year reached USD 4 billion 543 million with a 37.26% increase. Our chemical sector maintained its position as the second largest exporting sector in February. Moreover, it became the leading sector among those with the highest export increases. In February, the top three sectors we exported most were plastics and plastic products, mineral fuels, mineral oils and products, and inorganic chemicals.

Countries with the Most Exports

The top three countries we exported to most were Germany, Italy, and the Netherlands. To achieve sustainable growth of our sector and country, emphasis must be placed on adopting green transformation and high value-added domestic production. Rising energy costs and commodity prices worldwide in recent times continue to increase due to the Russia-Ukraine crisis. As a chemical sector that is 70% dependent on imports for raw materials, we are closely monitoring these developments. Government support such as VAT and special consumption tax reductions, energy cost reductions are of great importance to prevent negative impacts from these challenges. A KGF package worth TRY 60 billion was announced recently. Additionally, Export Development Inc., established by TİM and Eximbank to provide special support and guarantees to exporters, commenced operations as of this month. We hope these supports, which are important for our exporters, increase and more companies benefit from these supports."

Germany Became the Country with the Most Exports in February

Germany was the country with the most exports in February. Other countries in the top ten following Germany in February were Italy, the Netherlands, Lebanon, France, the United States, Morocco, Iraq, Spain, and the United Kingdom. Among the top 10 countries in February, the highest increase was 277.64% in Morocco. Chemical exports to Germany in February amounted to USD 131 million 690 thousand. This represented a 53.89% increase compared to the same period of the previous year. The top five product groups exported to Germany in February were, respectively, "plastics and plastic products," "rubber and rubber products," "pharmaceutical products," "miscellaneous chemical substances," and "essential oils, cosmetics and soap."

Most "Plastics and Plastic Products" Exports in February

In February, among chemical substances and products groups, plastics and plastic products exports ranked first in chemical exports with USD 846 million 948 thousand. In second place, mineral fuels, mineral oils and products ranked with exports of USD 526 million 823 thousand, while inorganic chemicals exports ranked third with USD 237 million 776 thousand. Following 'inorganic chemicals,' other sectors in the top ten were: 'rubber and rubber products,' 'essential oils, cosmetics and soap,' 'pharmaceutical products,' 'paints, varnishes, inks and preparations,' 'miscellaneous chemical substances,' 'organic chemicals,' and 'fertilizers.' In February, the highest export growth among subsectors occurred in the fertilizers group with 134.72%.