Chemical Sector Exports Surpass $20 Billion

Chemical Sector Exports Exceed USD 20 Billion According to data from the Istanbul Chemical Substances and Products Exporters Association (İKMİB), chemical sector exports in October reached USD 2.31 billion. Sector exports increased 34.14% compared to October of the previous year. In the January-October period this year, chemical substances and products exports exceeded USD 20 billion, reaching USD 20.576 billion. Ten-month sector exports grew 38.39%. İKMİB Chairman of the Board of Directors Adil Pelister: "In October, our chemical exports increased 34.14% to USD 2.316 billion. Our first ten-month exports rose 38.39% to USD 20.5 billion. In October, we exported most of the product groups 'plastics and plastic products', 'mineral fuels, mineral oils and products' and 'inorganic chemicals'. In October, Lebanon was the country with the highest exports, followed by Greece and Germany. We continue to be the second-largest exporting sector on an annual basis. This success in our exports makes us proud. When we look at the average capacity utilization rate of the chemical industry in October, we see it increased compared to September, rising from 73% to 75% levels. While these figures give us hope, on the other hand, increases in commodity prices, currency volatility, and rises in electricity and natural gas costs are putting pressure on our producers and exporters. We expect these burdens, which will become additional costs particularly for our energy-intensive sector, to be lifted and relief to be provided. If we can overcome these problems, our exports will increase further."

Lebanon Became the Country with Highest Exports in October

Lebanon was the country with the highest exports in October. Other countries in the top ten following Lebanon in October were Greece, Germany, Iraq, Belgium, Netherlands, Italy, South Africa, United Kingdom and United States. The highest increase among the top 10 countries in October was in South Africa with 788.11%. Chemical exports to Lebanon in October reached USD 123.329 million. Compared to the same period last year, this represented an increase of 109.29%. The top five product groups exported to Lebanon in October were, in order, 'mineral fuels, mineral oils and products', 'plastics and plastic products', 'washing preparations', 'essential oils, cosmetics and soap' and 'inorganic chemicals'. In the January-October period of 2021, the top ten countries with the highest chemical exports were Netherlands, Germany, United States, Iraq, Italy, Greece, Belgium, Spain, United Kingdom and Lebanon, in that order. In October, plastics and plastic products exports, with USD 761.680 million, ranked first in chemical exports. In second place came mineral fuels, mineral oils and products with USD 571.066 million in exports, while inorganic chemicals exports ranked third with USD 171.165 million. Following 'inorganic chemicals', other sectors in the top ten were 'essential oils, cosmetics and soap', 'rubber and rubber products', 'pharmaceutical products', 'fertilizers', 'paints, varnishes, inks and preparations', 'organic chemicals' and 'miscellaneous chemical substances'. The highest export growth among sub-sectors in October occurred in the fertilizers sector with 301.30%.