Chemical Sector Exports Reach $2.37 Billion

Chemical Sector Exports Reach USD 2.37 Billion The Turkish Exporters Assembly (TİM) has released June export data. According to TİM figures, June exports reached USD 2.37 billion, with the chemical sector becoming the second-largest exporting sector. The United States was the leading destination for chemical sector exports, followed by Spain and Russia. Adil Pelister, Chairman of the Board of Directors of the Istanbul Chemical Substances and Products Exporters Association (İKMİB), evaluated the chemical sector's June export figures. Pelister stated: "In June, our chemical sector achieved USD 2.37 billion in exports, becoming the second-largest exporting sector. Compared to last year, our exports declined by 25%. In the first six months of the year, our exports fell by 13.5% to reach USD 14.6 billion."  

"We Will Continue Working, Producing and Exporting Without Pause to Reach Our Year-End Export Targets"

Highlighting the reasons for the export decline, Pelister stated: "The main factors contributing to this year's export decline in our sector are developments in oil and petrochemical prices, which are the raw materials for our industry. While oil and commodity prices were high last year, they are trading low this year. Furthermore, our exports are being negatively affected as priority is given to the domestic market in the fertilizer and pharmaceutical sectors. We have not achieved the performance we desired in pharmaceutical exports. On the other hand, the impact of recession in EU countries, which are our sector's largest export market, continues. In addition to all these factors, the nine-day Eid al-Adha holiday coinciding with June also affected June export performance. We expect that once inflation, exchange rate and interest rate balance stabilizes on a sound footing, our exports will gain more competitive structure. We will continue working, producing and exporting without interruption to reach our year-end export targets," Pelister said.

Plastics and Plastic Products Lead Export Categories

In June, plastics and plastic products ranked first in chemical substances and products exports at USD 730.007 million. Mineral fuels and products followed in second place with USD 513.860 million in exports, while inorganic chemicals exports came third at USD 248.301 million. Other sectors ranking in the top ten following inorganic chemicals were: essential oils, cosmetics and soap; rubber and rubber products; pharmaceutical products; paints, varnishes, inks and preparations; miscellaneous chemical substances; organic chemicals; and washing preparations. The United States was the leading destination for chemical exports in June. Rounding out the top ten were Spain, Russia, Germany, Netherlands, Italy, Iraq, Romania, Greece and Belgium. The highest export growth among the top 10 countries in June was to Greece at 100.68%.

Chemical Exports to the United States Reach USD 169.396 Million

Chemical exports to the United States in June reached USD 169.396 million. This represented a 18.50% increase compared to the same period last year. The top five product groups exported to the United States in June were mineral fuels, mineral oils and products; inorganic chemicals; plastics and plastic products; rubber and rubber products; and organic chemicals. During the January-June 2023 period, the leading destinations for chemical exports ranking in the top ten were Russia, Spain, Netherlands, Italy, Germany, Romania, United States, Iraq, United Kingdom and Belgium.