Chemical Sector's October Exports Reached $1.467 Billion

The chemical industry maintained its export growth momentum in October. According to data from İKMİB (Istanbul Chemical Substances and Products Exporters Association), chemical exports in October increased 19.41% compared to the same month last year, reaching USD 1 billion 467 million. The sector's ten-month export volume rose 15.60% to USD 13 billion 285 million. The United States ranked first among the countries with the highest exports in October. As Turkey's third-largest exporting sector, the chemical industry continued its export growth in October from the start of the year. Chemical sector exports in October increased 19.41% compared to October 2016, reaching USD 1 billion 467 million.

United States Maintains Lead in Chemical Exports

The United States, one of the sector's most important target markets, was again the country with the highest exports in October. Chemical manufacturers with boundless export ambitions exported USD 124 million 328 thousand to the US in October, a 373.73% increase. Other countries in the top 10 following the US in the sector's exports were Egypt, Iraq, Germany, Italy, China, United Arab Emirates, Iran, United Kingdom and Greece.

Plastics and Plastics Products Maintain Leadership Among Subsectors

Subsectors continue to be the driving force of chemical exports. Plastics and plastics products ranked first among subsectors with USD 459 million 766 thousand 501 in exports, while mineral fuels, oils and their products ranked second with USD 291 million 654 thousand 779 in exports, and inorganic chemicals ranked third with USD 144 million 826 thousand 676 in exports. Other subsectors in the top 10 following inorganic chemicals were 'rubber and rubber products', 'pharmaceutical products', 'soap and cleaning preparations', 'essential oils and cosmetics', 'paints, varnishes, ink and preparations', 'organic chemicals' and 'miscellaneous chemical substances'. Looking at the sector's ten-month export performance, chemical industry exports reached USD 13 billion 285 million with a 15.60% increase in the January-October period. During this period, the countries with the highest exports were the United Arab Emirates, Germany, United States, Iraq, Egypt, Italy, Iran, Spain, Greece and United Kingdom.

"We Believe We Will Achieve Our Year-End Target"

Murat Akyüz, Chairman of the Board of İKMİB (Istanbul Chemical Substances and Products Exporters Association), evaluating the chemical sector's October performance, said: "As one of Turkey's three largest exporting sectors, we achieved USD 13 billion 285 million in exports in 10 months. Our exports continued to increase in October as well. The United States, which reached the top in September, held its position last month. EU countries and Middle East countries are among the top 10. Our sector, which exports to a wide distribution from Europe to Africa, South America and the Far East, is increasing its competitiveness with each passing day. The United States and EU countries hold an important position in chemical industry exports. Their demand for particularly high value-added products places these countries at an even more critical point. We provide important support to our companies especially in opening to distant country markets like the United States. The Turkish Trade Centers, which we implemented following an intense period of work, have an important role in this regard. With our efforts so far and those we will continue, we believe we will achieve our USD 16 billion export target for this year," he said.