Chemical Sector Ranks Second in Turkey's May Exports

Chemical Sector Ranks Second in Turkey's May Exports Automotive led the sectors with the highest exports in May at USD 3 billion. Chemical substances ranked second with USD 2.5 billion, while apparel and clothing maintained its third position at USD 1.7 billion. Unit export value per kilogram rose to USD 1.53, marking a 15.5% increase compared to the same month of the previous year. TİM Chairman Mustafa Gültepe: I believe that thanks to economic policies prioritizing production and exports, we will close 2023—the 100th anniversary of our Republic's founding—with a new record. Exports resumed their upward trend in May. Turkey's May exports rose to USD 21.7 billion, a 14% increase compared to the same period of the previous year. This represents the highest export value recorded for the month of May. [caption id="attachment_153366" align="aligncenter"] TİM Chairman Mustafa Gültepe[/caption] Mustafa Gültepe, Chairman of the Turkish Exporters Assembly (TİM), stated that following April, when negative effects of global and domestic developments were felt, the export community demonstrated strong performance in May. Gültepe continued as follows. "According to General Trade System (GTS) records, we completed May with USD 21.7 billion in exports. We are up 14% compared to the same month of the previous year. Our exports over the last 12 months reached USD 254.4 billion with a 4.9% increase, while we closed the January-May period roughly even with the previous year at USD 102.5 billion. Last month, the automotive sector provided the highest contribution to our exports at USD 3 billion. Our other sectors in the top five ranked as follows: chemicals at USD 2.5 billion, apparel and clothing at USD 1.7 billion, electrical and electronics at USD 1.4 billion, and steel at USD 1.3 billion. We recorded notable increases in exports from the olive and olive oil, shipbuilding and yachts, and defense and aviation sectors. 51 of our provinces increased their exports. The top five provinces with the highest exports were Istanbul, Kocaeli, Bursa, Izmir, and Ankara. In May, 1,524 of our companies exported for the first time. Our unit export value rose to USD 1.53, marking a 15.5% increase compared to the same month of the previous year."   Stating that exports were made to 219 countries in April, Gültepe emphasized that export increases were recorded to 138 countries. Noting that Germany, the United States, the United Kingdom, Iraq, and Spain ranked as Turkey's top export destinations, Gültepe continued as follows: "We are seeing notable increases in exports to Saudi Arabia, Kazakhstan, and the United Arab Emirates. For example, we increased our exports to Saudi Arabia nine-fold compared to the same month of the previous year. The exchange rate had a positive impact on our exports in May following April. In May, the exchange rate effect provided an additional value of USD 327 million. However, since the beginning of the year, we have incurred a loss of USD 645 million due to exchange rate effects."