Chemical sector breaks export record for third consecutive quarter in first quarter of 2017

The chemical industry set consecutive export records in the first three months of 2017. According to data from the Istanbul Chemical Substances and Products Exporters Association (İKMİB);

Chemical exports in March increased by 36.88% in volume compared to the same month of the previous year, reaching 1 million 888 thousand tons, and by 29.14% in value, reaching USD 1 billion 543 million.

The chemical sector's total exports for the first quarter reached USD 4 billion 131 million. Sector representatives expect the export growth momentum to continue in the coming months.

The chemical sector, one of the top three sectors contributing most to Turkey's economic growth, achieved chemical exports in March of 1 million 888 thousand tons with a 36.88% increase in volume compared to the same month in 2016, and USD 1 billion 543 million with a 29.14% increase in value.

The top ten countries with the highest exports in the past month were, respectively: United Arab Emirates, USA, Egypt, Germany, Iraq, Italy, Spain, Singapore, France and Iran.

Exports to the USA rising…

Record growth in chemical exports to the USA, one of the sector's most important target markets, drew attention. Chemical exports to the USA in March reached 108 thousand 4 tons with a 321.54% increase in volume and USD 86 million 648 thousand with a 165.10% increase in value, placing the country in second place among the countries with the highest exports.

The first quarter figures of the chemical sector, which made a fast start to the year, were also gratifying. Compared to the same period of the previous year, the sector reached 5 million 208 thousand tons in the first quarter with a 21.66% increase in volume and USD 4 billion 131 million with a 23.83% increase in value.

The top ten countries to which the chemical sector exported the most during the January-March period were: United Arab Emirates, Singapore, Germany, Egypt, Iraq, Italy, Spain, USA, Iran and Greece.

Looking at the export figures achieved by chemical subsectors in the first quarter, mineral oils and their products rank first with USD 1 billion 229 thousand in exports. Plastics and plastic products rank second with USD 1 billion 227 million in exports, while rubber and rubber products rank third with USD 302 million 36 thousand.

İstanbul Chemical Substances and Products Exporters Association (İKMİB) Board Chairman Murat Akyüz, noting that the rise in commodity prices has had a positive impact on chemical exports, stated: "The growth momentum in our exports continued unabated in March as well.

As the chemical sector, achieving growth in the 30% range, both in value and volume, is extremely positive. As industrialists, our morale is high, and we are moving forward with confident steps in line with our targets. Our exporters are working with intense effort.

Our expectation is that this increase will continue in the coming months. While our export growth continues, we need special effort to overcome the contraction we are experiencing domestically.

VAT and excise tax reductions covering a few sectors are unfortunately insufficient. We believe that a broader opening covering all sectors is needed." he said.

Saying they expect the chemical sector's growth in the USA to continue in the coming months, Murat Akyüz stated: "Increasing our exports to the USA holds an important place in our 2017 targets.

Turkish Trade Centers opened in Chicago and New York will enable our companies to introduce themselves in the US market and increase their export potential." he said.