Soaring in Exports from the Chemical Industry

Regarding the Istanbul Chemicals and Products Exporters' Association released a statement about export figures. According to figures released by the Turkish Exporters Assembly (TIM), Turkey's exports are expanding gradually. August saw a 13.1% rise in total exports over the same month last year, at 21.3 billion dollars.

The sector that exported the most in August was chemistry. It is among the data that the chemistry sector receives a share of 13.8% of the country's exports. In addition, the export sales of the sector reached $2.95 billion in August with an increase of 44% compared to the previous year.

For the sixth month in a row in August, the chemical industry led in exports. With exports of $22.6 billion over the first eight months, the sector expanded by 42%.

What is the Importance of the Chemical Industry for Countries?

One of the most significant industrial sectors in every nation is chemistry. Chemical raw materials are employed in a wide range of products, from plastic to cleaning supplies to cosmetics. Its manufacturing is prioritized in industrialized countries.

Because of this, both in terms of output and exports, the perception of the chemical sector as a whole keeps improving. The growth in imports is crucial, in addition to the expansion of production and exports. The new product variety is shown by browsing various chemical products. The chemical industry advances in this manner. Each new production network created by national interests is a step toward advancement. In addition to fostering greater international engagement, the export and import market fosters innovation because it offers a variety of products.

For this reason, all kinds of chemicals and products are needed to shape the future of countries through export and import. Because there is diversity in terms of industry.

"The contribution of net exports to growth is 2.7 in this period."

Istanbul Chemicals and Products Exporters' Association explained the importance of the chemical industry with data. In the statement, Adil Pelister, Chairman of the Istanbul Chemicals and Products Exporters' Association, said:

"After the first quarter, our nation's growth accelerated to 7.6% in the second. Net exports during this period contributed 2.7 points to growth. Our chemical industry, which leads in exports, is one of the industries that has contributed most to growth."

Pelister emphasized that the industry exported 2.95 billion dollars in August and added that their initial objective of 28 billion dollars for the year had been changed to 30 billion dollars. According to him, if these export results keep up, they will surpass this amount. On the other side, he also discussed how energy prices, supply constraints, commodity prices, and exchange rate fluctuations affect exports.

He especially highlighted the financial and supply problems. He also stated that the energy and economy to be experienced in the European Union, where the most exports are made, posed a risk for Turkey. Pelister underlined that it posed a risk for the export sector, especially in the last quarter and the first quarter of the following year. And he added:

“Therefore, it is of great importance that investments in our chemical industry, which will provide high added value, are implemented quickly and that our companies scale up.”

If the value given to companies is increased and investments are given priority in this area, it seems that the effects of risks that may occur in exports will be felt less.

Italy is the Country to Which Turkey Exports the Most in August!

Italy was the country to which Turkey exported the most in August. In August, the highest increase among the top 10 countries was South Africa with 1,284%. Chemical exports to Italy increased by 195.11% in August compared to the same period of the previous year. And it reached 201 million 23 thousand dollars.

"Mineral fuels, mineral oils and products" ranks first in the product group most exported to Italy in August. This is followed by "plastics and their products", and "fertilizers". "Organic chemicals" are in fourth place and "inorganic chemicals" are in fifth place, respectively.

In the January-August period of 2022, the Netherlands ranks first in the list of countries to which chemicals are exported the most. Italy, the USA, Romania, South Africa, Germany, Lebanon, Spain, Iraq, and Russia follow the Netherlands.

The Most Exported Product Group in August is Plastics and its Products.

In August, exports of plastics and their products took first place in the chemical substances and products product groups with 870 million and 581 thousand dollars. Mineral fuels and products take second place with an export of 819 million, 769 thousand dollars. In addition, inorganic chemical exports are in third place with 308 million 714,000 dollars.

Other sectors in the top ten are explained as "essential oils, cosmetics and soap", "paint, varnish, ink, and their preparations". In addition, the ranking includes "fertilizers", "rubber, rubber goods", "pharmaceutical products", "various chemicals" and "organic chemicals".