8% Growth Despite Global Challenges and Holiday Disruptions
The chemical sector’s exports surged to $15.8 billion in the first half of 2024, marking an 8% increase, according to the Istanbul Chemicals and Chemical Products Exporters’ Association (IKMIB). However, Turkiye’s overall exports in June fell by 10.6% year-on-year to $18.6 billion.
Despite these challenges, the chemical sector maintained its position as the second-largest exporter, achieving $2.3 billion in exports in June. IKMIB Chairman Adil Pelister highlighted that the decline in both general and sector exports was partly due to lost working days during the Eid al-Adha holiday.
Impact of Global Supply Chain Disruptions
Pelister pointed out that global supply chain disruptions, rising production and logistics costs, and other factors have influenced export performance. While the chemical sector’s exports dropped by 6.5% in June, they showed an overall growth of nearly 8% over the six-month period.
Significant Contribution to National Exports
In June, the chemical sector accounted for 12% of Turkiye’s total exports. Pelister emphasized the strategic importance of the chemical industry for Turkiye’s economic growth, noting that it consistently ranks among the top sectors in the country’s largest industrial and export companies.
“From January to June, our exports exceeded $15 billion, reaching $15.8 billion,” Pelister said. “The chemical sector is crucial for the development of our country and its economy. At IKMIB, we support the growth and stability of our industry by assisting companies, considering their suggestions, and helping solve their problems. We will continue to work tirelessly to help our exporters overcome the challenges they face.”
Source: AA / Prepared by Irem Yildiz