Turkish chemical sector eyes $50 billion in exports

ISTANBUL

The Turkish chemical industry, which has achieved 92 percent growth in exports in the last five years and reached the top with a record export of $33.6 billion in 2022, aims for total exports of $50 billion by 2030.

“We are a large chemistry family that is strategically important and is a direct supplier to 27 main sectors with its 16 sub-sectors,” Istanbul Chemicals and Chemical Products Exporters’ Association (İKMİB) President Adil Pelister said at an event on Jan. 17.

“Despite the global difficulties, we became the country’s top exporting sector with $33.6 billion in 2022 and now we will take new steps to walk towards our goal of becoming permanent in first place.”

The price per kilogram of the sector’s exports was $0.89 in 2018, Pelister recalled.

“While the price was $0.92 in 2021, it increased to $1.16 dollars in 2022 and exceeded the $1 threshold,” he said.

“These numbers show us that we have achieved a qualified growth in chemistry exports. Now, within the framework of our ‘Vision 2030’ strategy, we aim to increase our chemical exports to $36 billion in 2023 and $50 billion in 2030 by focusing on scaling-up our production on the basis of sustainability.”

Eight of the world’s 10 largest economies are leaders in the chemical industry in terms of production and exports, Pelister noted.

“Therefore, the chemical industry is of strategic importance for the economic development of our country and the future of our exports,” he said.

According to 2022 data, the chemical sector became the sector that exports to the most countries with 232 countries and regions. The Netherlands, the U.S., Italy, Romania, Lebanon, Russia, Germany, Spain, Iraq and South Africa were the top 10 markets for chemical exports, with 40 percent of the sector’s total exports made to EU countries.