In a determined move, the chemical industry is gearing up for a remarkable resurgence as it targets $35 billion in export revenues this year, signifying a robust 14 to 15 percent increase from the previous year’s figures, which saw a decline of 8.7 percent, amounting to $30.57 billion in export revenues.
Adil Pelister, President of the Istanbul Chemicals and Chemical Products Exporters’ Association (İKMİB), attributed the dip in 2023 to a 15 percent fall in global commodity prices, impacting the Turkish chemicals sector. Undeterred by the challenges, Pelister expressed confidence in the industry’s ability to rebound, setting ambitious targets for the year ahead.
Last year, nine out of the 16 sub-sectors within the chemical industry managed to bolster their export revenues. The plastics sector emerged as the leader with an impressive $9.1 billion, followed closely by mineral fuels and oils, securing the second position with $8.3 billion in export revenues.
Despite facing headwinds, the chemical sector maintained its position as Türkiye’s second-largest exporting industry, contributing significantly to the country’s total export revenues. In 2023, Türkiye’s overall export revenues reached a record $255.8 billion, marking a modest 0.6 percent increase from the previous year.
Pelister acknowledged the challenges faced by the chemical industry in 2023, citing a slowdown in global trade, logistical issues, global inflation, and energy price fluctuations. Despite these hurdles, the industry displayed resilience and adaptability, reflecting its pivotal role in Türkiye’s economic landscape.
Highlighting a positive note, Pelister revealed that Türkiye’s chemical industry increased its share in global chemical exports by approximately 10 percent in the first half of 2023. This encouraging development positions the Turkish chemical sector for further growth and prominence on the international stage.
As the industry charts its course for the ambitious $35 billion export target, stakeholders are optimistic about the prospects of the chemical sector playing a pivotal role in Türkiye’s economic recovery and global trade dynamics.