The Chemical Industry Closed the Year 2016 with a 4.5 percent Decrease in Export Amount and a 9.5 percent Decrease in Export Value

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The Chemical Industry closed the year 2016 with a 4.5 percent decrease in the amount of exports and a decrease of 9.5 percent in the export value. The chemical industry went through a difficult period in 2016 with the impact of the global conjuncture as well as internal dynamics. The exports of the sector lost 4.5 percent in quantity and 9,5 percent in value. While the sector players draw attention to the importance of 14 exports, which was 2016 billion dollars, they aim to realize a total export of 2017 billion dollars in 15.5.

Istanbul Chemicals and Products Exporters' Association According to 2016 data announced by IKMIB, Turkey's chemical exports amounted to 4,52 million 16 thousand tons with a decrease of 487 percent compared to the previous year, and 9,49 billion dollars with a decrease of 14 percent in value.

The chemical industry exported 2015 billion dollars in 15,5, but experienced a loss of 13,28 percent in value.

The chemical industry became the third largest exporter after the automotive and ready-to-wear clothing industries.

The slowdown in global trade, the growth in the European economy below expectations, losses in important export markets and the persistence of instability in the Middle East stood out as the factors that had a negative impact on chemical exports in 2016.

The sector compensated for the loss it suffered in export markets this year by focusing on new markets, albeit a little.

Leaving behind a year in the shadow of economic and political uncertainties, the chemical industry aims to achieve 2017 billion dollars of exports again in 15,5 by overcoming the shrinkage in exports with new markets.

Industry focused on new markets

The top ten countries to which the chemical industry exports the most in 2016 were listed as Germany, Egypt, Iraq, Iran, Italy, England, United Arab Emirates, Saudi Arabia, the Netherlands and the USA. The country group with the highest exports last year was the European Union with a 37 percent share and an export of 5 billion 148 million dollars. The sector balanced its exports, which were interrupted in neighboring countries in 2016, by focusing on markets such as Far East Asia, South America and Sub-Saharan Africa.

In the last year, the largest contribution to exports in the sub-sectors of chemistry was made of plastics and its products with an export of 4 billion 853 million dollars, mineral fuels, mineral oils and products with an export of 2 billion 678 million dollars, and rubber and rubber goods with an export of 1 billion 142 million dollars.

The exports of the chemical industry in December amounted to 7,71 million 1 thousand tons with a decrease of 549 percent in quantity, and 1,47 billion 1 million dollars with an increase of 287 percent in value. In December, the top 10 countries in chemical exports were listed as United Arab Emirates, Iraq, Saudi Arabia, Egypt, Germany, Italy, Iran, China, Singapore and the USA.

'Despite all the difficulties…'

Evaluating the 2016 export figures of the sector, Istanbul Chemicals and Products Exporters' Association (İKMİB) Chairman of the Board of Directors Murat Akyüz“We left behind a year in which economic and political uncertainties were felt intensely. The ongoing slowdown in global trade, the hot developments in our nearby geography and the continuation of losses in our important export markets challenged our industry in 2016.

Due to the plane crisis with Russia and the registration requirement, Egypt and Iran stood out as markets that challenged our exporters. Despite all these difficulties, we continued to be the third largest exporting sector of our country with an export of 14 billion dollars.

Although we did not grow as fast as we expected, we covered some of the losses in markets that are critical for our industry, with demand from European Union countries. Again, the demands from the USA, one of the target markets of chemistry, were also important for our industry. We balanced our interrupted exports by increasing our exports to markets such as Far East Asia, South America and Sub-Saharan Africa. This once again demonstrated the importance of focusing on new markets in order to increase our exports.”

'2017 will be tough'

Stating that 2017 will be a tough year when the world's general outlook is considered, Murat Akyüz said: "We should not be pessimistic about all the negative factors, internal and external, and we should protect our hope. We will continue to contribute to our country by working harder and producing more. The negative effect of oil prices on exports has started to decrease, and we hope that this will continue and be reflected in the figures. Again, we will start to see the reflection of the incentives that support the exporters this year. Financing is an important problem for our exporters. The Export Credit Guarantee Fund, which will facilitate access to finance, is of critical importance in this respect. It would be beneficial for our exporters to act cautiously against sudden changes in exchange rates and to balance risks. Instead of money, the barter system will be effective in reducing currency risks.”

Source : World

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