Turkey targets 2024 chemical export revenues of $35bn

Reuters/Lee Jae-Won

Turkey is aiming to increase chemical export revenues by 15 percent year on year to $35 billion in 2024, according to an industry trade body. 

Exports reached $30.57 billion last year, down 8.7 percent from 2022, Hürriyet Daily News reported, citing Adil Pelister, president of the Istanbul Chemicals and Chemical Products Exporters’ Association.

Global commodity prices fell by 15 percent, which impacted the Turkish chemicals sector’s export revenues, he said.

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“2023 was difficult due to the slowdown in global trade, problems with logistics, global inflation and fluctuations in energy prices,” Pelister said.

However, nine out of the 16 sub-sectors in the chemical industry managed to boost their export revenues last year.

The plastics sector took the top slot with $9.1 billion, followed by the mineral fuels and oils sector with $8.3 billion in export revenues.

The chemical sector was Ankara’s second-largest exporting industry last year.

Total annual export revenues rose by 0.6 percent last year to $255.8 billion. The chemical sector comprised 13.8 percent of the overall export revenue.