THE FUTURE OF THE CHEMICAL INDUSTRY OF TURKEY AS PER ECONOMISTS AND INDUSTRIALISTS


 

Chemicals are a part of daily experimentation and innovation of new substances and solutions that can come into use in various industries to accelerate their production and working processes. We can state that the chemical industry has contributed immensely by creating some of the newest and most useful chemical compounds that are being used in various fields. Some of the useful chemicals that we used in our daily lives are:

 

· Hydrogen Peroxide (used as antiseptic in toothpaste and mouth freshener)                                                                                                                                                                                                                                                                                                                                                          

·        Potassium Dichromate (Used to check drink and driving offenses by police)

·        Magnesium Sulfide (Used as purgative)

·        Silver Iodide (primarily used while cloud seeding)

 

Initially, just a few industries focused on chemicals at the beginning of the 20th century, such as those that dealt with the production of soap, liquor, and Valonia extract. As the Turkish industry emerged during the 1950s, the scenario changed, and multiple industries started to go deep into the Chemical industry. New and important industries, such as those in explosives, agricultural products, and detergents, also started experimenting with chemicals to develop something new and innovative.

 

CHEMICAL INDUSTRY OF TURKEY

 

There is a vast variety of chemicals that are produced by Turkey currently. Some of the most prominent chemicals that are produced by Turkey are petrochemicals, fertilizers, paints, soap, cosmetics, detergents, etc.

 

The chemical industry of Turkey is divided into a 30-70 ratio where 30% of total chemicals produced are used by the consumers directly and the other 70% is either exported as per Turkey Export Data reports or used by the other sectors such as the raw material sector.

 

You would be surprised to know that Turkey has successfully developed enough capacity and volumes of Sodium Sulphate. Turkey Is in the first position across the globe in the production of Sodium Sulphate chemicals. Due to the best climate and environmental aspects of the nation, Turkey is one of the biggest and most crucial exporters of rose oil to the world as per the information derived from Turkey Export Data of the past few years. Refer to the below-mentioned table that contains the trend of total imports and exports of chemicals to and from Turkey to the globe.

 

CHEMICAL PRODUCTS IMPORT AND EXPORT TRENDS (2018-2022)

YEAR

IMPORTS

EXPORTS

REMARKS

2018

USD 1.55 billion

USD 1.84 billion

The trade surplus (USD 0.29 billion)

2019

USD 1.63 billion

USD 1.87 billion

The trade surplus (USD 0.24 billion)

2020

USD 1.52 billion

USD 1.64 billion

The trade surplus (USD 0.12 billion)

2021

USD 2.193 billion

USD 2.194 billion

The trade surplus (USD 0.001 billion)

2022

USD 3.47 billion

USD 3.54 billion

The trade surplus (USD 0.07 billion)

 

 

By seeing the table above, it is obvious that Turkey Export Data for chemical products has always remained higher than Turkey Import Data values. Apart from the Trade surplus every year, the imports and exports of chemical products are also rising in Turkey which shows that the sellers in Turkey are getting huge orders of Chemical related products.

 

MAJOR IMPORTERS OF CHEMICAL PRODUCTS FROM TURKEY – 2022

Numerous countries are being served by the chemical products exported by Turkey in the year 2022. Some of the major countries as per Turkey Export Data that got the most chemical products were:

 

·        China (USD 356.71 million)

·        Brazil (USD 248.22 million)

·        Spain (USD 244.64 million)

·        Egypt (USD 204.36 million)

·        Italy (USD 175.62 million)

Other nations in the rundown were the Netherlands, the USA, the UK, and India.

 

MAJOR EXPORTERS OF CHEMICAL PRODUCTS TO TURKEY – 2022

 

Just like the top importers of chemical products from Turkey, there is a dedicated list containing names of those nations from whom Turkey Imported chemical products the most. The top five nations that sent chemical items to Turkey as per the list mentioned in Turkey Import Data for the year 2022 were:

 

·        China (USD 468.07 million)

·        Russia (USD 459.19 million)

·        Egypt (USD 217.07 million)

·        Germany (USD 209.74 million)

·        Bahrain (USD 170.94 million)

 

Other major exporters to Turkey in the year 2022 were Morocco, Iran, Bulgaria, and Italy. 

 

CONCLUSION AND THE LAST VERDICT

We hope that you would have liked the contents of this blog and got to know about the current chemical products industry of Turkey and its trends. In the end, we just want to state that the market in Turkey was growing rapidly before the earthquake struck the nation and put all commercial activities on halt. The nation is re-developing itself now and we hope that Turkey will follow the old pace again.

 

The chemical industry of Turkey is also one of the biggest industries as compared to many countries in the world. As per our estimates and forecast, the nation would soon take over many more nations in the coming future.

 

For more such informative and insightful blogs, keep visiting our website and stay in touch with us through our social media channels. Tradeimex is one of the premier companies available online that provides the most detailed version of imports and exports of over 70 countries at much affordable prices.

 

 

Source URL : https://medium.com/@tradeimex11/the-future-of-the-chemical-industry-of-turkey-as-per-economists-and-industrialists-5e6c612c6a73

Location: Pitam Pura, New Delhi, Delhi, India

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