Turkey’s apparel exports saw a slight decline in January compared with a year earlier, according to new figures shared by the Istanbul Apparel Exporters’ Association (IHKIB).
For January 2019, Turkey’s apparel and ready-made garment exports stood at US$1.4bn, 0.4% lower than the same month last year. The EU was the biggest market for garment exports, accounting for 72.1% of the total. Exports to Germany rose 10.4% to US$271.9m and increased 7% to Spain at US$175.5m. However, exports to the UK fell 4.8% to US$147.5m.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Last month IHKIB president Mustafa Gultepe said Turkey is eyeing a 10% increase in apparel exports for 2019.
According to the re:source by just-style strategic planning tool, Turkey is amongst the world’s top ten clothing and textile exporters thanks to its high quality, proximity to Europe and Asia, skilled labour, and a well-developed domestic supply chain.
The country currently enjoys duty-free access to the European Union through Euro-Mediterranean Economic Partnership Agreement. However, its textile and clothing exports to the UK would be dealt a “severe hit” in the event of a No-Deal Brexit with the EU.
Another potential source of risk and opportunity for the industry is China’s Belt and Road Initiative (BRI). Touted by Beijing as a ‘win-win’ for all involved in the sprawling infrastructure project that connects the Far East with Europe – experts recently told just-style that it could be a double-edged sword for Turkey’s textile and garment sector.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
