Local textile industry facing challenges in export markets

ISTANBUL

The Turkish textile and ready-to-wear industries are facing challenges in their main export markets, according to Ahmet Öksüz, president of the Istanbul Textile and Raw Materials Exporters’ Association (İTHİB).

He noted that the global textile industry has also been going through difficult times, contracting 13 percent.

“The textile sector’s global trade volume fell to $306 billion in 2023. The ready-to-wear sector was down to $447 billion. There is a contraction of up to 20 percent in the United States and Europe, our biggest markets,” Öksüz said, speaking at a gathering of the industry in Istanbul.

The share of the Turkish textile sector in world markets is 3.4 percent, he said, adding that the textile sector’s exports amounted to $12 billion last year.

“Together with ready-to-wear clothing, exports reached $28 billion. As the textile sector, we will close the year with a 2 percent loss,” Öksüz said.

Data from İTHİB shows that the combined export revenues of the textile and ready-to-wear industries plunged 4.8 percent in January-November from a year ago. Those two sectors captured a 10 percent share of the country’s overall export revenues in this period.

Ready-to-wear and confection shipments to foreign markets declined 7 percent annually to $14.5 billion, while textile exports fell 1.5 percent to $10.55 billion.