Turkey’s readymade clothing exports to Iran soar 200 pct in 2016: İHKİB

ISTANBUL

DHA Photo

Readymade clothing exports by Turkish companies hit $237 million in the first eight months of the year with a 219 percent increase from the same period of 2015, Istanbul Readymade Clothing and Confection Exporters’ Association (İHKİB) President Hikmet Tanrıverdi has said. 

Tanrıverdi noted in a written statement on Oct. 3 that Iran, which with the lifting of sanctions has been opened to foreign markets after more than 30 years, has created huge opportunities for the sector. 

“We have seen a dramatic rise in our exports to our neighbor Iran. While our exports to the Iranian market were $71 million in 2014, this figure rose to $121 million in 2015. We have seen much higher figures over this year, as our exports to Iran hit $237 million in the first eight months of the year with a 219 percent increase compared to the same period of 2015,” he said, adding that the sector’s annual exports to Iran will likely exceed $300 million by the end of this year. 

The İHKİB head stated that there has been a rise in the number of modern-style shopping malls in Iran, in addition to traditional bazaars, fueling expectations of more luxury consumption in the country in the coming period. There will also be many more foreign players in the market, raising competitiveness, he added.

“We should increase our market share immediately,” Tanrıverdi said. 

İHKİB board member Nazım Kanpolat noted that Iran is the second largest economy in the region with its population of 80 million and GDP of more than $400 billion. 

“We have started to harvest the yields of the bilateral trade deal between our countries. With the gradual lifting of sanctions on the Iranian market, the Iranian economy will grow rapidly. We’ll offer our support to companies that want to take a bigger role in Iran,” Kanpolat said.