Business

Turkey: All-time first quarter record was broken in shoe exports

Turkey’s footwear exports increased by 22.2% in the first quarter of the year compared to the same period of 2021, reaching $328 million, breaking the all-time record for the first quarter.

According to sectoral export data, Turkey’s leather and leather products exports increased by 27% in the January-March period and reached $502.8 million. In the said period, the exports of shoes and accessories increased by 22.2% and reached the first quarter record of all time with $328 million.

The share of shoes in leather and leather products exports was 65.2%.

Despite the war, the increase continued

Shoe exports continued to increase in the first 2 months, contrary to expectations, in March, when the Russia-Ukraine war took place. Compared to the same period of 2021, last month, shoe exports increased by 18.3% and reached $129.1 million.

The expected decline in Russia didn’t happen

In the January-March period, the highest export was made to Russia with $25.8 million. The share of this country in total exports was 7.9%.

Due to the war, a large decrease was expected in exports to Russia in March. There was a partial decrease of 0.3% in exports to this country last month.

In the first quarter, Russia was followed by Germany with $25.7 million, Spain with $17.9 million, Italy with $16.8 million and Libya with $16.4 million. Other countries among the top 10 markets were Iraq, Romania, Poland, Israel and the United Kingdom.

Remarkable increase in exports to Europe and Libya

Among the top 10 markets to which Turkey exports the most, the most striking increase was in Libya with 122.9%.

Apart from this, significant increases were seen in all European markets. Among these, Poland with 115.4%, Italy with 68.1%, Spain with 45.9% and the United Kingdom with 47.5% drew attention.

“After the Russia-Ukraine war, some countries turned their way to Turkey”

Berke Icten, President of the Turkish Shoe Manufacturers’ Association (TASD), stated that the war between Russia and Ukraine brought the Turkish shoe industry one step forward and said, “Some countries that imposed a trade embargo on Russia quickly turned their course towards our country.”

While the effects of the war continue to affect all sectors, İçten reminded that the issue of how payments will be made in Turkey’s trade with Russia has come to the fore. Icten explained that with the temporary article regulation of the CBRT, “It is possible to accept export prices in TL even if they are declared in foreign currency regarding export transactions to Ukraine and Russia,” and that this development will relieve the sector.

Source: Trthaber / Translated by Irem Yildiz

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