Sector’s sales abroad rose by 5.8% year-on-year in January 2020, says head of Istanbul Apparel Exporters Association
Turkey’s apparel sector, which sold goods worth $17.7 billion to foreign countries in 2019, seeks to increase its exports to $19 billion this year, the head of a sector association said on Monday.
The sector’s share in the country’s overall exports of $14.8 billion in January 2020 was 10.1%, Mustafa Gultepe, the head of the Istanbul Apparel Exporters Association (IHKIB), told Anadolu Agency.
He said that the apparel sector had made a “flying start” by reaching an export figure of $1.5 billion in January, up by 5.8% in the same month last year.
Highlighting that the increase in exports was a success amid narrowing markets worldwide, he said: “Increasing our exports by 7.7% to the EU, our biggest market, raises our hopes.”
Gultepe said that of the country’s total apparel exports in January, 73.4% were to EU countries with Germany and Spain being the main destinations.
The apparel sector also exports goods valued around $700 million to the U.S. every year, which, he said, could reach $5 billion.
Turkey’s garment exports are projected to rise by 10% due to the coronavirus outbreak in China, which has delayed shipments from the mainland.
“However, if the crisis prolongs and global markets shrink, our exports could have a negative impact,” the association said.