Turkey’s Textile Industry
Possibly Turkey is the only country where foreign tourists shop for carpets, rugs and that’s not a recent trend. Back in the 14th century, Marko Polo remarked on the quality of Turkish carpets from then to now.
Turkish carpets, rugs are the most popular products among tourists. But what tourists discover after reaching Turkey is the textile sector and boutique wares of Turkey.
Turkey Is The 6th Largest Exporter of The Textile Industry in The World
Turkish fashion always received great appraisal but only from 2007 Textile Industry has seen a surge of both direct and indirect exports. From then the Turkish textile industry has always seen great growth. That’s why for years Turkey is among the top global producers in the world of textile and apparel industry.
In fact, Turkey is presently the 6th largest exporter of textile and the 8th largest exporter of the ready-to-wear apparel in the world. Countries like the Netherlands, the USA, Poland, and European countries like Germany, Spain, France, UK, etc. are the main importers of Turkish fashion. Before the pandemic, the growth in export of the Textile and Apparel industry was 5.8% per year. Every year the Textile and Clothing industry produces products worth US$ 30 billion, out of which US$ 23 billion is exported worldwide.
Present Situation of Turkey’s Textile Industry
Pandemic opened a new door for the Textile Industry of Turkey with an estimated growth of a minimum of 10% every year, as due to pandemic and trade ware issues China is losing the market and Turkey Textile Industry has a great potential to capture this market. Due to the worldwide lockdown, presently like every other business Textile industry is also in a down position. But as we all know this will not last forever and when the world will start operations, everything will be back in normal position.
Opportunities for Foreign Investors
Due to this instability, Turkish Lira has shown its greatest fall, and this can be an opportunity for any foreign investor. Coronavirus pandemic has given all the foreign investors a rare opportunity to flourish in the Textile Industry. But how?
Turkish Textile already has a great reputation in the global market. Turkey already possesses all the necessary raw materials and infrastructures to be the number one globally in the Textile Industry. 7th largest cotton producer in the globe, Turkey has the biggest machinery park in the world. Turkey with its state-of-the-art technology, flexibility in production, delivery, customized design, and fashion and highest quality workforce is full of potential. Again, when worldwide people are more interested in eco-friendly natural products, Turkey Textile and Apparel Industry with its material and technology stood first in it.
As for now, it is most predicted that due to pandemic the Textile Sector will gain the most benefit in the coming months. So once the pandemic is over and the world will start its operations like before, the demands will increase and the foreign investors from various countries who will invest in the upcoming months will gain the maximum profit as just after the food and hospital, apparel is also an essential commodity.