19 декабря 2023 — 16:00
Turkish exporters are developing a plan B for the supply of their products abroad in connection with the losses they incur in Europe. Priority is planned to be given to Russia, the countries of Central Asia and the Middle East, writes TASS with reference to the Dunya business newspaper.
The publication notes that Europe remains the main market for Turkey, accounting for about 45% of its exports, but the economic downturn on the continent caused by global and regional reasons has recently turned into losses of more than 10% for Turkish manufacturers of ready-to-wear, clothing and textile industries.
By developing plans to export to European countries by 2028 as the main market for goods and services, Turkey is stepping up efforts in other areas, the newspaper quotes the opinion of representatives of the country's business circles.
"Europe will retain its strategic place in Turkish exports and will remain its main market. In the medium term, we can double our exports to the United States, which now amount to $14 billion per year. The Persian Gulf countries also have great potential for our exports. Iraq, Russia and the Turkic republics also stand out in our exports both from the standpoint of geographical proximity and existing trade relations. Iraq and Russia are among the ten countries to which we export the most goods," Mustafa Gultepe, head of the Turkish Exporters' Union, told the newspaper.
"Exports to the European Union of ready-to-wear, which is our main market, decreased from 70% to 59%. We have focused on filling the vacuum caused by the lack of demand in the EU market through supplies to Russia, the Middle East, and the Persian Gulf countries. In particular, we expect an increase in exports to Russia in 2024," said Ramazan Kaya, Chairman of the Board of the Union of Manufacturers of Finished Products of Turkey.
"Russia is a promising footwear export market for us," said Berke Ichten, head of the industry union. At the same time, he drew attention to the increase in supplies to neighboring Iraq, which this year entered the top five countries where Turkish shoes are supplied the most. In general, he also considers the European market to be the main one for Turkey, which annually produces over 550 million pairs of shoes, but notes that the economic situation in the EU countries forces adjustments to export plans.
By the end of 2023, Turkey plans to export products worth $ 265 billion, and by 2028 to increase it to $ 400 billion. Traditional Turkish exports include ready-made clothing, textiles, automobiles, metals, machinery and equipment, food products, and chemical products.