The textile and raw materials sector achieved an export of $884M in February. It is an increase of 18.7% compared to the same period of the previous year.
A textile is a flexible artificial material composed of a network of natural or synthetic fibers created by weaving or knitting or pressed into felt. Textiles encompass all types of clothing and shoes – in fact, anything that can be worn! People throw-away useful items of clothing as they are no longer fashionable or the right size or they are torn or damaged. Instead of being thrown away, these textiles can be given a second life through recycling.
Textiles are a crucial part of material culture. They might be considered as technological objects, cultural symbols, works of art, or trade items. Textile arts are a fundamental human activity that symbolically expresses much of what is valuable in any culture.
Textiles have been used in practically every situation where their characteristics are beneficial. We see textiles everywhere in everyday life. From bags to tents, flags to home decorations textiles play an important role in our lives.
Textile, one of the most significant sectors in Turkey, is also one of the top sectors in the world. Textiles are the world's 7th most traded product with a total trade value of $774B. Between 2019 and 2020 the exports of textiles decreased by 4.67%, from $812B to $774B. The trade in textiles represents 4.62% of the total world trade. Thus, making them one of the most traded products in the whole world.
In 2020 the top exporters of textiles were China with $276B, Vietnam with $38.9B, Bangladesh with $37.3B, Germany with $35.9B, and India with $29.7B. In the same year, the top importers of textiles were the United States with $122B and Germany with $63B. They were followed by the United Kingdom with $35.3B, Japan with $35.3B, and France with $32.7B. Between 2019 and 2020, the exports of textiles grew the fastest in China with $19.9B, Poland with $1.62B, Brazil with $468M, Sweden with $228M, and Saudi Arabia with $173M.
When the export and import tables are analyzed, we see that the essential players in the world textile sector, such as China, the USA, Vietnam, Germany, and France are present in the statistics. The reason for this is that the countries that import textile products, export by processing and transforming the textile products and raw materials they import.
Turkey is the 7th top exporter of textiles, with a total trade value of $28.5B. With decreasing demand from China, it seems likely that Turkey will continue to climb to the top in the near future. We've already seen some investments shifting to Turkey from China. Soon it is likely that China will lose major investors, thus making them lose some of its importance in the textile sector.
In 2020, Turkey exported $28.5B in textiles, making it the 7th largest exporter of textiles in the world. In the same year, textiles were the most exported product in Turkey. The main destination of textile exports from Turkey is Germany with $3.9B. The United Kingdom follows with $2.4B, Spain with $2.4B, the United States with $2.17B, and the Netherlands with $1.52B.
In the same year, Turkey imported $9.29B in textiles, becoming the 22nd largest importer of textiles in the world. In the same year, textiles were the 8th most imported product in Turkey. Turkey imports textiles primarily from China with $1.65B, the United States with $609M, India with $508M, Bangladesh with $507M, and Italy with $506M.
The fastest-growing import markets in textiles for Turkey between 2019 and 2020 were Brazil with $120M, Bangladesh with $47.1M, and Syria with $33.8M.
The textile and raw materials sector achieved an export of 884 million dollars in February. It is an increase of 18.7% compared to the same period of the previous year. According to the Turkish Exporters Assembly (TIM), Turkey's exports hit 20 billion dollars in February. It is a 25.4% rise over the same month the previous year. The stated value resulted in the biggest February exports of all time.
Last month, the textile sector achieved $816M of exports. This month, Turkey reached $884M of exports in textile. With this $68M difference, Turkey seems likely to improve more over the next few months. Exports climbed by 21.4% in January-February this year compared to the same time last year, hitting $37.6B. The annualized value of exports climbed to $231.9B.
Last month, Istanbul contributed $355.6M to the sector's exports. Istanbul was followed by Gaziantep, which received $143.4M, and Bursa, which received $102.5M.
In the textile and raw materials sector, Italy was the country with the highest export volume last month, with 97.7 million dollars. Belarus followed Italy with 43.3 million dollars, and Spain followed Italy with 44 million dollars. Looking at the country groups to which the most exports were made last month, EU countries ranked first with $393.3M and African countries ranked second with $115.3M. Finally, the Commonwealth of Independent States ranked third with $105.3M.
Exporting to 166 countries and regions in February, the Turkish textile and raw materials sector received a 4.4% share of the country's total exports in the same period.
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