The textile and raw materials sector in Turkey realized a record export of 6 billion 954 million dollars in the January-August period of this year.
The textile and raw materials sector realized a record export of 6 billion 954 million dollars in the January-August period of this year. The textile sector includes fibers, yarns, and fabrics.
The Turkish Exporters Assembly (TIM) released the export data for the first eight months of the year. According to the released figures, exports from Turkey rose 13.1% in August compared to the same month last year. The volume of exports over the first eight months was 21.3 billion dollars. The largest exports for August thus far have been achieved, according to the TIM's data.
Exports of the textile and raw materials sector increased in the January-August period of this year. The number of exports climbed by 18.3 percent from the same time last year. Exports reached 165.7 billion dollars. The sector achieved an export of more than 828 million dollars in August of 2021. Exports amounted to 837 million dollars with an increase of 1.1 percent in August of this year.
Istanbul was responsible for the 369 million dollars share of the textile and raw materials sector profits realized in August. Gaziantep took second place with 142 million dollars worth of export. Bursa followed Gaziantep with 97 million dollars.
On a yearly basis, 2 billion 828 million dollars of the approximately 7 billion dollars of exports made in January-August 2022 was made from Istanbul. More than 1 billion dollars of 7 billion dollars of exports in the sector was realized from Gaziantep. Bursa took third place with 833 million dollars.
According to TIM, the top importers of textiles and raw materials were announced last month. The results indicated that Italy came first with 60 million dollars. Italy was followed by Belarus, with 57 million dollars. Spain came in third place with 44 million dollars in imports. The industry made exports to Italy worth 694 million dollars, the USA worth 382 million dollars, and Spain worth 367 million dollars in the first eight months of this year.
Moreover, the country groups with the highest exports in the sector last month were also announced. According to the data, European Union countries came first with 310 million dollars and the Commonwealth of Independent States came second with 179 million dollars. African countries followed them in third place with 100 million dollars on the list.
The textile and raw material sector exported to 166 countries and regions in August. Exports in the same period took a 3.9 percent share of the country's total exports. From January to August 2022, the sector exported to 192 countries and regions. In the same period, it received a 4.2 percent share of the country's total exports.
An increase was observed in the number of exports over the previous 8 months when country groups were evaluated. 2 billion 894 million dollars were exported to EU countries, and 983 million dollars were exported to Commonwealth of Independent States countries. It was reported that 898 million dollars were exported to African countries in 8 months.
Furthermore, the Turkish Exporters Assembly (TIM) announced that there was an increase in export rates towards the end of the year. The satisfaction with the Turkish economy, which is growing with each passing month, was expressed. When the data is evaluated, it is stated as remarkable that the export figures have made rapid progress.
According to the report, Western markets and purchasers are continuing to diversify their supply sources and decrease their reliance on Asia. In order to keep this situation going, it was also mentioned that studies and negotiations were still being conducted abroad. Innovation studies and efforts to switch to greater value-added exports enhance this process. Based on the examinations made on the data given by TIM, if Turkey's exports continue expanding at the same rate, the goals set for the year's conclusion will be achieved.