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Leather sector targets new markets
17
Nov '09
Turkish leather sector is looking for new markets to ward off the impact of global meltdown. The sector that used to export 95 percent of its total production has seen 27 percent reduction in the current year, against last year's export due to recession, said Mr. Turgay Yetisgin, Chairman of the Turkish Leather Foundation (TÜRDEV).

Russia, Ukraine and EU countries are the key markets of the Turkish leather sector, but global turmoil shrunk leather exports to these countries as the capacity usage slipped down by 40 percent this year. This forced the sector to shift its focus to Far Eastern countries.

Moreover, domestic demand for leather goods is limited due to the high prices and country's unfavorable climate. These issues made it crucial for the sector to find new markets even if the shipments are not better in terms of value, said Mr. Yetisgin.

Exports of leather and leather goods of Turkey to the countries such as South Korea, Singapore, Taiwan, Indonesia and Malaysia has increased by 50 percent, 90 percent, 85 percent, 54 percent and 50 percent respectively during first six months of the current year against the exports of corresponding period of 2008. Exports to Bangladesh witnessed a remarkable surge of 1,335 percent.

Besides, exports to Mexico increased by 150 percent and to New Zealand it rose by 175 percent. Even to the countries in the Middle East which normally do not prefer leather due to hot climate, the export of Turkish leather grew by 16.6 percent to $35 million during the aforesaid period compared to the same period last year.

Also, exports to Spain increased by two times, when compared with the first six months of the year 2008, while, exports to the heart of fashion, France, Italy and Spain, improved by $75 million during this period.

Fibre2fashion News Desk - India

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