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Monopolistic status of China may get a shudder
05
Feb '08
Textile industry of Turkey is gearing up to stand undeterred in the stiff competition of the international market which is currently being ruled by China.

China well known for swamping the markets with cheap products may finally have a competitor since Turkey having a niche in textile products will aim to tap most of the markets in China's domain.

Earning revenue of over US $16 billion from exports every year, the textile industry of Turkey is one of the most dominant sectors of the country. To revolutionize the production process and increase the production capacity, giant companies have resolved to re-engineer themselves to take leading positions in design and fashion, active and dynamic marketing and stronger financial footing in alternative markets.

Experts believe that, companies having their own brands in domestic and foreign markets will have a better stand in the competitive arena. Turkey has already started acquiring a grip over Italian and Spanish markets in Europe. So much so, that nearly 79.6 percent of Turkey's textile exports are consumed by European buyers. However, it has lost the battle with China which has successfully managed to hold on to the US market for three successive years.

China's cost per unit of exported textile products is quite low compared to Turkey, which is troubled about its own increasing cost of inputs for the manufacturing goods.

Nonetheless, Turkey has been gaining popularity worldwide for its value added and quality products. Experts opine, once the US currency stabilizes, it will be much easier for Turkish goods to enter the markets even with soaring high prices of its goods.

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