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Textile & garment industry to be hit hard by Russian curbs
01 Sep '08
1 min read
Russia is the biggest trading partner country other than the European Bloc for goods and services exported from Turkey. Turkey exported products worth US $4.9 billion last year.
But that is all set to change now. There is a long line of trucks waiting at the Turkey-Russia border to get entry in to Russia.
Russia has for all purposes stopped the entry of goods emanating from Turkey since the last one week. The curbs on exports is expected to cost Turkey as much as $3.0 billion in lost revenue in the immediate future.
The Foreign Minister of Turkey has also retaliated by promising to impose same restrictions for goods coming in from Russia from September 1, 2008.
The textile and garment industry is expected to get hit the hardest with the implementation of the Russian order to stop trucks entering its country from Turkey.
The industry is is also the highest foreign currency earner for the country. Global exports of Turkish textile and clothing goods amounted to $22.8 billion in 2007. Russia accounts for a big chunk of shipments from the industry.
Turkey relies heavily on Russia for its petroleum, petrochemical and natural gas requirements.
But that is all set to change now. There is a long line of trucks waiting at the Turkey-Russia border to get entry in to Russia.
Russia has for all purposes stopped the entry of goods emanating from Turkey since the last one week. The curbs on exports is expected to cost Turkey as much as $3.0 billion in lost revenue in the immediate future.
The Foreign Minister of Turkey has also retaliated by promising to impose same restrictions for goods coming in from Russia from September 1, 2008.
The textile and garment industry is expected to get hit the hardest with the implementation of the Russian order to stop trucks entering its country from Turkey.
The industry is is also the highest foreign currency earner for the country. Global exports of Turkish textile and clothing goods amounted to $22.8 billion in 2007. Russia accounts for a big chunk of shipments from the industry.
Turkey relies heavily on Russia for its petroleum, petrochemical and natural gas requirements.
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