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Companies to explore new markets to offset exports to Turkey
23
Sep '08
The textile manufacturers of Indonesia are planning to shift their focus from Turkey to two other overseas markets of Syria and Russia. This is due to dumping charges levelled by Turkey on three Indonesian production units.

According to the available statistics, the bi-lateral trade between Indonesia and Turkey touched almost US$1.78 billion last year. However, experts are of the opinion that Russia and Syria can offer potential markets to the country similar to that of Turkey so the export earnings will not get badly affected.

Last year nearly 22 Turkish companies had filed petitioned against almost seven textile units from China, India and Indonesia for dumping yarn that is either man made, synthetic or even artificial staple fibre like rayon and polyester.

According to industry insiders, Turkey's dumping charges are baseless as Indonesian firms do not produce rayon yarn and very small amount of polyester. The court hearing regarding this matter will take place next month in Turkey.

But the worries don't end here, Brazil is accusing almost 29 Indonesian firms of dumping rayon yarn. It is estimated that, the country may lose business of exporting textile products worth $40 million from Brazil. However, industrialists are of the opinion that the nation can shift its focus to other overseas markets like Mexico, Chili, Peru, Argentina and Bolivia for fetching foreign currency.

Even though the experts are trying to sound optimistic even after two countries have levelled dumping allegation on them, they fear that dullness in global economy will have its negative effect on the textile exports. The target of earning $11 billion this year seems to be little difficult, from last year's achievement of almost $10.03 billion.

Dumping refers to a country or enterprise that exports goods to a destination in bulk and at a low price, sometimes even lower than the production cost, in such a way so as to undermine domestic industries.


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