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Turkey exporting textiles beyond European shores

14
Aug '12
The textile and clothing sector in Turkey plays a vital role in the progress of the country’s economy by contributing majorly to the nation’s overall exports. With its phenomenal textile export volumes the country is now expanding its textile and garment export trade beyond European nations. 
 
In 2011, Turkey’s apparel and fabric industry alone made nearly US$ 24 billion, out of the country’s current total exports worth US$ 135 billion, according to the Turkish Textile and Apparel Exporters’ Association (ITKIB).
 
The textile industry generates employment for over 25.5 percent of the total labour workforce of Turkey. Hence, the industry’s role is essential in generating wealth around the whole country.
 
Although a major chunk of the total exports is still being shipped to the EU region, there is a rise in the country’s textile exports outside Europe, especially to the Middle Eastern and North African region. Turkey now maintains free trade relationships with over 22 nations worldwide. 
 
The country's large free-market economy is increasingly driven by its industry and service sectors. By playing the connecting link between Europe and Asia, Turkey at present is in a positive stage, with its economy recording a total growth of 9.2 percent in 2010 and a further 8.5 percent in 2011. 
 
In 2011, the country documented an inflation rate of 9 percent, which is comparatively lesser than the two digit figures it was recording for several years. Experts believe that by 2050 Turkey will become the ninth largest economy in the world and the third largest in Europe.
 

Fibre2fashion News Desk - India


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