Turkiye’s exporters are revising downward year-end targets because of a drop in new orders amid signs of global slowdown and inflation.
According to reports, the Turkish apparel industry is feeling the heat of volatile Europe and has reduced its export growth target by 15%.
Media reports claimed that an official of TOBB (Union of Chambers and Commodity Exchanges of Turkey) Garment and Apparel Council said that the year-end export growth target for the apparel industry has been reduced from 15% to barely any growth at all.
He said that there is a slowdown in new orders from the US and European markets in recent months, and hence exports are anticipated to remain flat or only slightly up from last year.
The latest data from Texpro also indicates the same trend, saying that Turkish garment exports increased to $1.798 billion in June 2022 but registered a steep fall in May 2022 at $1.235 billion.
Exports were $1.869 billion in April, $1.835 billion in March, $1.655 billion in February, and $1.413 billion in January 2022.
Turkish garment exports declined in the last three quarters consecutively and the exports dropped from $4.944 billion in October-December 2021 to $4.905 billion in January-March 2022. It further decreased by $4.903 billion in the latest April-June quarter.
Turkiye is heavily dependent on the European market for garment exports.