Currency fluctuations lead to increase in Turkish clothing exports to emerging markets
According to the latest foreign reports, affected by the sharp fall in the Turkish lira exchange rate, Turkey’s total clothing exports dropped significantly in 2015. Exports to traditional markets declined, while exports to emerging markets such as the Middle East and Eastern Europe increased.
Calculated in US dollars, Turkey’s clothing exports dropped sharply in 2015. Calculated in lira, export growth reached double digits. As the Turkish lira fell against the US dollar more than the euro depreciated, Turkey was able to export to high-end euro-denominated markets at lower prices in 2015, while exports from Asian countries were hit hard by the sharp rise in euro prices.
In the past two years, Turkish clothing exports have increased by 42% in lira terms and 18% in euro terms. In addition to the growth in clothing exports to the Eurozone, Turkey’s clothing exports to Spain have also surged. From 2014 to 2015, Turkey’s clothing exports to Spain increased by 61% year-on-year, and its clothing exports to the United Kingdom increased by 46% year-on-year. At the same time, emerging Markets are emerging rapidly. For example, clothing exports to Iraq nearly doubled in 2015, becoming the fifth largest market for Turkish clothing exports.
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