Ready-wear Industry Refreshes Hopes from Russian Market – Russia is re-opening its gates to Turkish exports as it is an important market for ready-wear industry. The sector aims to regain its previous strength in Russian market.
The normalization process in relations between Turkey and Russia pleased manufacturers and exporters of ready weak and turned expectations from negative to positive. Uludağ Ready Wear and Confection Exporters Association (UHKİB) Chairman Şenol Şankaya made a statement, saying ready wear manufacturers raised hopes about Russian market.
Exports to Russia posted a dramatic fall since 2013 due to the political turmoil between the two countries. Şankaya continued, “We had exports of USD6.9 billion in total in 2013 before the figure plunged by 14% to USD5.9 billion. Meanwhile, in 2015 the decrease hit 39% at USD3.5 billion. The decline found reflection on export figures on industry specific basis as well. Turkey’s ready wear exports to Russia was around USD414 million while it was down by 15% to USD351 million on a yearly basis in 2014. In 2015, the figure declined around 41% to USD204 million.”
Claiming that political crisis has immediate impact on economy in contrast to longer periods for normalization period, Şenol Şankaya said Turkey exported a value of USD872 million in January-July. This is expected to reach around USD1.5 million by the year end. “This figure is quite low when compared to the year 2013. Unfortunately, we see the same scene in industry specific exports. Apart from these negative developments; we hope to boost our exports to Russia thanks to the facts that Russian economy is exiting crisis; it has a high consumption potential; and Turkish ready wear manufacturers are able to work fast fashion,” he stated. Russian economy had a tough time given the crisis with Ukraine; while it entered a recovery period as crude oil prices showed a rebound.
Ready-wear Industry Refreshes Hopes from Russian Market
Ready wear is among Turkey’s pusher industries, Şankaya underlined. “Once the political normalization makes itself felt more in economic activity; our companies are likely to return to their strong days in Russian market,” he said; adding that a military coup attempt that occurred on July 15 did not hamper ready wear industry.