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How does Russia-Ukraine War affect Turkish textile industry?

TopicalHow does Russia-Ukraine War affect Turkish textile industry?

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The tension between Russia and Ukraine for several years flared up again after the annexation of Crimea by Russia in 2014 and the declaration of independence of the separatist Luhansk and Donetsk, where the Russian population in the Donbas region is dominant, in the same year. The Russian-Ukrainian war started with Russia’s attack on Ukraine on February 24 and changes the balance of the global market in the short and long term. Ukraine is expected to lose power in global trade due to its destroyed infrastructure and the migration of people fleeing the war, as well as international sanctions against Russia as the initiator of the conflict. It is inevitable that Türkiye, who has strong commercial ties with both countries, will directly experience the negative effects of this on both imports and exports even though her acts with an impartial policy and efforts to find reconciliation by minimizing losses is appreciated. While Türkiye’s foreign trade with Russia was worth 32.5 billion dollars in 2021, 27.5 billion dollars of this was imported from Russia, primarily natural gas. Ukraine, on the other hand, is among Türkiye’s developing commercial partners, with exports value of 2 billion 900 thousand dollars and imports value of 4 billion 500 million dollars.

The textile industry, which represents 4.43% of the total world trade, also gets its share from these latest developments. Türkiye has strong relations with both countries, does not participate in the sanctions against Russia and maintains its neutral position in the war. Turkish textile, ready-to-wear and leather sectors rose to 5th place in world textile exports in 2020, has already started to see the reflections of the war in her current trade relations with Russia and Ukraine. There were cancellations and postponements on orders for textile, ready-to-wear and leather products from the region to Türkiye after Russia’s attack on Ukraine, while statements and announcements from the important actors of the sector are coming one after another. These developments in both markets which are important for the Turkish textile industry, also create concern and uncertainty for the next period.

The general outlook of the Turkish textile industry after the Russia-Ukraine war

The statements and latest developments from the important players of the sector after the start of the Russia-Ukraine war can be summarized as follows:

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