Turkey has withdrawn safeguard duties on cotton yarn from India
Turkey had imposed such safeguard duties on cotton yarn from India in 2008 and the Turkish spinning mill were unhappy with this solution but didn’t openly express their dissatisfaction, according to Volkan Göçmen, Analyst from Swiss Helvea. Also the Indian cotton textile export body TEXPROCIL was not happy with the measure and welcomes now the Turkish withdrawal of the safeguard duties and will participate in the ongoing year at a yarn fair in Istanbul (TR)
According to Helvea this means that Indian spinners have again free access to Turkey’s market. It reflects also that Turkish yarn industry is in a healthy financial state. Göçmen voices the opinion that the leading index capex will show shortly the recovery of the industry and present a healthy yarn market. Many spinning mill were able to restore their financial situation and to recover from the historically unparalleled losses during 2011.
The change of this situation should also provoke new investments in spinning mills and textile machinery manufacturers will be endowed with new orders.