Turkish textile trade with Russia to speed up as relation normalises
Turkey is really good producer, and Russia a very good consumer, the two countries have been partners for nearly 25 years. To resolve the current problem between the two countries steps are taken towards the normalization of relation which are quite healthier and positive, while commerce will be along international norms, said Laleli Industrialists and Businessmen Association (LASİAD) President Gıyasettin Eyyüpkoca.
The normalisation of relations between Turkey and Russia has raised expectations in the Turkish textile and apparel sectors that commerce with Russia will speed up.
Steps towards normalisation would directly contribute to tourism, exports of fruit and vegetables, as well as the textile and apparel trade, Eyyüpkoca foresees an increase in apparel sales of 15-20 % over the short term.
Istanbul Apparel Exporters’ Association (IHKIB) President Hikmet Tanrıverdi said that the apparel sales played an important part in economic relations between Turkey and Russia, and was among the sectors most affected by the cooling in relations. They aim to rapidly move up to their former position in relation to the recoveries in economy along with the new period. Starting from 2017, they expect exports of between USD 400 million to USD 500 million.”
During the 2009 global crisis, Turkey exported USD 182 million worth of apparel to Russia, a number that reached USD 412 million in 2013, Tanrıverdi said that Russia was one of Turkey’s top ten markets, but the problems emerging in the Russian economy and problems in bilateral relations had caused export to slide back to where it was six to seven years ago, dropping to USD 204 million for 2015.
The apparel exports to Russia during the first five months of 2016 hit USD 45 million, marking 49.5 % of Turkey’s apparel exports.
Russian Federation National Security Academy Foreign Economic Relations Vice President Talat Enver Çetin said that the relations between Turkey and Russia would continue and strengthen in the coming period.