Page 46 - TURKRptSep22

7.0 Industry & Sectors 7.1 Sector news
Turkish textile industry’s exports fell nearly 4% y/y to 1.4mn tonnes H1, while yarn imports soared 43% y/y to $2.3bn, with total imports of the textile sector climbing from $2.5bn to $3.1bn.
During the pandemic, the Turkish textile industry boosted investment to take advantage of the shifting focus of importing countries due to long-distance supply chain problems, typically related to East Asia. The industry undertook investments corresponding to 20% of existing capacity. The new capacity started to come online this year.
“Latest developments, particularly local firms turning to foreign markets for yarn supply, have led to excessive capacity,” said Ahmet Oksuz, head of the Istanbul Textile and Raw Materials Exporters Association (ITHIB).
The revival in Turkey’s tourism has provided a small boost for the sector, but foreign demand was weak, he added.
46 TURKEY Country Report September 2022 www.intellinews.com