Türkiye, China only nations with textile export capacity, says trade minister at Texhibition Istanbul

The decline in demand and growing stagnation in the European Union have negatively impacted Türkiye’s textile sector, Trade Minister Omer Bolat said, urging resilience despite challenges.

“There are only two countries in the world with integrated production and export capacity in textiles, covering cotton ginning, yarn, fabric, apparel, accessories, leather, carpets, and home textiles—Türkiye and China,” Bolat stated.

Speaking at the opening of the Texhibition Istanbul fair, organized by the Istanbul Textile and Raw Materials Exporters’ Association (ITHIB) at the Istanbul Expo Center on Wednesday, Bolat emphasized that Türkiye’s textile industry is a global brand.

He highlighted that the fair hosted over 25,000 visitors from 125 countries and more than 500 exhibitors, noting strong sales, business connections, and order volumes.

‘Investment appetite is rising’

Bolat reported that Türkiye’s textile and ready-to-wear industry surpassed $32.1 billion in exports last year, reaching approximately $36 billion when including carpets, home textiles, leather products, and accessories.

Addressing challenges such as rising costs and currency fluctuations, Bolat pointed to declining inflation and interest rates, stating, “Investment appetite is rising.” He expressed optimism about upcoming monetary policy decisions, saying, “We expect a favorable decision from the Turkish central bank’s policy meeting.”

The Central Bank of the Republic of Türkiye (CBRT) will announce its interest rate decision on March 6 at 2 p.m. (GMT+3), following better-than-expected inflation figures in February.

Bolat suggested that the Central Bank’s approach could lead to significant reductions in export rediscount loan costs and credit rates for small businesses, adding, “By summer, we will see much lower financing costs.”

Texhibition Istanbul, which aims to attract over 25,000 visitors from 125 countries, will conclude on March 7.