Indonesia is seeing a steep decline in textile exports to Turkey due to the additional duties and the coronavirus pandemic’s effect on global trade.
In the January–August period, Indonesian textile exports to Turkey declined by nearly 50 percent year-on-year (yoy) at $168.9 million, said MarthinKalit, secretary of the foreign trade director general at the Indonesian Trade Ministry
Indonesia’s overall textile exports reached only $7.03 billion over the same period, marking an annual decline of 19.92 percent.
The decline in Indonesia’s textile exports to Turkey come at a time when both countries are dealing with the COVID-19 pandemic. The World Trade Organization expects global trade to decline by between 13 and 32 percent this year as a result of the pandemic.
To keep its domestic industries afloat amid the economic downturn, Turkey introduced in April additional duties of 4 to 50 percent on textile products imported from countries with which it has no trade agreements. The duties are to remain in place until the end of the year.
