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Turkey looks to regain favor

Europe is a favored destination for Turkish exports.

Some 75 per cent of Turkey’s exports go to Germany, the United Kingdom, Spain and Italy.

Turkey’s number one buyer in the ready-to-wear sector is Germany, followed by the UK.

Despite this, only seven per cent of the EU’s imports come from Turkey. The country’s proximity to Europe used to give it an advantage, but not any more. Its relations with Europe have turned bitter.

Despite the sector’s assertiveness and efforts, the industry has fallen short of its export goals by two per cent. However, taking into consideration the hike in Turkey’s export capacity by ten per cent, the industry is actually 12 per cent behind.

The number of European buyers who used to come to Istanbul has fallen to half.

In the meantime, EU buyers are seeking an alternative to Turkey, which has to be within close proximity and has a middle price range. Apparently, they are encouraging firms to invest in countries like Romania, Bulgaria and Serbia. Also China is getting closer to Europe.

To regain its position Turkey has adopted strategies. It’s going into value-added brand products. Turkish brands such as LC Waikiki and Koton are expected to become serious competitors to Zara and H&M in the next decade.