Textile and Apparel Sector: Turkey's Export Growth Expectation and Surpassing 31 Billion Dollars

Trade Minister Ömer Bolat emphasized Turkey's success in the textile and apparel sector significantly contributes to exports during the opening of the Istanbul Fashion Connection (IFCO) Fair. He highlighted that the 31 billion dollar export from last year has surpassed 17.5 billion dollars in the first seven months, with acceleration expected in the second half of the year. The minister noted that a 1% increase in the European Union's economic growth would lead to a 2.5% increase in Turkey's exports. Bolat stressed that the sector is the 7th largest supplier globally and the 3rd in Europe, attributing export performance to technological superiority, quality, and fast delivery. He also acknowledged that high inflation led to cost increases and reduced competitive strength, but the sector managed to overcome challenges through significant efforts. The minister announced that the Central Bank will implement a new exchange model on October 1st, prioritizing labor-intensive sectors and those supporting production and employment.