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Rising China-Europe freight rates to benefit Turkey's textile exports

24 Aug '21
1 min read
Pic: Shutterstock
Pic: Shutterstock

Turkey’s textiles, apparel and home textiles exports are expected to rise in the rest of the year due to consistently rising freight rates and high transport costs on the China-Europe routes. The freight costs for exporting goods from China to Italy are over five times more than the same for Turkey to Europe, thus giving Turkey a competitive advantage.

The global demand for clothing and textiles is also rising due to vaccination drives in most countries and implementation of strong measures and business models to deal with the impact of the COVID-19 pandemic. This will also drive Turkey’s textile and apparel exports.

Turkey exported textiles, apparel and home textiles worth $2.33 billion in January 2021, which increased by 14.99 per cent in Q1 2021 to reach $2.68 billion in March 2021, according to Fibre2Fashion’s market analysis tool TexPro.

Exports further increased to $2.79 billion in June 2021 and are now expected to touch $2.96 billion by December 2021.

Fibre2Fashion News Desk (KD)

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