Turkish textiles to get boost as Israel set to reopen economic office

09 Jul '22

2 min read

Pic: 123rf.com

Israel’s ministry of economy and industry is all set to reopen its economic office in Turkiye’s capital city of Istanbul on August 1 this year. This will give a boost to Turkiye’s textile and apparel exports to Israel. Turkiye was the fourth most important trading partner in the Israeli economy and the fifth most important export destination in 2021.

For Israel, the reopening of the economic attaché in Istanbul will benefit about 1540 companies currently exporting to the Turkish market and help strengthen their business operations within this market, according to the Foreign Trade Administration of the Israeli ministry.

The Israel-Turkiye bilateral trade of goods and services stood at $7.7 billion in 2021 with an increase of 30 per cent over 2020. Of this Israel’s exports accounted for $1.9 billion, also 30 per cent increase compared to $1.4 billion in 2020.

In the textile and apparel sector, the flow of goods is majorly from Turkiye to Israel, which is now expected to pick up further momentum after the economic office is opened. Israel imported apparel worth $319.380 million in 2021, $219.838 million in 2020 and $234.280 million in 2019 from Turkiye. In the first quarter of this year, the figure stood at $92.898 million, according to Fibre2Fashion’s market insight tool TexPro.

During January-March 2022, Israel imported home textiles valued at $20.282 million, as per TexPro. The home textile imports were $81.317 million in 2021, $48.159 million in 2020 and $42.157 million in 2019.

Fibre2Fashion News Desk (KUL)

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