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Bankruptcy news in Greece affects Turkish textile sectors

After the exports of Turkish textile and apparel sector to Greece went up 9.1 percent to $116 million in 2014, the first five months of 2015 concluded with a 19 percent decline, reveals İstanbul Textile and Apparel Exporters Association (İHKİB). The decline is primarily due to bankruptcy news that has hit eadlines worldwide.

Even Footwear Industrialists Association of Turkey (TASD) President Hüseyin Çetin said that manufacturers in Turkey are not favoring long term installment offers due to the high risk since there is no trust in Greek banks. He added that from 2014, Turkey was able to increase its exports by 50 percent to $10 million, while sales in the first six months of2015 were at $5.1 million, and the future outlook is a major concern. 

The prospect of Greece leaving the Euro however, would carry severe implications according to Şeref Faya Turkey Clothing Manufacturers' Association (TGSD).


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