The dip in the value of Turkish lira, by 45 per cent this year represents a significant opportunity for Turkish textile manufacturers. This will prompt many manufacturers to focus more on exports, and increase the level of quality and production standards.
This is especially true for labor-intensive sectors such as the textile industry. This happened in the 1980s and 1990s, when the Turkish lira was constantly devaluating and Textile exports boomed.
Turkey is well-positioned due to the evolution in its range of textile products over the past few years. For example, it has introduced more eco-friendly and organic textiles as well as a wider range of high-performance fabrics for sports and outdoor wear, with properties such as chemical-resistant, stain-proof, water-resistant, sturdy, stretchable and dry-touch.
These factors are helping Turkey compete with sourcing destinations in other parts of the world, such as Asia. Another advantage that continues to help Turkey’s textile industry is its geographic location. It is close to key markets such as the EU and Russia. Its young population helps maintain competitive labor costs. It has a predominance of SME manufacturers, who tend to be flexible and quick. And Turkey produces its own raw materials – it is the seventh-largest cotton producer in the world.