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Russia's economic crisis has ripple effect in Turkey

Turkey's exports to Russia declined 43 per cent between January and April, compared to the same period in 2014. The economic sanctions imposed on Russia after its annexation of Crimea, in conjunction with the devaluation of the Ruble, have created a major crisis for Russian economy. The Russian crisis has spilled over to Turkey, particularly affecting the textile and tourism sectors, as large numbers of Russians on vacation are known to flock to Turkey's southern provinces.The textile hub of Istanbul has hundreds of shops selling apparels at the retail and the wholesale level mainly to Russian buyers.

Despite a major drop in Russian business integral to Turkey’s textile industry, the sector is hopeful that it will make up for its losses in the coming season. The Turkish textile hub has a decade-long history of customers from Russia and other former Soviet states purchasing textile products to sell in their home countries.

Istanbul continues to attract a number of international buying offices, trading houses and major retailers and department stores. Istanbul is becoming a fashion and shopping center. The world’s largest shopping centers are opening in Istanbul. Istanbul is becoming a global sourcing hub for both Asia and Europe.


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