Turkey's annual textile exports are up 8 per cent. Germany features as Turkey’s largest export destination followed by neighboring Iraq. Exports to the Middle East were up by 6.2 per cent, with a 61 per cent increase in exports to Syria. Exports to EU countries increased by 9.2 per cent.

Exports to markets with which trade was minimal in the past also showed stronger figures, as sales to Rwanda surged 295 per cent and exports to Suriname increased by 158 per cent. Turkey’s first quarter GDP growth was 4.8 per cent, but it slowed in the second quarter to 2.2 per cent and dropped to 1.7 per cent in the third quarter after the crisis in Iraq and Syria.

The central bank had said it would keep interest rates near zero for a considerable time but signaled in December 2014 that it would raise rates some time next year. Higher US interest rates could spur an outflow of capital from emerging markets, including Turkey, where private sector foreign debt is now at 165.2 billion dollars.

Turkish exporters feel conditions in  2015 can be more challenging, as the US Fed is expected to hike interest rates. The Turkish government has set an export target of 500 billion dollars by 2023.