Turkey has not been struck with earthquakes the first time, however, this natural disaster, in particular, has caused great stress to the nation. The affected nation has been already facing an economic decline driven by a combination of high global energy prices, the COVID-19 pandemic, and the Russia-Ukraine conflict, and, largely, by government economic policies that have reduced interest rates despite skyrocketing inflation, pushing the Turkish lira to a record low against the dollar.
It is expected that the earthquake will affect Turkey’s textile and apparel exports in the coming months as manufacturing has been severely affected in some areas. It has also affected the supply chain as the port of Iskenderun in southern Turkey has been subject to severe structural damage and operations have been temporarily stopped after the earthquakes. Not only exports but imports and consumption in the domestic textile and apparel sector of Turkey have also been heavily disrupted.
With Turkey being one of the world’s major textile and apparel production and sourcing destinations, and the second largest source of textile and apparel exports to European Union countries, this calamity will surely shake the entire textile global chain.
Istanbul Textile and Raw Materials Exporters Association (ITHIB) President Ahmet Öksüz stated, “We express our condolences to the citizens who lost their relatives and to our country, and wish a speedy recovery to the wounded. We, as business people, are also taking action after the disaster where the whole of Turkey is united as one heart. As exporters under the leadership of TIM, we are launching an aid campaign for our citizens in the earthquake region.”
