At the Istanbul Ready-to-Wear and Fashion Fair (Istanbul Fashion Connection-IFCO), a revelation echoed across the walls of the venue. Turkey’s Trade Minister, Omer Bolat, announced that the nation now stands seventh in the world and third in Europe for ready-to-wear exports. The country’s export portfolio boasts a total export value of $20.6 billion in ready-to-wear clothing and $12.3 billion in textiles, painting a portrait of a nation on the rise.
Europe’s Largest Ready-to-Wear Clothing Fair
This gigantic fashion fair, recognized as Europe’s largest ready-to-wear clothing event, kicked off on Wednesday. Organized by key Turkish trade associations with robust government support, it will run until Saturday, serving as a platform for the nation’s vibrant fashion industry.
Remembering the 2022 Earthquakes
Amidst the glitz and glamour of the fashion fair, Bolat took a moment to commemorate the anniversary of the 2022 earthquakes. He lauded the societal solidarity evident during the calamitous time, highlighting the indomitable spirit of the Turkish people.
Turkey’s Economic Growth and Ambitions
Turkey’s emergence as a fashion hub is complemented by its significant economic growth. With a 4% expansion and a national income of $1.07 trillion in the first three quarters of the previous year, the nation is making its presence felt on the world stage. Despite a global decline in trade, Turkey’s exports increased by 0.64% to $256 billion, carving a new record in the republic’s history. The garment sector, accounting for 13%-14% of Turkey’s total exports, benefits from strategic advantages such as market proximity, design diversity, cotton production, and fast delivery.
For the current year, Turkey has set its sights on exporting $267 billion in goods and $110 billion in services. The ready-to-wear and textile sectors are expected to contribute significantly to this target. Bolat noted that Turkey increased its exports to the European Union by 15% despite a drop in EU imports. The nation aims to boost its share of global merchandise exports from 1.02% to 1.06% and reach 1.30% by 2028.