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Turkey wants to tighten up China textile imports- clothing firms

Turkey’s textile sector is a pillar of its economy. Ready-to-wear clothing accounted for about 18 percent of Turkey’s $157 billion exports last year. Cuneyt Yavuz, Chief Executive Officer of jeans retailer Mavi , said he believed the government plan was aimed partly at tackling Turkey’s widening current account deficit, which reached $47.1 billion last year. Turkey imported a quarter of its $10.1 billion textile imports from China in 2017, more than half of which are cotton fabrics and intermediary goods. “The ministry had a plan to increase the documentation of textile imports from China,” Yavuz told Reuters. “This plan was only regarding the textile sector... and it would go into effect in mid-July”. He said business leaders at the meeting told the ministry that material imported from China was sold on to other countries such as Russia and the United States, benefiting Turkey. “I was told that there would be either a postponing or at least a revision in the ministry’s plans” which were originally intended to go into effect in mid-July, Yavuz said. Another senior textile sector executive who attended Monday’s meeting said the new measures included obtaining documents about the Chinese companies they are buying from, which will add costs and cause delays in trade.

For the original version including any supplementary images or video, visit https://uk.reuters.com/article/turkey-textiles/turkey-wants-to-tighten-up-china-textile-imports-clothing-firms-idUKL8N1TE5QB

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