The decline in knitwear industry exports, which started last year, reached its lowest level in history in April

The decline in knitted garment exports, which started last year, reached its lowest level in history in April

Turkey’s leading export sector, the knitwear industry, continues to lose ground.

The knitwear industry, which has been a significant contributor to Turkey’s exports for many years, is facing challenges and experiencing a decline in recent times. Factors such as changing global market dynamics, increased competition from other countries, and shifts in consumer preferences have impacted the sector’s performance.

The knitwear industry experienced its worst April on record

The sub-category of the ready-made clothing industry, the knitwear sector, experienced its worst month ever in April. The sector’s exports declined by 66% in terms of quantity compared to the same period of the previous year, with a decrease of 45.63% in revenue and 60% in volume. Mustafa Balkuv, the President of the Turkish Knitwear Industrialists Association (TRISAD), stated that the decline in sector exports has been ongoing since August of last year. Balkuv emphasized that the increasing labor costs in labor-intensive categories such as knitwear have resulted in a price difference of up to 40% compared to competitor countries. He also highlighted that the capacity utilization rates have dropped to as low as 40% due to the declining demand. Balkuv stated that job losses are occurring in the sector and expressed concern, saying, “We are officially sinking.”

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