Turkey’s Garment Exports to Iran Double

Turkish companies’ garment exports to Iran hit $237 million in the first eight months of 2016, with a 219% increase compared with the same period of a year before, the president of Istanbul Readymade Clothing and Confection Exporters’ Association (IHKIB) said.

Hikmet Tanrıverdi also noted in a written statement on Monday that with the lifting of sanctions, Iran has been opened to foreign markets after more than 30 years and created huge opportunities for the sector, Turkish newspaper Hurriyet Daily News reported.

“We have seen a dramatic rise in our exports to our neighbor Iran. While our exports to the Iranian market were $71 million in 2014, this figure rose to $121 million in 2015. We have seen much higher figures over this year, as our exports to Iran hit $237 million in the first eight months of the year with a 219% increase compared with the same period of 2015,” he said.

“The sector’s annual exports to Iran will likely exceed $300 million by the end of this year.”

The IHKIB chief stated that there has been a rise in the number of modern-style shopping malls in Iran, in addition to traditional bazaars, fueling expectations of more luxury consumption in the country in the coming period.

Tanrıverdi noted that there will also be many more foreign players in the market, raising competitiveness.

“We should increase our market share immediately,” he said.

IHKIB board member, Nazım Kanpolat, said Iran is the second largest economy in the region with its population of 80 million and GDP of more than $400 billion.

“We have started to harvest the benefits of the bilateral trade deal between our countries. With the gradual lifting of sanctions on the Iranian market, the Iranian economy will grow rapidly. We’ll offer our support to companies that want to take a bigger role in Iran,” Kanpolat said.