Turkiye earthquake has affected the hub of spinning mills, which is why Indian mills and exporters are now receiving higher trade enquiries from Turkiye as well as other European nations that import yarn from the country. Although the increased enquiries may benefit Indian exporters, the Indian textile industry may face negative impact from the calamity too.
Industry sources said that the Gaziantep region in Turkiye, which is known for its spinning mills, was greatly affected by the calamity. Turkish spinning mills will take a long time to return to normal production. Therefore, the Turkish garment industry is looking to source yarn from other markets. Vivek Verma, Managing Director of Punjab-based yarn manufacturing and export company Square Corporation, told, Indian spinners are receiving more trade enquiries from Turkish buyers. They need to source yarn from alternative sources, and India is in a better position to supply it.”
Verma said that Indian exporters are receiving enquiries not only from Turkiye but also from other European nations that import yarn from the calamity-hit country. Indian spinning mills are set to benefit for at least the next few months. Regarding price parity, he said that buyers will have to source yarn from India because of the abundance of stocks available here.
However, some industry sources feel that the calamity may affect exports of textile products because the earthquake has destroyed factories and transport infrastructure in the country. But Verma said that, as of now, they are receiving better trade enquiries, and yarn exports are not expected to be affected. For other products like fabrics and garments, China might be affected by the calamity as it was the major supplier for the Turkish consumer industry.
Yarn is the largest textile product imported by Turkiye from India. The country imported yarn worth $765.475 mn during January to November 2022. Previously, its imports were valued at $534.392 mn in 2021 and $380.587 mn in 2020. Fibre imports were $106.57 mn in 2022 (till November), $100.987 mn in 2021, and $87.234 mn in 2020, according to market report.
Turkiye’s garment imports were $50.165 mn in 2022 (till November), $25.913 mn in 2021 and $26.891 mn in 2020. Fabric imports were $28.180 mn in 2022 (till November), $25.260 mn in 2021 and $18.997 mn in 2020.
