Turkey-US trade is witnessing record high figures since the beginning of this year. US textile-apparel imports from Turkey registered $2.370 bn in the first ten months of this year, which is a nearly 50 percent increase over imports of $1.586 bn in the same months of 2020, according to data from the Office of Textiles and Apparel (OTEXA).
Category-wise, US apparel imports from Turkey rose by a sharp 62.39 per cent to $702.627 mn, compared to $432.681 mn during January-October 2020. While non-apparel textile imports rose 44.66 per cent to $1.667 bn in January-October 2021, over $1.252 bn in the comparative period of last year.
This increase in textile-apparel export by Turkey, is in line with the growth in its overall exports to the US that have increased by 45 percent year-on-year during January-November this year to $13.2 bn, according to the Turkey-U.S. Business Council. On the other hand, Turkey imported $11.7 bn of goods from the US during the same period.
One of the reasons for a surge in US-Turkey trade is the steps taken for resolving Section 301 digital services tax investigation, which otherwise would attract additional 25 per cent customs tax on Turkish products entering the US.
