Turkey's synthetic yarn exports saw a mixed bag

Turkey's synthetic yarn exports saw a mixed performance in 2023, with volume declining 12.5 per cent from the previous year while value dropped to $650 million. Despite an overall increase in exports over the decade, the industry experienced fluctuations, with a peak in 2021 followed by a downturn.

The United States, Italy, and Russia remained Turkey's top destinations, accounting for 32 per cent of total exports. Georgia, known for its rapid growth in imports from Turkey, stood out with a CAGR of 69.7 per cent.

In terms of product types, yarn (other than sewing thread) of synthetic staple fibers dominated exports, comprising 67 per cent of the total. However, its growth rate (+2.6 per cent per year) was outpaced by yarn (not sewing thread), of man-made staple fibers, put up for retail sale (+4.7 per cent per year). Export prices fluctuated, with a slight decline in 2023. The United States had the highest prices, while Uzbekistan had the lowest. Brazil saw the most significant price growth over the decade.

Overall, Turkey's synthetic yarn exports have shown resilience despite recent challenges. The industry's ability to adapt to changing market conditions and diversify its export destinations will be crucial for its future success.