Turks textile face massive losses due to Russia sanction

Laleli, located in Istanbul famous for clothing exports has lots of stores which are mostly textile stores where very high quality and cheap price textile are found. Due to decline in the rouble’s value in the past year, the traders had already lost 60 percent of the revenue. Not only that the slump made Turkish goods more expensive for Russian buyer, said the head of Laleli Industry and Business Association, Giyasettin Eyyupkoca.

Moreover, the Turkey-Russia tensions since November accounted for another 20% loss, he said, adding that traders would now seek other markets like Iran or African countries such as Ghana.

The traders and shopkeepers complain about the slump in trade since the Russian jet was shot down.

Naile Cebic in her shop selling men’s suits – predominantly to the Russian market said that it’s very difficult to work at the moment. A lot of shops are closed as there are no customers.

Hasan Erin, a leather jacket exporter, also said that the outlook was bleak, as 80% of his customers were Russian. If the business does not pick up he might face bankruptcy within two months.

Turkish textiles are not officially included in the Russian sanctions. But exporters feel their goods are subject to an unofficial ban.