In the first 10 months of 2018, Turkey’s socks manufacturing sector earned US$900 million in revenue, said a recent data released from the Turkish Statistical Institute (TurkStat).
Turkey is the world’s second-largest socks exporter behind China and made 1.4 billion pairs of socks, most of which were exported to European countries.
Turkey accounts for about 9% of global sock production, according to İlker Öztaş, President, Hosiery Manufacturers Association.
“Our market share is above 16% in EU countries and our country is the biggest supplier of socks after China,” Öztaş said.
Turkey ranks first in the UK with a market share of around 32% and second in Germany with a market share of 20% after China.
“Turkey ranks first in the UK with a market share of around 32% and second in Germany with a market share of 20% after China,” İlker Öztaş also added.
Around 85% of Turkey’s socks production is exported and 90% of foreign sales are made to EU countries, with the Russian Federation, Eastern Europe, Balkan countries, Middle Eastern countries and the Turkic republics among the rising potential markets.
African countries, which have a low level of sock consumption and sock wear, are an opportunity for Turkey. On the other hand, the US market is of great importance for their sector.
“I think we will reach a better position in the US market by making a new move in the country with the appreciation of the dollar,” İlker Öztaş expressed.