Turkiye earthquake to have short-term ramifications on India’s exports

New Delhi, Feb 14 (KNN) According to Indian exporters the impact of earthquake that hit Turkiye (formerly known as Turkey) last week will be witnessed in the short run, reported PTI.

India’s merchandise exports of commodities such as cotton, manmade yarn and textile dyes may be impacted.

The earthquakes hours apart on Monday last week caused widespread damage to property and killed more than 28,000 people, leaving millions homeless in Turkiye.

The earthquakes also caused damage to the infrastructure and logistics network with the Port of Iskenderun remaining closed for around a week.

Exports to Turkiye increased to USD 6.2 billion during April-November 2022 against USD 5.1 billion in the corresponding period in 2021.

Federation of Indian Export Organisations (Fieo) Director General Ajay Sahai said that the extent of the damage in Turkiye is yet not known and thus its impact on exports is difficult to ascertain.

“Since the textile manufacturing centres of Gaziantep and Kahramanmaras provinces are worst-affected, our exports of cotton and manmade yarn and textile dyes may be impacted in short run,” Sahai added.

Gaziantep which falls in south-central part of Turkiye is a major manufacturing hub of that country.

Sharing similar views, Hand Tools Association President S C Ralhan said that India’s exports to Turkiye are increasing.

“Trade may get impacted in the short-term only due to the earthquake there, but not in the long run. There was no news so far from the MSME segment exporters of any issue while exporting to Turkiye so far,” Ralhan said.  (KNN Bureau)