Jewelry exports hit $378 mln

Jewelry exports hit $378 mln

Jewelry exports hit $378 mln

Turkey’s jewelry exports climbed by 37 percent on an annual basis to $378 million in November, according to data from the Jewelry Exporters’ Association.

The industry’s shipments to foreign markets peaked in August, totaling $566 million. The second highest export figure in 2019 was recorded in July with $508 million.

Jewelry sales to Middle Eastern countries soared 110 percent in the month to hit $148 million while exports to the European Union increased by a strong 36 percent on an annual basis to $92 million.

Local companies shipped $32.7 million worth of jewelry to the North American countries, pointing to a 1 percent decline.

The association also reported a 48 percent increase in exports to North Africa to $25.2 million.

On a country basis, the largest export market was the United Arab Emirates which increased its purchases from local jewelry companies by 295 percent to $94.7 million.

The U.K. ranked second with $37 million. Exports to this country soared 768 percent.

The U.S. was the third-largest export market even though shipments to this country declined 3 percent on an annual basis to $30.3 million.

Data from the association also showed that shipments to Qatar jumped 580 percent to $19.8 million while exports to Libya increased 168 percent to $21.2 million.

Israel and Hong Kong purchased $14.5 million (34 percent decline) and $24.6 million (18 percent drop) worth of jewelry from local companies.

The country’s jewelry exports amounted to $3.8 billion in the first 11 months of the year.