Turkey’s jewelry exports drop by half in May: Association
ISTANBUL - Reuters
REUTERS photoTurkey’s jewelry exports dropped by 49.4 percent to $174 million in May from the same month of 2015 due to some slowdown in the Middle Eastern market ahead of the start of the Muslim month of Ramadan, according to data from the Jewelry Exporters Association (MİB).
MİB President Ayhan Güner said the country’s exports to Middle Eastern markets saw a steep decline in May.
“Our exports to several countries from Hong Kong to the United States soared, but the orders from our largest markets, such as Iran and the United Arab Emirates [UAE], dropped just ahead of Ramadan. Jewelry consumption declines in Islamic countries during the Ramadan period due to decreasing trend in the number of weddings and other celebrations,” he noted.
Güner said sector players worked to diversify their export markets in this vein.
Turkey makes around 60 percent of its jewelry exports to the Middle East, according to MİB data.
Iran’s share is around 28 percent in the total market with around $48 million, but Turkey saw shrinkage of over 74 percent in its exports to Iran in May, just ahead of Ramadan. The country’s exports to the UAE also decreased by 43.6 percent in the mentioned month compared to the same month of 2015, although its share in the total exports was around 18 percent.
The U.S. took some 11.1 percent in Turkey’s jewelry exports and the country’s exports to this country rose 40 percent in May. Turkey’s exports to the Hong Kong market also saw an 85 percent increase in May compared to the same month of 2015, hitting $8.5 million.