An important player in the world's socks market, the Turkish socks industry has generated nearly $900 million in revenue from 1.4 billion pairs of socks it exported in the first 10 months of the year.
Recently released Turkish Statistical Institute (TurkStat) data showed that the highest number of socks in the January-October period was exported to European countries such as the U.K., Germany, France, the Netherlands and Spain, with the U.K. bringing in the highest revenue at $215.3 million for a total of 357.5 million socks.
The U.K. was followed by Germany with $183.4 million, France with $95.2 million, the Netherlands with 56.6 million and Spain with $42.5 million.
According to International Trade Center data, Turkey is the second-largest socks exporter in the world following China. The number of socks imported by Turkey in the same period stood at 16.6 million, amounting to $18.6 million.
Hosiery Manufacturers Association Chairman İlker Öztaş said that Turkey accounts for about 9 percent of global sock production. Indicating that the Turkish sock industry has a significant market share in Europe, Öztaş said, "Our market share is above 16 percent in EU countries and our country is the biggest supplier of socks after China. Turkey ranks first in the U.K. with a market share of around 32 percent and second in Germany with a market share of 20 percent after China."
Öztaş pointed out that 85 percent of Turkey's socks production is exported and 90 percent of foreign sales are made to EU countries, emphasizing that the Russian federation, eastern Europe, Balkan countries, Middle Eastern countries and the Turkic republics are among the rising potential markets.
"African countries, which have a low level of sock consumption and sock wear, are an opportunity for us. On the other hand, I think that the U.S. market is of great importance for our sector. I think we will reach a better position in the U.S. market by making a new move in the country with the appreciation of the dollar," he noted.
He also stated that the sector has an important competitive advantage with its qualified workforce, unique designers and modern machinery.