Decline in Turkish Woven Carpet Exports to $148M Observed in July 2023

Turkey Woven Carpet Exports

In July 2023, approximately 28M square meters of woven carpets and other woven textile coverings were exported from Turkey; dropping by -20.6% compared with the previous month's figure. In general, total exports indicated a slight expansion from July 2022 to July 2023: its volume increased at an average monthly rate of +1.8% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2023 figures, exports decreased by -31.6% against March 2023 indices. The growth pace was the most rapid in March 2023 with an increase of 96% month-to-month. As a result, the exports attained the peak of 41M square meters. From April 2023 to July 2023, the growth of the exports failed to regain momentum.

In value terms, woven carpet exports contracted notably to $148M (IndexBox estimates) in July 2023. Overall, total exports indicated a slight increase from July 2022 to July 2023: its value increased at an average monthly rate of +1.3% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2023 figures, exports decreased by -30.7% against March 2023 indices. The pace of growth was the most pronounced in March 2023 when exports increased by 111% against the previous month. The exports peaked at 217M square meters in December 2022; however, from January 2023 to July 2023, the exports failed to regain momentum.

Exports by Country

The United States (7.4M square meters), Saudi Arabia (3.9M square meters) and Iraq (1.4M square meters) were the main destinations of woven carpet exports from Turkey, with a combined 46% share of total exports.

From July 2022 to July 2023, the biggest increases were in Saudi Arabia (with a CAGR of +12.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($50M) remains the key foreign market for woven carpet exports from Turkey, comprising 34% of total exports. The second position in the ranking was held by Saudi Arabia ($17M), with an 11% share of total exports. It was followed by Germany, with a 4.6% share.

From July 2022 to July 2023, the average monthly rate of growth in terms of value to the United States totaled +2.6%. Exports to the other major destinations recorded the following average monthly rates of exports growth: Saudi Arabia (+11.7% per month) and Germany (+0.5% per month).

Exports by Type

Carpets and other textile floor coverings; woven, (not tufted or flocked), of man-made textile materials, of pile construction, made up, n.e.s. in item no. 5702.10 or 5702.20 (26M square meters) was the largest type of woven carpet exported from Turkey, with a 94% share of total exports. It was followed by carpets and other textile floor coverings; woven, (not tufted or flocked), of man-made textile materials, (not of pile construction), made up, n.e.s. in item no. 5702.10 or 5702.20 (557K square meters), with a 2% share of total exports. The third position in this ranking was taken by carpets and other textile floor coverings; woven, (not tufted or flocked), of textile materials (other than man-made, wool or fine animal hair), of pile construction, made up, n.e.s. in item no. 5702.10 or 5702.20 (361K square meters), with a 1.3% share.

From July 2022 to July 2023, the average monthly rate of growth in terms of the volume of export of carpets and other textile floor coverings; woven, (not tufted or flocked), of man-made textile materials, of pile construction, made up, n.e.s. in item no. 5702.10 or 5702.20 amounted to +1.8%. With regard to the other exported products, the following average monthly rates of growth were recorded: carpets and other textile floor coverings; woven, (not tufted or flocked), of man-made textile materials, (not of pile construction), made up, n.e.s. in item no. 5702.10 or 5702.20 (+2.8% per month) and carpets and other textile floor coverings; woven, (not tufted or flocked), of textile materials (other than man-made, wool or fine animal hair), of pile construction, made up, n.e.s. in item no. 5702.10 or 5702.20 (+1.2% per month).

In value terms, carpets and other textile floor coverings; woven, (not tufted or flocked), of man-made textile materials, of pile construction, made up, n.e.s. in item no. 5702.10 or 5702.20 ($141M) remains the largest type of woven carpet exported from Turkey, comprising 95% of total exports. The second position in the ranking was taken by carpets and other textile floor coverings; woven, (not tufted or flocked), of man-made textile materials, (not of pile construction), made up, n.e.s. in item no. 5702.10 or 5702.20 ($1.8M), with a 1.2% share of total exports. It was followed by carpets and other textile floor coverings; woven, (not tufted or flocked), of textile materials (other than man-made, wool or fine animal hair), of pile construction, made up, n.e.s. in item no. 5702.10 or 5702.20, with a 1.2% share.

From July 2022 to July 2023, the average monthly growth rate of the export volume of carpets and other textile floor coverings; woven, (not tufted or flocked), of man-made textile materials, of pile construction, made up, n.e.s. in item no. 5702.10 or 5702.20 stood at +1.3%. With regard to the other exported products, the following average monthly rates of growth were recorded: carpets and other textile floor coverings; woven, (not tufted or flocked), of man-made textile materials, (not of pile construction), made up, n.e.s. in item no. 5702.10 or 5702.20 (+0.7% per month) and carpets and other textile floor coverings; woven, (not tufted or flocked), of textile materials (other than man-made, wool or fine animal hair), of pile construction, made up, n.e.s. in item no. 5702.10 or 5702.20 (+1.2% per month).

Export Prices by Country

In July 2023, the woven carpet price amounted to $5.3 per square meter (FOB, Turkey), remaining relatively unchanged against the previous month. In general, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in March 2023 when the average export price increased by 8.1% m-o-m. Over the period under review, the average export prices hit record highs at $5.8 per square meter in August 2022; however, from September 2022 to July 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In July 2023, the country with the highest price was the UK ($7.6 per square meter), while the average price for exports to Iran ($2.9 per square meter) was amongst the lowest.

From July 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+1.2%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform