Earthquake Causes a Temporary Decline in the Exports of India to Turkey
One of the major earthquakes in history shook Turkey and Syria on 6th February 2023. The earthquake took lives of thousands of people and made millions homeless.
A GLIMPSE OVER TURKEY-SYRIA EARTHQUAKE 2023
6th February 2023 was the day when a deadly earthquake of magnitude 7.8 struck Turkey and Syria. The major tremors and after-effects were felt in southern and northern Turkey whereas, in Syria, the worst affected regions were in the north and west. This earthquake was the strongest earthquake in the history of Turkey and Syria since 1668 in Turkey and 1822 in Syria. The tremors of this devasting earthquake were also felt in Israel, Cyprus, and even the black sea coast of Turkey.
Till 13th February 2023, more than 36,900 citizens of both countries are identified who lost their lives due to this natural calamity. Out of these, 31,600+ are citizens of Turkey and 5,300+ citizens are from Syria. If we talk about the infrastructural damage in Turkey, then close to 4 million buildings got affected, i.e., either they got demolished or developed cracks, or became weak. Similar is the case with Syria, just the numbers are low, but the condition is the same. Millions of people are now homeless as their houses got collapsed due to the earthquake.
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HOW THE EXPORTS FROM INDIA TO TURKEY WOULD GET AFFECTED DUE TO THE EARTHQUAKE?
According to the current situation in Turkey, it is estimated that the country needs a long recovery period to get out of this situation as the country has undergone a very major setback. Based on the estimates of experts and Turkey Import Data and other reports, India used to export textiles, yarns, and merchandise items to Turkey the most. The exports of these commodities would get reduced the most for some period of time.
Due to the earthquake, in addition to infrastructural facilities, the logistic networks of the country are also damaged and affected majorly. Moreover, for at least a week, one of the major ports of Turkey, named Iskenderun port will also remain shut.
Based on previous reports of Turkey Import Data from April 2022 to November 2022, the exports from India to Turkey grew to almost USD 6.5 billion which was certainly more as compared to the same duration in the year 2021 which was just USD 5.1 billion.
Based on the statement released by Mr. Ajay Sahay who is the director of the Federation of India Export Organization (FIEO), the complete damage is yet to be known that is caused due to the earthquake in Turkey as various search operations and mitigation strategies are going on and due to this, the extent of the impact on the exports of India to Turkey is yet to be known. He also mentioned that one thing is pretty clear, the Turkish Lira would fall to a significant level and will set a new lower level in its history.
Based on the recent updates, the textile centers of Gaziantep and Kahanmaras are also hit hard and are forced to shut down. Due to this, the exports of yarn and man-made textile dyes from India to Turkey will decline to a major extent for a short time span.
Another senior official named SC Ralhan who is the president of FIEO said that India and Turkey share healthy trade relationships with each other and hence, the decline in trade is just for a short time duration. As time will pass, things would get stabilized, and Turkey Trade Data would again start showing the dominance of India.
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SOME PAST INSIGHTS ABOUT INDIA-TURKEY TRADE
As we refer to the trade between India and Turkey during 2021-22, Turkey recorded imports of goods worth USD 9 billion from India while Turkey Export Data showed exports from Turkey to India worth USD 2 billion.
The major items as per Turkey Import Data that were Imported to Turkey from India were:
- Mineral oil and fuels
- Man-made fibers and staple fibers
- Spare parts of automobiles
- organic chemicals
Similarly, the items that were exported from Turkey as per Turkey Export Data to India in the same time period were:
- Machines and mechanical equipment
- Iron and steel items
- Inorganic chemicals
- Precious stones like pearls and jewelry
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CONCLUSION
In the end, we just want to state that the time the people of Turkey and Syria are going through is the most difficult time. We just hope that things get normalized as soon as possible in both nations and that the lives of people get back on track soon. If we focus on the decline in exports from India to Turkey, then we suggest all the traders and marketers who trade with Turkey that remain patient for a while as the decline in exports from India to Turkey is just for some time. As the situation gets better, bilateral trade will again pick up the pace.
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SHORT NOTE
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