The weakening euro has affected Turkey's ready-to-wear clothing sector, which sustained $1.2 billion in losses in exports on a year-on-year to basis in the first half of this year. Though Greece has compromised on a solution that would help it deal with the debt crisis, the lingering depreciation of the euro against the US dollar has had huge impact on Turkish exports.

The ready-to-wear textile exports of Turkish companies dipped, on a unit basis, by 85 million in the first half compared to the same period a year ago and stood at 3.565 billion. İstanbul Apparel Exporters Association (İHKİB) President, Hikmet Tanrıverdi released a statement revealed that total export volume of the sector faced a 13.3 per cent decrease year-on-year and decreased from $9.4 billion to $8.2 billion in the first half.

Fluctuations in euro-dollar parity was the main reason for these losses and it was foreseen that yearly losses would drop to as low as 1.8 per cent when compared using a parity-adjusted calculation, added Tanrıverdi. Turkey’s apparel sector suffered losses in exports to Germany in volume terms was 23.6 per cent in the first half of 2015. To France, the loss was 28.2 per cent, Denmark 28.5 per cent and Belgium was 25.7 per cent.