Monitoring Desk: Turkey is considering stopping imports of US cotton and explores new markets for its cotton requirements including from India, Pakistan, Uzbekistan and Egypt.
According to Turkish media, Turkey is considering to stop imports of cotton products from United States as its export of angular iron rods to the United States may be in trouble due to high tariff announced recently by US President Trump. Turkey imports cotton products amounting to $519 million per year from US while its export of angular iron rods to the United States is around $525 million.
Turkish trade experts believe that Turkey can impose tariffs on cotton imports from United States and US cotton imports can be replaced with cotton from India, Pakistan, Uzbekistan and Egypt.
“Last year Turkey exports to the United States amounted to some $8.6 billion, while its imports stood at about $11.9 billion and now Turkey is considering avoiding this imbalance in its import and export to United States. Cotton import is top of the list to control trade imbalance with US”, said Turkish media.
It may be mentioned that Turkey is finding new markets for exporting its steel products and its export of iron products is already at decline with US while its overall iron products exports are increasing.