India's exports to Turkey may get impacted in short run due to earthquake

India's merchandise exports of commodities such as cotton, manmade yarn and textile dyes may be impacted in the short run to earthquake-hit Turkiye, according to exporters.

Two powerful earthquakes hours apart on Monday last week caused widespread destruction of property and killed more than 28,000 people, leaving millions homeless in Turkiye.

The earthquakes also caused damage to the infrastructure and logistics network with the Port of Iskenderun remaining closed for around a week.

Exports to Turkiye increased to USD 6.2 billion during April-November 2022 against USD 5.1 billion in the corresponding period in 2021.

Federation of Indian Export Organisations (Fieo) Director General Ajay Sahai said that the extent of the damage in Turkiye is yet not known and thus its impact on exports is difficult to ascertain.

However, the earthquake will further depreciate Turkish Lira , which has significantly depreciated recently, and has touched its record low following the earthquake making