The cosmetic industry is gaining increasing popularity in Turkey, recording an average growth of 10% each year. It holds considerable competitive power, thanks to the country’s endemic species diversity, advanced research and development, high-tech production facilities, and climate conditions. Moreover, Turkey also has the ideal labor force for cosmetic production and offers many export incentives. Several Turkish farmers have even started industrially producing flowers and herbs like lavender in recent years, allowing the country to produce many ingredients locally for the cosmetic industry, lowering dependency on imports.
However, this does not mean that the sector is turning away from exports any time soon. In fact, it exports its products to over 90 countries, including ones in the European Union (EU) and the Balkans. Now, the Turkish cosmetic industry is attempting to boost its trade in China by offering items made specifically for Chinese customers.
Back in 2019, the Istanbul Chemicals and Chemical Products Exporters Association (IKMIB), with the help of the Trade Ministry and the Turkish Exporters Association, launched a project aimed at exploring business opportunities in China. Several Turkish companies came together to research and decide what kind of designs, colors, and items may please Chinese consumers the most.
According to Adil Pelister, the president of IKMIB, “China, which has set a goal of reaching $10 trillion in imports in the next five years, has opened a new trade gate full of opportunities for Turkish exporters. We see that China is one of the four target countries, in addition to Russia, India and Mexico, which the Turkish Ministry of Trade has declared to be priority export markets for 2019. The export initiative of China, which imports nearly $2 trillion worth goods every year, offers a strategic market for Turkish exporters to take a new position in the Asia Pacific and reaching our export targets within the framework of our 2023 vision goals."
Perfumes, color cosmetics, Turkish cologne, hair products, wet wipes, and aerosols will be some of the main items that will be exported to China. Meanwhile, several Turkish companies are already planning on opening flagship stores and branch offices in China, and are wishing to boost cooperation with Chinese e-commerce platforms as well.
Learn More With EXIMA News
If you found this article helpful, make sure to check out the rest of our News Section today for more useful information!
