Tough choices in Turkish tanning after currency value falls
07/12/2018
For sulfited or sulfated oils, for example, fish oil is imported. For synthetic tannins, phenol and sulfone have to be brought in.
A weakening in the course of the year of the local currency, the Turkish Lira, has made these imported products expensive and local leather chemicals manufacturers have felt the effects.
Two possibilities emerge from this situation. Tanners could import more leather chemicals directly, which would be expensive for them and a further blow to local chemical companies, or those chemical manufacturers could try to source the raw materials they need from the domestic market.
One hundred Turkish Lira were worth $26.41 at the start of this year. By mid-August, the same number of lira were worth only $14.37, although this picked up in subsequent months to reach $18.88 by early December. This still makes imported materials around 30% more expensive now than they were a year ago.
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