Turkish Machinery Exports Exceed $10 Billion in 5 Months of 2022
An unprecedented achievement in Turkey's machinery sector this year, with Turkish machinery exports exceeding $10 billion in the first five months of 2022. Read the rest of the details on Tebadul International Trade.
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Machinery Exports In Turkey Exceed $10 Billion in the First Five Months of 2022
Turkey's machinery exports increased by 8.3% in the first five months of 2022, compared to the same period last year, according to data from the Machinery Exporters Union, with exports from Turkey's machinery industry, including free zone exports, reaching $10.1 billion between January and May this year.
In a statement to Anadolu Agency on export figures and developments in the machinery industry, the President of the Machinery Exporters' Union, Karavelioglu, focused on developing long-term cooperation strategies in trade relations with the European Union and said they attach great importance to every step they take in the region.
Continued Growth in Machinery and Equipment Investment Since the Last Three Years
In his statement, Karavelioglu stated that investments in machinery and equipment have contributed significantly to the growth of the machinery and equipment sector in the last three years, and continued:
'The growth that began in the fourth quarter of 2019 in the machinery and equipment investment sector continued until the first quarter of 2022, as did the increase in machinery and equipment production as it continues for the seventh consecutive quarter.'
Referring to increased investment in the machinery sector, Karavelioglu added:
'Our investment in manufacturing and machinery production has increased by more than 50% in the last two years, and thanks to high value-added, and a lack of reliance on imports in machine manufacturing, our production price index in the sector has increased by 71%, well below the overall manufacturing average index of 132%.'
We Aim to Gain a Larger Share of the Domestic Market
Karavelioglu explained that machinery and equipment manufacturers in Turkey can keep the increase in machine prices limited, as they can provide cost advantage by increasing size, as well as value-added.
At the end of Karavelioglu's statement, referring to Turkey's goals in this sector, he said: 'We aim to take advantage of the advantages of our competitiveness and gain a greater share of the domestic market.'
Edited by Tebadul International Trade
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